MLR Motors to roll-out new hatchbacks in India

MLR Motors, a Hyderabad-based auto-maker which is planning to launch new hatchbacks in India, has received sanction of 225 acres of land in Medak district from the state govt of Andhra Pradesh. However, the company hasn't disclosed any details regarding this Rs 1,100 project.

Published On Jun 03, 2010 23:42 IST

Published OnJun 03, 2010 23:42 IST

Last Updated OnJun 03, 2010 23:42 IST

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MLR Motors, a Hyderabad-based auto-maker which is planning to launch new hatchbacks in India, has received sanction of 225 acres of land in Medak district from the state govt of Andhra Pradesh. However, the company hasn't disclosed any details regarding this Rs 1,100 project.

The company has outsourced some of its manufacturing processes from third-party players which in turn has reduced the estimated project cost to around Rs 1,100 from the original cost of Rs. 1,250 crore, said M. Lokeshwar Rao, managing director, MLR Motors Pvt Ltd., in a statement to a leading English news daily. Banks will lend Rs 650 crore. The promoters and equity investors will pump in Rs. 200 crore each, while the remaining Rs 50 crore will be borne by the government, he added in his statement.

It is to be mentioned here that MLR Motors, a subsidiary of Hyderabad-based Lokesh Machines (LML), had announced that it was planning to launch two compact diesel cars powered with a 850-900cc and a 1,500cc engines respectively. The MLR Motors currently manufactures three wheelers in the Indian market.

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