Suzuki Motor to invest Rs.10,400 crore in Gujarat for Manufacturing of Electric Vehicles and Batteries
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New Delhi: Suzuki Motor Corporation (SMC) has signed an 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.
As per the MoU, Suzuki Motor Gujarat Private Limited (SMG) has proposed to invest Rs. 3100 crore for increasing production capacity for BEV manufacturing. The project is planned to be completed by 2025. The company will also be investing Rs. 7300 crore for construction of plant for BEV batteries near a land neighboring to the SMG plant. The project is planned to be completed by 2026.
Apart from this, Maruti Suzuki Toyotsu India Private Limited (MSTI) has proposed to invest Rs. 45 crore for construction of vehicle recycling plant.
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 Fumio Kishida and Indian Prime Minister 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.” He added, “We will continue active investment in India to realize Self-reliant India (Atma-nirbhar Bharat).”