Maruti Suzuki India (MSI), the country’s largest car maker, has signed an initial pact with IDBI Bank to offer financing solutions for dealers. The new alliance will empower over 4,000 Maruti Suzuki sales outlets across the country with comprehensive inventory funding options for their working capital needs, the automaker said in a statement on Tuesday.
A Memorandum of Understanding (MoU) has been signed with IDBI Bank in this regard. “We have worked closely with IDBI Bank in developing curated products and end-to-end working capital solutions for our dealer partners across the country,” MSI Senior Executive Officer (Marketing & Sales) Shashank Srivastava said.
Dealer partners are the backbone of the company’s business and the automaker is committed to supporting them in enhancing their capabilities to address the growing Indian passenger vehicle market, he added. “IDBI Bank’s supply chain finance will provide easy access to working capital finance to the dealers of MSI at favourable terms for driving their business growth,” IDBI Bank MD Rakesh Sharma said.
The company on Tuesday said it has commenced export of the five-door version of its sports utility vehicle Jimny. The model will be shipped to various destinations, including Latin America, the Middle East, and Africa regions.
Earlier, in November 2020, Maruti Suzuki had started production of the three-door Jimny exclusively for exports to areas including Latin America and Africa. In June this year, it launched Jimny five-door in the domestic market. “The India-manufactured Jimny five-door in our export portfolio will surely create excitement among our overseas customers,” MSI Managing Director and CEO Hisashi Takeuchi said.
Aligning with the Government’s ‘Make in India’ initiative, MSI now exports an extensive range of 17 vehicles across segments, he added. “We remain committed in our efforts to sustain leadership in the export of India-manufactured passenger vehicles,” Takeuchi said.
On Monday, capex till 2030-31 could be around Rs 1.25 lakh crore as it plans to enhance product range to 28 models from 17 currently and expand production capacity, according to a regulatory filing. The country’s largest carmaker is lining up capex to expand its total production capacity to 40 lakh units per annum by 2030-31.
“The regular capex in the existing plants at Gurgaon, Manesar and Gujarat will continue. The amount in 2022-23 was around Rs 7,500 crore. Total capex till 2030-31 could be as much as Rs 1.25 lakh crore,” MSI said.
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