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Maruti, 1st Indian firm to make 1 million cars a year
Maruti Suzuki India on Tuesday became the first Indian automobile company to produce one million cars in a year.
The feat comes shortly after the company overtook its Japanese parent Suzuki in terms of sales.
Maruti Suzuki will invest about Rs 1,700 crore (Rs 17 billion) for the expansion of Manesar plant in Haryana which will increase its capacity of producing 300,000 cars per annum to 550,000 over the next two years.
It was revealed by Suzuki Motors chairman O Suzuki while speaking at the foundation stone laying ceremony of Maruti Suzuki's Manesar plant on Tuesday.
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Maruti, 1st Indian firm to make 1 million cars a year
The chairman of Maruti Suzuki RC Bhargawa said that the company has produced 8.8 million cars since 1983 when Maruti came into existence in India.
The Ambassador of Japan in India Hideaki Domichi also praised the cooperation extended by the Haryana and Indian government to Maruti in its ventures.
Haryana chief minister Bhupinder Singh Hooda said the state has become an auto hub with the presence of Maruti Suzuki, Honda and Hero Honda in the Gurgaon-Manesar-Bawal belt.
Hooda was speaking at the function to roll out the millionth car of Maruti Suzuki this fiscal. He along with Union heavy industries minister Vilasrao Deshmukh, Japanese ambassador Hideaki Domichi and Suzuki Motors chairman Osamu Suzuki rolled out the country's largest carmakers' millionth baby of the year, a dazzling red Swift.
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Maruti, 1st Indian firm to make 1 million cars a year
Hooda also laid the foundation stone for the expansion of Maruti's Manesar plant.
"In 1982, we came and collaborated with the government led by Indira Gandhi. . . it has been a long journey since then. Cumulatively, we have produced over 8.8 million cars in India," Suzuki Motor Corp chairman Osamu Suzuki said.
Toyota, General Motors, Volkswagen, Ford, Honda, Renault, Hyundai, Suzuki and Nissan are among those who boast of production of a million unit or more every year.
Coinciding with the roll-out of the millionth car -- a red coloured Swift -- Suzuki announced further investments by MSI.
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Maruti, 1st Indian firm to make 1 million cars a year
"We will be putting resources in R&D and engine expansion. We plan to invest 50 billion Yen (about Rs 2,500 crore) for R&D and expanding our engine capacity," Osamu Suzuki said.
The company had last year announced an investment of Rs 1,000-1,500 crore (Rs 10-15 billion) for setting up a R&D centre at Rohtak and the new investments will be for doubling capacity of the Gurgaon plant to produce five lakh K series engines annually.