Suzuki to invest ₹10,445 crore for local manufacturing of electric vehicles in India
1 min read . Updated: 20 Mar 2022, 10:27 AM IST
Premium- Under the MoU, the company's wholly-owned arm Suzuki Motor Gujarat Pvt Ltd (SMG) will invest ₹7,300 crore for the construction of a plant for BEV batteries at a land neighboring to SMG's exsting plant by 2026
Suzuki Motor will invest $1.3 billion(Rs10,445 cr) into electric vehicle and battery production in India, the Japanese car maker said Sunday, as it accelerates long-term plans to achieve carbon neutrality.
“Suzuki Motor Corporation (SMC) signed MOU with the State of Gujarat, India to invest approximately 150 billion yen (approximately 104.4 billion rupees) for local manufacturing of electric vehicles (BEV) and BEV batteries," the company said in a statement.
The MOU was signed on 19 March 2022 at India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese Prime Minister Mr. Fumio Kishida and Indian Prime Minister Mr. Narendra Modi.
Mr. Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation and Mr. Kenichi Ayukawa, Managing Director & CEO, Maruti Suzuki India Limited were joined by eminent senior government personnel of India and Japan at the ceremony.
Speaking at the Forum, Mr. Toshihiro Suzuki said, “Suzuki's future mission is to achieve carbon neutrality with small cars." "We will continue active investment in India to realise Self-reliant India (Atma-nirbhar Bharat)," he further added.
The company will also build a plant manufacturing EV batteries on land near its Gujarat plant, while a joint venture -- Maruti Suzuki Toyotsu India -- will construct a vehicle recycling facility at the same site, the statement said.
Under the MoU, the company's wholly-owned arm Suzuki Motor Gujarat Pvt Ltd (SMG) will invest ₹7,300 crore for the construction of a plant for BEV batteries at a land neighboring to SMG's exsting plant by 2026.
Also, SMG will invest another ₹3,100 crore for increasing production capacity for BEV manufacturing by 2025.
Moreover, another group firm Maruti Suzuki Toyotsu India Pvt Ltd (MSTI) will make an investment of ₹45 crore on construction of vehicle recycling plant by 2025.
In November 2019, Maruti Suzuki and Toyota Tsusho Group had announced a joint venture for vehicle dismantling and recycling and set up a unit in Noida, Uttar Pradesh.
