Vibrant Gujarat Summit 2024: Maruti Suzuki announces strategic Investment Initiatives
President of Suzuki Motor Corporation (SMC), Toshihiro Suzuki, unveiled Maruti Suzuki's investment plans in Gujarat, marking a significant advancement in the automotive sector. This development took center stage at the Vibrant Gujarat Global Summit 2024.
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In a major announcement, Maruti Suzuki India Ltd. formalized an agreement with the State of Gujarat for the establishment of a new automobile production plant. According to a press release, the plant is slated to commence operations in the fiscal year 2028-29, boasting an annual production capacity of 1 million units. The estimated investment for this project is 350 billion rupees, excluding land acquisition costs. The specific location and models to be produced will be disclosed in due course.
Concurrently, Maruti Suzuki revealed plans for a fourth production line within its wholly-owned subsidiary, Suzuki Motor Gujarat Private Limited ("SMG"). Geared towards meeting the escalating demand for electric vehicles (EVs), this strategic move involves a 32 billion rupees investment. The fourth line is set to become operational in the fiscal year 2026-27, increasing SMG's annual production capacity from 750,000 units to 1 million units.
Upon completion of both the new Gujarat plant and the fourth production line at SMG, Gujarat is poised to have a total annual production capacity of 2 million units. This aligns with Maruti Suzuki's overarching goal of achieving a production capacity of around 4 million units in India by the fiscal year 2030-31, anticipating the expansion of the country's automobile market.
Toshihiro Suzuki, addressing the Vibrant Gujarat Global Summit, emphasized the company's commitment to providing diverse and eco-friendly mobility solutions to meet the evolving needs of Indian customers in this ever-growing market.
Key details of Maruti Suzuki's new investments include a new plant in Gujarat with an investment of Rs 350 billion and a production capacity of 1 million units, and a fourth production line of SMG (EV Line) with an investment of Rs 32 billion and a production capacity of 250,000 units.
These strategic investments, coupled with the forthcoming new plant in Kharkhoda, Haryana, set to commence operations in 2025, position Maruti Suzuki on track to achieve its milestone production capacity of 4 million units, solidifying its pivotal role in India's automotive landscape.
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