Media reports that Volkswagen car unit is still onway
Hyderabad, February 15, 2006Sources reveal that the draft MoU was ready and a tem of Volkswagen Company would arrive next month to complete the formalities. Volkswagen is planning to set up a plant at a cost of Rs.5400 crores to manufacture cars and light commercial vehicles (LCVs) in the city of Visakhapatnam which it wants to develop into a regional hub for its activities.
Sources explained that much groundwork had to be one before the MoU was signed. The application of Volkswagen has to be processed by the Finance, Law, Planning and industries Department before finally reaching the Chief Minister's desk. From there it goes to the Cabinet for its approval.
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