India-based three-wheeler maker Atul Auto plans to invest around Rs. 2 billion (US$ 45 million) in a foray into the light commercial vehicle (LCV) segment and the products are likely to hit the road by December next year.

The Rajkot-based auto major has already started scouting for land near Ahmedabad. "We are looking for around 100 acres of land near Ahmedabad to set up a facility to manufacture LCVs. We plan to invest around Rs. 2 billion in this facility," Atul Auto's Director, Mr. Vijay Kedia, told media source.

"The investment will be generated through internal accruals and debt." Initially, the company plans to manufacture around 24,000 units of 600-1,000 tonnes of light commercial vehicles annually. "Our (four-wheeler) products will hit the road by December 2012," he said.