Volkswagen 'will press ahead with India investment'

November 19 2008 | Category: India: Economy and finance

Volkswagen, Europe's largest car manufacturer, is to go ahead with plans to invest in India undeterred by the current global financial crisis, it has been revealed.

The group is set to spend over £421 million on a factory in the southern Indian city of Pune.

Speaking at the World Economic Forum-India Economic Summit, Volkswagen India president and managing director Joerg Mueller commented: "We are ahead of schedule as far as India plans are concerned.

"We will commission our first manufacturing facility in Pune in 2009, earlier than the scheduled date some time in 2010."

He added that the firm is not being affected by the credit crunch or planning any layoffs.

Earlier this week, global staffing services firm Manpower claimed India's rate of expansion means it has more economic opportunities available to it than nations which are growing more slowly.

Chief executive of the enterprise Jeffry Jorres said the country should take steps to facilitate more foreign direct investment and maintain its employee talent pool.
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