MUMBAI, Mar 21 (NNN-PTI) – Japan’s Suzuki Motor Corporation will invest approximately 1.37 billion U.S. dollars, in India’s western state of Gujarat, to produce electric vehicles (EV) and EV batteries, said a corporate filing with the Bombay Stock Exchange, yesterday.
According to a memorandum of understanding, Suzuki Motor Corporation’s wholly owned Suzuki Motor Gujarat Pvt Ltd, will spend 961 million dollars on the construction of a battery plant by 2026, and another 408 million dollars for ramping up production capacity for EVs by 2025.
The group’s another firm, Maruti Suzuki Toyotsu India Pvt Ltd, will invest six million dollars in building a vehicle recycling plant by 2025, the filing said.– NNN-PTI