Rajkot-based three-wheeler maker Atul Auto is gearing up to invest in Sri Lanka for which it proposes to form or incorporate a company in the neighbouring country. The company intends to manufacture three-wheelers, powered by diesel engines, for intra-city passengers and cargo applications.
"The company will also, at an appropriate time, introduce three wheelers powered by spark ignition engines running on gasoline, CNG and LPG," the company today informed BSE. It has already made an application to the Board of Investment of Sri Lanka seeking approval for the investment to be made in the neighbouring country.
According to company sources, it would be an assembly plant and it would come up with an investment of less than Rs 100 crore. In order to combat the recent import duty hike in Sri Lanka, Atul is planning an assembly plant in Sri Lanka.