Hinduja Group company Ashok Leyland today said it will invest Rs. 30 billion (US$ 655.9 million) in the next three years on various projects, including its light commercial vehicle joint venture with Japanese automaker Nissan.

"We had cut back our investment due to the market conditions. Now, we are activating the investment again as the market has come back. We will invest Rs. 30 billion in the next three years for various activities", Ashok Leyland Managing Director R Seshasayee told reporters, a day before inaugurating the company's Pantnagar integrated trucks unit.

He said the investments would include the company's share in the LCV, JV with Nissan, the construction equipment business (JV with John Deere) and overseas operations (bus facility at Ras-Al-Khaimah).

After the economic slowdown hit the auto market, Ashok Leyland had cut back on the capex announced last year to Rs. 20 billion from Rs. 32 billion, for three consecutive years.

Seshasayee said the company will start commercial operations at its Pantnagar facility from March 6th and it will have the capacity to produce 75,000 units at full utilisation. "The centre of gravity for the company will change from South to North (India) after we open the facility tomorrow. We will further consolidate our North India base when we will transform Alwar bus body making unit into an integrated bus manufacturing plant in the next 3-4 years", he added.