Suzuki Motor Corporation (SMC) signed MOU with the State of Gujarat, India to invest approximately JPY 150 billion (approximately INR 104.4 billion) for local manufacturing of electric vehicles (BEV) and BEV batteries. The MOU was signed on 19 March 2022 at India-Japan Economic Forum held in New Delhi, India, in the presence of Japanese Prime Minister Mr. Fumio Kishida and Indian Prime Minister Mr. Narendra Modi. Signees of MOU with the State of Gujarat: Suzuki Motor Gujarat Private Limited (SMG) for an increasing production capacity for BEV manufacturing with investment amount of INR 31 billion with a planned year 2025 and for construction of plant for BEV batteries (land neighboring to SMG) with investment amount of INR 73 billion with a planned year 2026.

Signees of MOU with the State of Gujarat: Maruti Suzuki Toyotsu India Private Limited (MSTI) for construction of vehicle recycling plant with investment amount of INR 450 million with a planned year 2025.