Looking to double turnover by 2030-31: Maruti Suzuki India CEO

New Delhi: Maruti Suzuki India is looking to double its turnover to around Rs 1.68 lakh crore by 2030-31 from FY22 level in line with parent Suzuki Motor Corporation's global growth strategy, company Managing Director and CEO Hisashi Takeuchi said on Wednesday.

The company expects India to "play a very big role" in Suzuki Motor Corporation's goal to achieve a global turnover of Rs 4.32 lakh crore in FY30-31, which would be exactly double the turnover of Rs 2.16 lakh crore achieved in FY21-22, he said.

"Yes, of course" because we would like to make our volume double the size, Takeuchi said when asked if Maruti Suzuki India was also looking to double its turnover like its parent Suzuki.

He said, "We will invest for production facility, we will invest for human resources so that we will be able to handle such a big volume by 2030. So that is our plan." Maruti Suzuki India had clocked net sales of Rs 83,798 crore in 2021-22. Takeuchi was speaking at the sidelines of the company's launch of premium multi-purpose vehicle Invicto, marking the mass market carmaker's entry in the over Rs 20 lakh segment.

While he did not elaborate on the investments required for doubling the turnover, he said part of it would also come from Suzuki's planned investment of around Rs 2.8 lakh crore by FY30-31.

The investment by Suzuki is towards enriching products, bringing new technologies and setting up new facilities, he added.

"Right now, we have almost like a 2.2 million production capacity, together with SMG (Suzuki Motor Gujarat), and this production capacity should go beyond 4 million for that almost 2 million additional capacity is required," he added.

The additional investment would be over and above those required for new technology like electric vehicles and batteries.

Takeuchi said construction at the company's new manufacturing facility at Kharkhoda in Haryana is in full swing and "we plan to commission the first plant with an annual manufacturing capacity of 2.5 lakh units by 2025."

Further, he said, "Once fully operational, the facility will have an annual capacity to manufacture 10 lakh vehicles and will be one of the world's largest single location manufacturing sites."

In addition, he said, "We have received the Board approval for expanding our production capacity to manufacture up to 10 lakh additional units per annum over and above Kharkhoda." On the company's entry into the above Rs 20 lakh category, Takeuchi said it is a "big challenge" as it has no experience in it but the market is evolving very fast therefore had to make a foray in order to maintain leadership in the MPV segment.