After receiving a good response to its brand Vespa, Italian two-wheeler maker Piaggio is planning to launch a mass market scooter by the end of the year 2013 for the Indian market. At present the Italian company’s Indian arm, Piaggio Vehicles Private Limited is investing Rs. 150 crores to increase its capacity at the Baramati plant in the state of Maharashtra.
Ravi Chopra, the chairman and managing director Piaggio Vehicles Pvt Ltd said, “The scooter segment in India is growing at a tremendous pace. No company would like to miss this opportunity and for that we need to be in the mass market segment”. Chopra added that at least in the next five years, the segment is expected to grow at a CAGR of 18-20 percent.
