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Japan's Suzuki Motor plans to invest about 150 billion yen ($1.26 billion) to produce electric vehicles and batteries in India, Reuters reported quoting Japanese media on Saturday.

Japanese Prime Minister Fumio Kishida is visiting India on Saturday to meet his Indian counterpart Narendra Modi. Suzuki's investment plan will be part of an announcement by Kishida during his trip of plans to invest 5 trillion yen over the next five years in India, according to the Nikkei business daily.

Suzuki has decided to build a new electric vehicle production line in India with the aim of starting operations as early as 2025, Nikkei reported. 

his first visit to India after assuming office and also amid the ongoing Ukrainian crisis, Japanese Prime Minister Fumio Kishida during his two-day stay in New Delhi will take part in the 14th India-Japan Annual Summit, besides holding bilateral talks with PM Narendra Modi.

The India-Japan Annual Summit had last taken place in Tokyo in October 2018.

Kishida's visit to India gains significance amid the western countries slapping sanctions against Russia for its military operation in Ukraine while the major oil-consuming countries are keeping a close watch on the impact of the Ukrainian crisis on oil prices.

 

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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