Suzuki signs MOU with the State of Gujarat for Electric Vehicles and Batteries Manufacturing in India; Maruti stock surges 3%

21 Mar 2022 , 09:42 AM

Maruti Suzuki India Limited informed the exchanges that 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 MOU was signed on March 19, 2022, at the India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi.

The company stock was bullish and at around 9.44 am, Maruti Suzuki India Ltd was trading at Rs7922.35 per piece up Rs230.70 or 3.00% from its previous closing of Rs7,691.65 per piece on the BSE.

Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation and Kenichi Ayukawa, Managing Director & CEO, Maruti Suzuki India Limited were joined by eminent senior government personnel of India and Japan at the ceremony.

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).”

Suzuki Motor Gujarat Private Limited (SMG) wants to increase production capacity for BEV manufacturing with investment of 31 billion rupees by 2025 and Construction of plant for BEV batteries (land neighboring to SMG) with investment of 73 billion rupees by 2026

Maruti Suzuki Toyotsu India Private Limited (MSTI) wants the construction of vehicle recycling plant at an investment of 450 million rupees by 2025.