Mumbai, June 6:
Maruti Udyog Ltd, Indiaâ€™s largest carmaker, today announced the laying of the foundation stone for the companyâ€™s new car plant at Manesar in Haryana. The new car plant is being set up under a joint venture company Maruti Suzuki Automobiles India Ltd, said a statement issued. Maruti Udyog will hold 70 per cent equity in Maruti Suzuki Automobiles India, while Japanâ€™s Suzuki Motor Corporation will hold the remaining 30 per cent stake, added the statement. The capacity of the plant will initially be 100,000 cars per annum, with scope to scale it up to 250,000 cars per annum. â€œOur investment in a new car manufacturing plant underlines our parent company Suzuki Motor Corporationâ€™s continued commitment to India,â€ said Jagdish Khattar, MD of Maruti Udyog, â€œIt also reflects the Marutiâ€™s optimism about the future of the Indian car market and the critical role that the company has to play in the motorisation of the country.â€ The new car plant is part of a larger investment plan finalised by Maruti Udyog.