The Prime Minister, Narendra Modi inaugurated the 10th edition of Vibrant Gujarat Global Summit 2024 at Mahatma Mandir, Gandhinagar today. The theme of this year’s summit is ‘Gateway to the Future’ and includes the participation of 34 partner countries and 16 partner organizations. The Summit is also being used as a platform by the Ministry of Development of the North-Eastern Region to showcase investment opportunities in the North-Eastern regions.
Toshihiro Suzuki, President of Suzuki Motor Corporation (SMC), unveiled Maruti Suzuki’s investment plans in the state of Gujarat, signalling a significant stride in the automotive sector in a major development announced during the Vibrant Gujarat Global Summit 2024 on Wednesday.
Toshihiro Suzuki, President of Suzuki Motor Corporation, Japan credited the Prime Minister for his strong leadership and thanked him for the support provided to manufacturing industries in the country. Stating that India has now become the 3rd largest automobile market in the world, he highlighted the impact of the Prime Minister’s progressive approach on the country’s economic growth. He also touched upon the company’s plans to roll out the first EV produced in India while also exporting it to European countries and Japan as he underlined the efforts on increasing production capacity. He also mentioned the organization’s plan to contribute to reducing greenhouse emissions through ethanol, green hydrogen and the production of biogas from cow dung.
In the first announcement, Maruti Suzuki India Ltd. entered into an agreement with the State of Gujarat for the construction of a new automobile production plant.
According to a press release by Maruti Suzuki, the plant is anticipated to commence operations in the fiscal year 2028-29, with an annual production capacity of 1 million units. The total investment for this endeavour is estimated at 350 billion rupees, excluding land acquisition costs.
The specific location and the models to be produced will be disclosed in the coming period.
Simultaneously, Maruti Suzuki shared plans for the establishment of a fourth production line in its wholly-owned subsidiary, Suzuki Motor Gujarat Private Limited (“SMG”).
This strategic move, involving an investment of 32 billion rupees, aims to cater to the escalating production demand for electric vehicles (EVs) in the future.
The fourth line is set to commence operations in the fiscal year 2026-27, contributing to an increase in SMG’s annual production capacity from the current 750,000 units to 1 million units.
Upon completion of both the new plant in Gujarat and the fourth production line at SMG, the State of Gujarat is poised to boast a total annual production capacity of 2 million units.
This aligns with Maruti Suzuki’s overarching goal to secure a production capacity of approximately 4 million units in India by the fiscal year 2030-31, preparing for the anticipated expansion of the automobile market in the country.
(With inputs from ANI and PIB)
