Suzuki Signs MOU with the State of Gujarat for Electric Vehicles and Batteries Manufacturing in India

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 19 March 2022 at India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese Prime Minister Mr. Fumio Kishida and Indian Prime Minister Mr. 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)."

Outline of MOUs

Suzuki Motor Gujarat Private Limited (SMG) - Increasing production capacity for BEV manufacturing - Investment of Rs. 31 billion by 2025.

Suzuki Motor Gujarat Private Limited (SMG) - Construction of plant for BEV batteries (land neighboring to SMG) - INR 73 billion by 2026.

Maruti Suzuki Toyotsu India Private Limited (MSTI) - Construction of vehicle recycling plant - Rs. 450 million by 2025.

Shares of Maruti Suzuki India Limited was last trading in BSE at Rs. 7691.65 as compared to the previous close of Rs. 7484.35. The total number of shares traded during the day was 26244 in over 4819 trades.

The stock hit an intraday high of Rs. 7738.95 and intraday low of 7533.90. The net turnover during the day was Rs. 200919408.00.

Source : Equity Bulls

Keywords

SuzukiMotorCorporation MOU GujaratGovernment LocalManufacturing ElectricVehicles BEVBatteries MarutiSuzukiIndia INE585B01010