A joint venture led by Suzuki Motor Corporation (SMC) will invest Rs 1,200 crore in setting up facilities to produce automotive lithium-ion battery packs in India.
According to Suzuki, the parent company of Maruti, the investment will be made through a joint venture with Toshiba and Denso.
While SMC will have a 50 per cent equity in the project, the two partners will have 25 per cent each. Further investments will be done as and when required.
SMC said a higher attention is being paid to environment in India, and new CO2 standards for automobiles are planned to be introduced.
“The battery pack manufacturing joint venture by the three companies will realise stable supply of lithium-ion battery packs in India in the course of promoting sustainable cars in the country and will contribute to Make in India,” it said in a statement.
Image Credit : thehindubusinessline.com
