Argentum to infuse Rs 500 cr in Daewoo facility

Argentum Motors, the present owners of the erstwhile Daewoo Motors’s India unit in Greater Noida, will infuse Rs 500 crore to modernise the facility over the next 18 months as it gears up to host global commercial vehicle maker Daimler for the latter’s proposed LCV roll out.

The current promoters of Argentum Motors, ex-Hyundai chief BVR Subbu and SpiceJet Director Ajay Singh, plan to start contract manufacturing operations at the facility for which the company is in talks with various international players, including Daimler, Volkswagen, Renault, Citroen and Peugeot, sources close to the company said. More
Courtesy:economictimes.indiatimes.com

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