NEW DELHI: Maruti Suzuki (MSIL), the country’s largest carmaker, on Wednesday, said its Japanese parent company Suzuki Motor has plans to invest Rs 2.8 lakh crore by FY31 as it aims to double its global turnover. This fresh investment is aimed at new launches and expansions in which one of Suzuki’s biggest markets, India, will play a big role.
Besides that, MSIL is expecting to become the top sports utility vehicle (SUV) player in the country in the next few quarters as the company said its new launches -- Grand Vitara, Jimny and Fronx -- are in high demand. “Suzuki has planned investment of Rs 2.8 lakh crore by FY31 towards enriching products, bringing new technologies and setting up new facilities. India will play a big role in this goal. It targets to achieve a global turnover of Rs 4.32 lakh crore in FY31, double the turnover of Rs 2.16 lakh crore achieved in FY22,” Hisashi Takeuchi, managing director and chief executive officer, of MSIL, said while launching the company's most expensive offering - Invicto. Takeuchi added that MSIL would also double its turnover by from Rs 83,798 crore in FY22 to Rs 1.68 lakh crore by FY31 in line with the parent company’s global growth strategy.
Meanwhile, shares of Maruti Suzuki crossed the Rs 10,000 mark for the first since 2017. The stock ended 3.61% higher at Rs 9994.50 and its market capitalisation past the Rs 3 lakh crore mark. Takeuchi said the investment in Suzuki is towards enriching products, bringing new technologies and setting up new facilities.