Japanese automaker Suzuki Motor Corporation on Sunday said it will invest around 150 billion yen (about Rs 10,445 crore) by 2026, for local manufacturing of Battery Electric Vehicles (BEV) and BEV batteries in Gujarat.
The company has signed a Memorandum of Understanding (MoU) to this effect with the Gujarat government.
It 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," Suzuki Motor Corporation said in a statement.
Speaking at the forum, Suzuki Motor Corporation (SMC) Representative Director and President Toshihiro Suzuki said, "Suzuki's future mission is to achieve carbon neutrality with small cars. We will continue active investment in India to realise Self-reliant India (Atma-nirbhar Bharat)."
Under the MoU, the company's wholly-owned arm Suzuki Motor Gujarat Pvt Ltd (SMG) will invest Rs 7,300 crore for the construction of a plant for BEV batteries at a land neighboring to SMG's existing plant by 2026.
Also, SMG will invest another Rs 3,100 crore for increasing the production capacity for BEV manufacturing by 2025, the statement said.