Maruti Suzuki gains 2% on assembly plant in Africa

Country's largest car producer Maruti Suzuki India gained as much as 2.2 percent intraday on Friday after agencies reported that the company is considering setting up its first overseas assembly plant in Africa as it seeks to revive exports.

The Financial Express reported that the company is scouting for new export markets and Africa is more or less untouched, chairman RC Bhargava said.

"Countries that are on the cusp of motorisation may be key to Maruti's plan of doubling exports in the next four years as Europe struggles to recover from a slowdown, according to head of sales Mayank Pareek," the report said.

Among other developments, recently the company has started spadework to set up its second facility in Gujarat with acquisition of another 600 acres, in addition to its existing plan to invest Rs 4,000 crore for setting up a plant in the state. The company also said it expects about 6-7 per cent sales growth in 2013-14 after closing the current fiscal with about 6 per cent rise in vehicle sales.

Commenting on exports, MSI Managing Director and CEO Shinzo Nakanishi had said MSI is finding it tough due to the decline in European market. "Last year we had a total export of 1.27 lakh units. This year we may be a little less than that because of the slowdown in Europe, which used to be our biggest overseas market," he said.

MSI has been exploring new markets to keep its overseas sales momentum, Nakanishi said.

At 12:21 hours IST, the stock rose 1.6 percent to Rs 1,506 on the Bombay Stock Exchange.

(With inputs from PTI)

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