Maruti to roll out 5 new models; targets 1 mn sales

Maruti Udyog announced its plans to achieve a sales target of 1 million units in 2010 in its 25th AGM today.

The company backed by investments of Rs 6,000 crore, will launch five new models in as many years and expand existing manufacturing and sales set-ups for acheiving its sales growth.

"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," chairman S Nakanishi said at the company's 25th AGM. Adding that, investment in new facilities and in R&D are both part of the strategy to achieve the ambitious sales goal.

The company also wants 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.