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Maruti Suzuki India (MSIL) on Tuesday announced a dividend of Rs. 90 per share, the highest-ever in the history of its operations in the last 40 years.
The company also announced that its Board has approved the appointment of Arnab Roy as Chief Financial Officer (CFO) – designate effective from October, 16 and whole-time CFO of the company with effect from January 1, 2024.
Also Read | Suzuki Motor to invest ₹2.8 lakh crore by FY31, India to play key role: Maruti MD
Further, Ajay Seth, the present CFO of the company will be superannuating from the post of whole-time CFO of the company effective from close of business hours of December 31. Thereafter, he will continue to be a Member – Executive Board (MEB), MSIL, said.
Speaking on the annual general meeting (AGM), RC Bhargava, Chairman, MSIL, said, the company will invest Rs. 45,000 crore that will be used to double its production from two-million to four-million, in the next eight years (2031).
As the company enters its third phase (Maruti 3.0), he reiterated that MSIL will roll out six electric vehicles (EVs) by 2030, each of which will be produced at the Gujarat plant.
Earlier this month, the country’s largest carmaker revealed a plan to buy its Japanese parent Suzuki Motor’s plant in Gujarat (Suzuki Motor Gujarat) in a bid to get a better grip on production, including that of EVs.
Also Read | Maruti Suzuki grows multifold in its value-added services in FY23
MSIL also expects to export eight-lakh cars volumes by fiscal year 2031. As of fiscal 2023, it exported 2,59,333 vehicles, Bhargava added.
Shares of MSIL was trading at Rs. 9,618.50 a script at 1.34 p.m., on the BSE on Tuesday, up 0.24 per cent from the previous close.
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