Foton gears up for Indian market

BEIJING - China's leading truck maker Beiqi Foton Motor Co announced last week that it will invest 2.47 billion yuan in a plant in India to meet increasing demand in the world's fourth-biggest commercial vehicle market.

The company's board of directors has approved its plan to set up the Foton Motors Manufacturing India Plc in the state of Maharashtra with registered capital of about 626 million yuan, Foton said in the statement on its website.

Ninety-nine percent of the new company's registered capital is from Beiqi Foton, and the remaining 1 percent will be paid by a trading subsidiary of Foton.