UK-based NRI business conglomerate, Hindujas, which is stepping up its commercial vehicle manufacturing business in the country, have not ruled out the possibility of making passenger cars.
'We are not averse (to making cars) and are open to investments in that sector, said Hinduja Group Chairman Srichand P Hinduja.
'There is a slowdown in the market -- who knows, we could look at acquisitions in this segment,' he said without elaborating.
The Hindujas' flagship company, Ashok Leyland, which manufactures about 85,000 commercial vehicles annually at its various plants pan-India, had announced its expansion plans including manufacturing one lakh LCVs at its greenfield facility being set up near Chennai at an investment of ₹2,600 crore.
It would also invest ₹1,500 crore to raise output at Ennore and Hosur in Tamil Nadu.
The company has plants at various locations including Chennai, Hosur, Bhandara (near Nagpur) and Alwar in Rajasthan and constructing a plant at Pantnagar which will be commissioned next year.