Maruti Suzuki to invest ₹7,400cr for third plant in Haryana
What's the story
India's top carmaker Maruti Suzuki has announced plans to invest ₹7,410 crore ($864 million) in a third production plant at its existing facility in Haryana.
The company currently operates out of Kharkhoda, where one plant is operational and another is under construction.
With this investment, Maruti Suzuki hopes to boost its annual vehicle production capacity to 750,000 units by 2029.
Expansion plan
New plant to bolster production capacity
Maruti Suzuki's expansion plan will greatly enhance the company's production capabilities.
Each of the three plants in Kharkhoda, including the new one, will have an annual manufacturing capacity of 250,000 vehicles.
This strategic move will help meet the growing demand for Maruti Suzuki vehicles at home and abroad.
The company dominates India's car export market with a whopping 40% share as of December last year.
Facility overview
Maruti Suzuki's existing facilities and future plans
Apart from its Kharkhoda plants, Maruti Suzuki has three other manufacturing facilities in India- two in Haryana and one in Gujarat.
The company's latest investment comes as part of a larger strategy to cater to the growing consumer demand for its vehicles.
Maruti also accounts for approximately 40% of India's car exports, the company had revealed in December.