CORRECTED-India's Mahindra to invest $82 mln in trucks and buses, new products

Wed Aug 14, 2013 4:14am EDT

(Corrects figure in headline to $82 mln, from $33 mln)

MUMBAI Aug 14 (Reuters) - Mahindra & Mahindra Ltd , India's biggest utility vehicle manufacturer, plans to invest 2 billion rupees ($32.74 million) to strengthen its current product line-up of trucks and buses, the company said in a statement on Wednesday.

Mahindra plans to invest another 3 billion rupees to explore new products, it said.

On Tuesday, the company posted a forecast-beating 29 percent rise in first-quarter profit, as strong demand for its tractors compensated for falling sales of its sport utility vehicles. ($1 = 61.0850 Indian rupees) (Reporting by Aradhana Aravindan; Editing by Sunil Nair)