Maruti Suzuki to become 'millionaire' car company this year, says Suzuki

Maruti Suzuki will produce 10,27,000 units in this fiscal, crossing the million milestone for the first time in its history

The country's largest carmaker Maruti Suzuki India Ltd (MSIL) will produce over a million cars this fiscal, enabling the company to cross the milestone for the first time, its parent Suzuki Motor Corp (SMC) said on Friday, reports PTI.

"Maruti Suzuki now forecasts production of 10,27,000 units for the fiscal year from April 2009 to March 2010, meaning that its production will exceed one million units on both a calendar-year basis and a fiscal-year basis for the first time," SMC said in a statement on its website.

Maruti Suzuki produced 9,66,069 cars from January to December 2009, up 27% from the year ago, it added.

In expectation of continued growth in the Indian car market, MSIL will invest Rs1,700 crore in new facilities at its Manesar plant to increase annual output to 550,000 units from the current 300,000 units, the statement said.

"The new facilities are scheduled to start operating in spring 2012. As a result, MSIL will have annual production capacity of 1.25 million units (700,000 units at its Gurgaon plant; 550,000 units at its Manesar plant)," it said.

SMC, which now holds 54.2% stake in Maruti Suzuki, started car production in India with the Maruti 800 in 1983, when the car market was about 100,000 units per year. It had partnered the Indian government in an erstwhile joint venture Maruti Udyog Ltd. It became the majority shareholder when the government exited from the joint venture.

Today MSIL commands 55% share in the market, which has grown to over 1.5 million units per annum. The company sell popular models including the Alto, Estilo, Wagon R, Swift, Dzire and the SX4.

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