Morris Garages (MG) will invest an additional Rs3,000 crore ($422.83mn) in India, according to local media. MG plans to launch three more SUV models, including an electric sports utility vehicle by July 2021. The British brand, which is now owned by the China-based SAIC, will also expand its customer service centres and workshops.
MG commenced vehicle manufacturing at Halol, Gujarat with an initial investment of Rs2,000 crore. Post launch in July, MG sold 13,000 units of its Hector brand. The plant has an annual production capacity of 80,000 units with a provision to increase output.
India’s consumption of finished steel products was 96.74mn mt in 2018, according to the World Steel Association. Auto sector’s share in total steel consumption is around 20pc. Rising auto production portends a demand for hot-rolled coil, galvanised sheet, cold-rolled coil, high-strength steel products, body sheets and panels.