Maruti Suzuki India Ltd, the Indian subsidiary of Japan's Suzuki Motor Corp, said it has signed an agreement with Mundra Port and Special Economic Zone Ltd (MPSEZL) for a mega car terminal at Mundra, in the western state of Gujarat.
Initially, the company will invest 400 mln rupees while MPSEZL will pump in 600 mln, it said in a regulatory filing.
The new terminal, where cars are parked and loaded onto carrier ships for export, is expected to be operational by December, and Maruti Suzuki will begin shipping from the Mundra Port by January next year.
Chief executive, S Nakanishi, said the initiative will help fill the gap between the company's export ambitions and 'on the ground' infrastructure support.
The country's biggest carmaker exported 50,000 units in fiscal 2007-08, a rise of 28 pct year-on-year, by using the port facilities in Mumbai. It expects to continue shipping from Mumbai as well, keeping in view its increasing export volumes.
At 01.55 pm local time, Maruti Suzuki shares were 2.77 pct lower at 784.80 rupees on the Bombay Stock Exchange, while the benchmark Sensex was 2.14 pct down at 17,689.31.
Initially, the company will invest 400 mln rupees while MPSEZL will pump in 600 mln, it said in a regulatory filing.
The new terminal, where cars are parked and loaded onto carrier ships for export, is expected to be operational by December, and Maruti Suzuki will begin shipping from the Mundra Port by January next year.
Chief executive, S Nakanishi, said the initiative will help fill the gap between the company's export ambitions and 'on the ground' infrastructure support.
The country's biggest carmaker exported 50,000 units in fiscal 2007-08, a rise of 28 pct year-on-year, by using the port facilities in Mumbai. It expects to continue shipping from Mumbai as well, keeping in view its increasing export volumes.
At 01.55 pm local time, Maruti Suzuki shares were 2.77 pct lower at 784.80 rupees on the Bombay Stock Exchange, while the benchmark Sensex was 2.14 pct down at 17,689.31.
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