Backed by investments of Rs 6,000 crore (Rs 60 billion) on new model launches and for expansion of manufacturing and sales set-up, Maruti Udyog Ltd today said the company aimed to sell one million cars in 2010.
"Your company is aiming at sales of one million cars per year in 2010. Investment in new facilities and in research and development are both part of the strategy to achieve the ambitious sales goal," Maruti Chairman S Nakanishi told shareholders at the company's 25th AGM in New Delhi.
The company, which plans to launch "a series of new models" to attain the target, will introduce five new cars in the domestic market in as many years.
"This will be over and above face-lifts of any existing models and launch of new variants," Nakanishi said, adding that the company will expand its network of sales outlets and service workshops.
"Besides increasing the number of outlets, your company will also revamp the quality of infrastructure and service at these outlets," he said.
The company said it wanted to remain debt-free as it planned to fund the expansion plans through internal accruals.
"We would like to be a debt-free company and, therefore, most of the new investments would be through internal accruals," company Managing Director Jagdish Khattar said, brushing aside demands of bonus shares.
Outlining the Rs 6,000 crore investment plans along with parent Suzuki, the company said these would be for a new car plant, a diesel engine and transmission facility, upgradation of the existing plant and for launch of new models.
Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Investments Discussion Group