After being knocked back by Land Rover for the rights to the original Defender after the iconic SUV bowed out of production in early 2016, British billionaire Jim Ratcliffe, Chairman and founder of chemicals giant Ineos, set about on a plan to build his own rugged, utilitarian off-roader.

On Wednesday, Ratcliffe confirmed his new off-roader as the Ineos Grenadier and said the vehicle would be built at a new plant to be constructed in Bridgend, Wales. The site is only about 30 minutes drive from where Aston Martin has built its new St Athan plant, the home of the DBX SUV and future Lagonda electric cars.

Jim Ratcliffe

Jim Ratcliffe

The Grenadier name is an old word for a specialized soldier, but its connection with Ineos is due to it also being the name of a pub in which the new SUV was conceived. If all goes to plan, sales could start as early as 2021, or just one year after Land Rover's redesigned 2020 Defender goes on sale.

Ineos will invest more than 600 million British pounds (approximately $750 million) in the project and create around 200 jobs initially and up to 500 in the long term. Many of the workers are likely to come from Ford's engine plant in Bridgend which is scheduled to close in 2020 and currently employs about 1,700 staff.

Artist's impression of Ineos Grenadier plant to be constructed in Bridgend, Wales

Artist's impression of Ineos Grenadier plant to be constructed in Bridgend, Wales

“We have looked long and hard at possible manufacturing locations for Grenadier across the world with lots of good options to choose from,” Ratcliffe said in a statement. “The decision to build in the U.K. is a significant expression of confidence in British manufacturing, which has always been at the heart of what Ineos stands for.”

Not all of the Grenadier's production will be handled in the U.K., though. Production of the body and chassis will be handled at a plant in Estarreja, Portugal. And the powertrains will be sourced from BMW, though it isn't clear from which plants.

Artist's impression of Ineos Grenadier plant to be constructed in Bridgend, Wales

Artist's impression of Ineos Grenadier plant to be constructed in Bridgend, Wales

Much of the engineering work has been handled in Germany. Ineos promises best-in-class off-road capability, durability and reliability to those who depend on a vehicle as a working tool. The goal is to provide a rugged and reliable vehicle aimed at mining explorers, forestry workers and farmers, and of course off-road enthusiasts.

Ineos has previously estimated annual production at 15,000 to 20,000 units. The company is now seeking suppliers and plans to announce more details in the coming months.