Beiqi Foton to Erect Plant in India

China's Beiqi Foton Motor Co. has signed a memorandum of understanding with Maharashtra state to build a 16.7 million-rupee ($308 million) commercial vehicle factory.

The Society of Indian Automobile Manufacturers says the truckmaker has purchased land in Chaken near Pune.

Beiqi Foton has said it aims to establish plants in India and four other countries outside China by 2020.

The company is China's largest maker of light commercial vehicles. Beiqi Foton, which is Daimler AG's venture partner in China, also produces MPVs, SUVs, buses and medium- and heavy-duty trucks there.