Maruti Suzuki to buy land in Gujarat for unitOctober 29th, 2011 - 6:01 pm ICT by IANS
Mumbai, Oct 29 (IANS) Automobile giant Maruti Suzuki Saturday said it will buy land in Gujarat for setting up new manufacturing facilities.
“The board granted approval to purchase land in district of Mehsana, Gujarat, for future expansion of manufacturing facilities,” the company said in a regulatory filling to the Bombay Stock Exchange.
The decision comes in the wake of huge decline in the automobile giant’s second quarter net profit followed by labour unrest and the subsequent strikes at its Manesar facility in Haryana earlier this month.
The company reported a decline of 59.81 percent in its net profit for quarter ended Sep 30 due to labour unrest, sluggish market conditions, and high fuel and interest costs.
The company posted a net profit of Rs.240.44 crore for the quarter ended Sep 30 as compared to Rs.598.24 crore during the like period of the previous financial year, said the regulatory filing.
The company managed to sell a total of 252,307 units, a decline of 19.6 percent over 313,654 units during the same period last year.
The company currently has two facilities — at Gurgaon and Manesar, both in Haryana — with a collective capacity to manufacture 1.2 million vehicles annually.
The company is among many automobile firms headed to Gujarat, including Ford, PSA Peugeot Citroen and supply chain vendors.
The state already hosts the Tata Nano plant in Sanand area of Ahmedabad district.
- Maruti Suzuki quarterly net profit declines 59.81 percent - Oct 29, 2011
- Not shying from investing in Haryana plants: Maruti Suzuki - Nov 03, 2011
- Manesar violence blow to Maruti, may hit Japanese investment - Jul 20, 2012
- Peugeot to set up Rs.4000 crore facility in Gujarat - Sep 02, 2011
- Peugeot's India-assembled car to hit roads by 2014 - Jan 05, 2012
- Maruti Suzuki's net profit up 4.95 percent - Oct 30, 2010
- Hooda optimistic of breakthrough in Maruti impasse - Oct 20, 2011
- Maruti not to abandon Manesar plant, says Bhargava (Lead) - Jul 21, 2012
- Modi to visit Japan, meet Suzuki officials (Lead) - Jul 21, 2012
- Maruti Suzuki quarterly net profit declines 23 percent - Jul 28, 2012
- Workers on strike again at Maruti's Manesar plant - Oct 07, 2011
- Tech Mahindra Q2 consolidated net profit rises 59.6 percent - Nov 15, 2011
- Labour pains for Haryana government (Haryana Newsletter) - Jul 27, 2012
- Maruti's Rs.4,000 crore plant to come up in Gujarat - Jun 02, 2012
- Maruti deadlock continues as talks fail - Oct 17, 2011
Tags: bombay stock exchange, crore, decline, gujarat, gurgaon, haryana, interest costs, labour unrest, manesar facility, manufacturing facilities, maruti suzuki, million vehicles, nano, net profit, peugeot, psa peugeot citroen, sluggish market, strikes, supply chain vendors, tata