Confused while buying stocks? Get buy, sell or hold recommendations from VantageTrade. Full Coverage
Maruti Suzuki buys land for fourth plant - report
TOKYO (Reuters) - Maruti Suzuki India Ltd(MRTI.NS), the country's biggest carmaker by sales volume, has purchased land in Gujarat for its fourth plant, with a view to roughly doubling annual production capacity to about 3 million units, the Nikkei business daily said on Sunday.
The company purchased the land for a new factory with capacity of about 750,000 units a year, the company's Chairman, R.C. Bhargava, told the Nikkei.
The fourth plant is slated to begin production in 2017 at the earliest and help expand exports to Europe and the Middle East, the report said.
Maruti Suzuki is set to begin work by March on its third plant in Mehsana district, also in Gujarat, with production to begin in 2015, it added.
Maruti, controlled by Japan's Suzuki Motor Corp (7269.T), is the leading producer of small cars in India. Two years ago, it produced every other new car sold in the nation.
(Reporting by Osamu Tsukimori; Editing by Ron Popeski)
- Tweet this
- Share this
- Digg this