(Reuters) -India’s top carmaker Maruti Suzuki will invest 74.1 billion rupees (nearly $864 million) to set up a third plant at an existing facility in the northern state of Haryana.
The plant will take the capacity in the facility to 750,000 vehicles per year by 2029, the carmaker said on Wednesday.
Maruti has two plants in the city of Kharkhoda in Haryana – one of which is operational while the other is under construction. All three plants are capable of manufacturing 250,000 vehicles a year.
The automaker said that the additional capacity from the plant will allow it to meet growing demand for its vehicles, including abroad.
Maruti has the highest share of car exports from India, at about 40%, the company said in December.
The carmaker currently has three manufacturing facilities in addition to the one in Kharkhoda. Two are in Haryana and one is in the western Indian state of Gujarat.
($1 = 85.7675 Indian rupees)
(Reporting by Ananta Agarwal in Bengaluru; Editing by Mrigank Dhaniwala)
