News 

Tata Motors owned Jaguar Land Rover has entered into an agreement with the state of Rio de Janeiro to build a manufacturing plant in Brazil with an investment of $750 million (Rs 4,626 crore). The plant will have annual production of 24,000 vehicles. The construction of the manufacturing facility will commence in mid-2014 with the first vehicle rolling off the assembly line in 2016.

The plant once comes up will be the second significant manufacturing base, outside of United Kingdom for Jaguar Land Rover. Last year, the company entered the Chinese market with a joint venture with Chery Automobile Company and the manufacturing plant is already under construction in Changshu, China.

In the past, the company has conducted feasibility studies to set up a plant in India too and it is also in talks with the Saudi Arabian Government to set up a plant in that country for a base in Middle East. Jaguar Land Rover plans to invest £2.75bn in its products and facilities in the FY-2014.