Tata Motors is trading higher by over 3% at Rs 258 after the company said it is evaluating options for setting up a manufacturing base in Indonesia to serve the country and the ASEAN region.
India's largest automobile company on Tuesday announced its entry into Indonesia, the largest automobile market in the ASEAN. Indonesia is a key market for Tata Motors and it will begin to launch its products in Indonesia in 2013.
“The company has set up a wholly owned Jakarta-based subsidiary, PT Tata Motors Indonesia, and will foray into both passenger and commercial vehicles,” Tata Group Company said in press release.
The stock opened at Rs 251 on the NSE and has seen 3.35 million shares changing hands on the counter so far on both the exchanges.
