<p>India’s largest carmaker Maruti Suzuki on Monday said it will acquire its Japanese parent Suzuki Motor Corp’s Gujarat plant in order to ramp up its annual production capacity to 4 million vehicles per annum by 2030-31. The plant will be used for manufacturing of electric vehicles, an area where Maruti has lagged behind the likes of Tata Motors and Mahindra.</p>.<p>“The mode of acquisition including consideration to be paid to Suzuki Motor Corp shall be decided in a subsequent Board meeting,” Maruti Suzuki said in a statement. </p>.<p>According to Maruti Suzuki India Chairman RC Bhargava the transaction is likely to be completed by the end of the current financial year. Briefing reporters after the board meeting, he said the electric vehicle (EV) production at Gujarat unit would now be done by Maruti Suzuki instead of Suzuki.</p>.<p><strong>Also Read | </strong></p>
<p>India’s largest carmaker Maruti Suzuki on Monday said it will acquire its Japanese parent Suzuki Motor Corp’s Gujarat plant in order to ramp up its annual production capacity to 4 million vehicles per annum by 2030-31. The plant will be used for manufacturing of electric vehicles, an area where Maruti has lagged behind the likes of Tata Motors and Mahindra.</p>.<p>“The mode of acquisition including consideration to be paid to Suzuki Motor Corp shall be decided in a subsequent Board meeting,” Maruti Suzuki said in a statement. </p>.<p>According to Maruti Suzuki India Chairman RC Bhargava the transaction is likely to be completed by the end of the current financial year. Briefing reporters after the board meeting, he said the electric vehicle (EV) production at Gujarat unit would now be done by Maruti Suzuki instead of Suzuki.</p>.<p><strong>Also Read | </strong></p>