US auto giant Ford is to set up a second production plant in India as part of its expansion in one of the world's fastest-growing car markets, reports said on Wednesday.

The report came the day after Ford said it was looking to step up global production by 50 percent by 2015 to eight million and expected Asian markets, particularly India and China, to make up one third of total sales.

The financial daily Mint said the Ford India manufacturing facility will either be in Gujarat state or neighbouring Maharashtra, both in western India, and a decision will be taken at a board meeting later this week.

The newspaper sourced five people familiar with the matter. Ford India declined to comment but a spokesman was quoted as saying that it was "exploring other options" in addition to expanding its existing Tamil Nadu plant.