The formal agreement for the land is yet to be signed. No extra benefits has been asked for by the company. According to Ajay Shanker, CEO, Greater Noida, there are certain standard rules for large companies wanting land here. The same will apply in this case, as was applicable to the Siel-Honda and the DCM-Daewoo car projects.
Once the project is through, it will be the third in the Noida region. While DCM Daewoo is set to invest around Rs 3,000 crore, the largest-ever in the country in a car project, Siel-Honda will be investing Rs 800 crore initially.
BMW has three series of cars known as three-five and seven series. It will be initially making five series cars, which may be for the middle class in Europe but in India it will be a top of range luxury car.
The five series will be competing with a model which is proposed to be brought out by the joint venture between Tata's and the Mercedes Benz or Honda Civic, which has been launchedwell received by the market world-wide.Honda is expected to unveil its model in the country by the end of 97.