Suzuki Motor signs MoU with Gujarat, to invest over Rs.10,000 crore in EV space
- March 21, 2022
Suzuki Motor Corporation (Japan) has announced that it has signed an MoU with the Gujarat government, to invest over Rs.10,000 crore in the e-mobility space.
In a release, Suzuki Motor Corporation (SMC) said that the MoU envisages investment of 150 billion yen (approximately Rs.10,440 crore) that would be made in Gujarat.
The MoU was signed on March 19, 2022 at India-Japan Economic Forum held in New Delhi, in the presence of Japanese Prime Minister Fumio Kishida and Indian Prime Minister Narendra Modi.
The MoU envisages the following aspects:
- Investment of Rs.3,100 crore for increasing manufacturing capacity for electric vehicles, by Suzuki Motor Gujarat Pvt Ltd (SMG)
- Investment of Rs.7,300 crore to construct a new plant for EV batteries, by SMG. This plant will come up on land neighbouring the SMG plant.
- Investment of Rs.45 crore for construction of a vehicle recycling plant, by Maruti Suzuki Toyotsu India Pvt Ltd
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Toshihiro Suzuki, Representative Director and President, Suzuki Motor Corporation and Kenichi Ayukawa, Managing Director & CEO, Maruti Suzuki India Ltd were joined by eminent senior government personnel of India and Japan at the ceremony, the release said.
Speaking at the forum, Toshihiro Suzuki said, “Suzuki’s future mission is to achieve carbon neutrality with small cars. We will continue active investment in India to realize Self-reliant India (Atmanirbhar Bharat).”