Japanese carmaker Suzuki Motor will invest Rs 35,000 crore ($4.21 billion) for a second car plant in Gujarat. Suzuki Motor’s president said this on Wednesday at the 10th edition of the Vibrant Gujarat Global Summit (VGGS) 2024. The carmaker will also invest Rs 3,200 crore to add a new production line in the state, Toshihiro Suzuki said.
Toshihiro Suzuki, president of Suzuki Motors, said, "The first Battery Electric Vehicle from Suzuki group will be rolled out from Suzuki Motor Gujarat by the end of this year. We plan to sell this model not only in India but also export to Japan and European countries. Secondly, to expand our BEV production in future, Suzuki Group will invest Rs 3,200 crore in Suzuki Motor Gujarat to add a new 4th production line which can produce 2.5 lakh units per year. This will increase the annual production capacity of Suzuki Motor Gujarat from the current 7.5 Lakh to 1 million units."
Toshihiro said the plant would have an installed production capacity of 10 lakh units per annum. Suzuki Motor owns around 58 per cent stake in Maruti Suzuki India, which is looking to add another 20 lakh units production capacity by 2030-31 with about 28 different models in the market.
Currently, the auto major has a cumulative production capacity of around 22 lakh units per annum across its two manufacturing plants in Haryana and Gujarat. The two plants in Haryana, Gurgugram and Manesar, together roll out around 15.5 lakh units per annum.
In another development, fintech firm Infibeam Avenues said it has inked a pact with the Gujarat government to invest Rs 2,000 crore in the state by 2030. The company announced the investment plan on the sidelines of the business summit
Infibeam said the proposed investment will go into its artificial intelligence (AI) hub for developing technology for payments and platforms specifically tailored for retailers. "With this MoU, we aim to fortify our partnership with the Gujarat government, opening up avenues for growth for retailers across the country," Infibeam Avenues Chairman and Managing Director Vishal Mehta said. Infibeam Avenues has named its AI-Hub located at GIFT city, Gandhinagar, as 'Phronetic.ai.
A bilateral meeting was also held between Prime Minister Narendra Modi and United Arab Emirates President Mohamed bin Zayed Al Nahyan on Tuesday where several MoUs were signed. The UAE president is the chief guest at the 10th edition of the Vibrant Gujarat Global Summit (VGGS) which will be inaugurated by PM Modi at Mahatma Mandir Convention Centre in Gandhinagar on Wednesday.
"Strengthening ties! Multiple MoUs inked between India and UAE witnessed by PM @narendramodi and UAE President Mohamed bin Zayed Al Nahyan. A testament to the enduring partnership and shared commitment," Gujarat Information Department shared on its official X handle.
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