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.