Kewalram Chanrai Group partners with car maker, Foton to establish an automobile assembling plant in Lagos, Nigeria.
16 May 2014 Ventures Africa informs us that Kewalram Chanrai Group, a global diversified conglomerate with interest in automobile, agribusiness and textile, is partnering car maker, Foton to establish an automobile assembling plant in Lagos, Nigeria. Like all the other companies setting up shop in Nigeria, this decision is as a result of the government’s new automotive policy.
The assembling plant is estimated to cost over $62 million and will produce 15,000 units annually. 25 hectares of land have already been acquired in Ikorodu Lagos State and design and importation of equipment is in its final stages. The plant will house assembling of commercial and passenger vehicles including Trucks, Vans, Buses, sport utility vehicles and pick-ups.
Foton is the largest Vehicle producer in China and the second Largest in the world. Its vehicles are distributed in more than 40 Countries including South Africa, Angola, Russia, Spain, Italy, Middle East, India, Argentina and Chile.