RIYADH Dec 11 (Reuters) - Saudi Arabia will sign a letter of
intent with Tata Group to manufacture 50,000 Land Rover vehicles
a year in the kingdom, using locally produced aluminium and
steel, the commerce and industry ministry said on Tuesday.
The 4.5 billion riyals investment may later be extended to
other Jaguar Land Rover brands, said a press release distributed
at the signing ceremony in the Saudi capital.
The factory will start up in 2017 in either the Jubail or
Yanbu industrial cities. Saudi Arabia is seeking to develop
local industry to diversify its economy away from oil exports.
India's Tata group owns Jaguar Land Rover, Tata Steel and
Tetley Tea in Britain. Jaguar Land Rover is owned by Tata
Motors, a unit of Tata Group.