Bengaluru: Maruti Suzuki India on Tuesday reiterated its plans to double production capacity to 4 million over the next eight years, and named its new finance chief.
India’s top automaker by sales also expects export volumes to grow to 800,000 cars by fiscal 2031, Chairman R.C. Bhargava told shareholders at the company’s annual general meeting. As of fiscal 2023, it exported 259,333 cars.
Additionally, the company named Schneider Electric executive Arnab Roy as its chief financial officer, with effect from Jan. 1, 2024.
Roy replaces Ajay Seth, who will retire from the automaker on Dec. 31 after serving as CFO since 2005. Seth will continue as a member of the executive board.
Roy most recently served as zone chief financial officer for Schneider’s India businesses, which focuses on making and servicing tech products used for electricity distribution.
“This event of change in the CFO is not going to impact the company in any way. The transition is going to be smooth from the existing CFO to the new CFO. We see this as a neutral or no-event for Maruti Suzuki stock,” said Amit Hiranandani, the automobile sector lead analyst at brokerage firm SMIFS Ltd.
Maruti in July reported a better-than-expected quarterly profit on strong orders and forecast a rise in its average selling prices in the subsequent quarters.
Earlier this month, the automaker revealed a plan to buy its Japanese parent Suzuki Motor’s plant in Gujarat, in a bid to get a better grip on production, including that of electric vehicles.
Maruti plans to roll out six EVs by 2030, each of which will be produced at the Gujarat plant.
Last week, Reuters reported that India’s government is working on a new EV policy that would cut import taxes for automakers that commit to some local manufacturing, following a proposal by Tesla which is considering entering the domestic market.
(Reporting by Kashish Tandon in Bengaluru; Editing by Varun H K)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibility for its content.
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