Maruti Suzuki plans to invest more than $5.5 billion to double its production capacity by the end of this decade, reported The Economic Times. The automaker is looking to increase the production to four million vehicles a year to increase local market share and boost the exports.
As per The Economic Times, the country's largest carmaker is likely to invest about ₹45,000 crore to commission eight assembly lines with annual production capacity of 250,000 units each across two new facilities. The construction for the first unit has already began in Haryana's Kharkhoda.
Maruti Suzuki's Chairman RC Bhargava had told The Economic Times, that the automaker has received approval to increase the capacity by up to one million units at Kharkhoda. He further said that Maruti Suzuki has also received an in-principle approval for another one million units at a new site. The phasing of projects and timelines for commissioning the assembly lines will depend on business requirements. Bhargava also mentioned that work on the new facility will be done simultaneously with the one at Kharkhoda
Currently, Maruti Suzuki has a production capacity of 2 million units that are produced across Gurgaon, Manesar and Mehsana, Gujarat.