South Korea’s Hyundai Motor Co signed a five-year agreement with London-based Caparo Group’s Indian unit to produce and sell high-end buses in India, marking its entry into the country’s rapidly growing market for premium buses.
Under the agreement, Hyundai will provide parts and production technology for Aero buses, Caparo India will build a plant in Chennai, near Hyundai’s plant ,with a capacity to produce 1,500 units per year.
Production is expected to begin in early 2009.
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