Tata Motors on Thursday said it may invest about Rs 600 crore on development of Futuristic Infantry Combat Vehicles (FICV) and for possibly setting up of a manufacturing plant for the same.
"The development cost of FICV could be around Rs 300 and a manufacturing plant for the same could be around Rs 250 crore or above," Tata Motors Commercial Vehicles Business Unit President Ravi Pisharody said.
He, however, said the setting up of the plant would depend on the company getting government orders.
Tata Motors is one of the four companies which have received Expression of Interest (EOI) to supply around 2,000 units, Pisharody said.
He, however said the tender process is yet to be completed and hence there is no final decision on setting up of the plant.
"The plant may be set up in Dharwad (Karnataka) if we get the order," he added.
The company's revenues from the defense business are estimated to be Rs 1,000 crore in this fiscal year, a 50 per cent growth over the last year.
In the next fiscal, the company is looking at 25-35 per cent growth.
The company, with an order book of Rs 250-300 crore, is also looking to supply landmine protected vehicles to states like Maharashtra and Jharkhand.
The firm is in the exploratory stage of entering the Middle East market for its defense vehicles, Pisharody said.
Currently it exports to Sri Lanka, Nepal, African Nations and US agencies in Afghanistan.