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 Sunday.
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 6 million dollars in building a vehicle recycling plant by 2025, the filing said.
Editor: Kelly
