Maruti's compact car model for Nissan to be ready by 2008-09

Kolkata, Sept 20 (UNI) Maruti Udyog Ltd would come out with a compact car model for Nissan Motor Company by 2008-09, its managing director Jagdish Khattar said today.

The initial capacity of car model would be 1,00,000 units, including 50000 units for Nissan, the managing director said.

After catering to Nissan's demands, Maruti would export part of the production and sell a part in the domestic market, he said.

Maruti's plant in India would also produce diesel versions of cars for Suzuki's requirements, he said.

Maruti recently announced an investment of Rs 3,000 crore in addition to Rs 6,000 crore for raising the production capacity at its Manesar plant. The capacity of the diesel engine production would be also be raised.

Khattar was in the city to sign an agreement with Magma Leasing Ltd to finance Maruti cars in semi-urban and rural markets.

Maruti already has similar such agreements with ICICI Bank, HDFC Bank, Citigroup, Kotak, Sundaram and Cholamangalam.

Around 75-80 per cent of Maruti cars are being financed, Khattar said.

The car finance market size in India stands at around Rs 20,000 crore, Magma Leasing managing director Sanjay Chamria said.

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