Mercedes-Benz sticks to $24 million investment plan for India in 2024

  • Mercedes-Benz sticks to $24 million investment plan for India in 2024
FILE PHOTO: A Mercedes logo is pictured at the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 16, 2017. REUTERS/Ralph Orlowski/File Photo
FILE PHOTO: A Mercedes logo is pictured at the Frankfurt Motor Show (IAA) in Frankfurt, Germany September 16, 2017. REUTERS/Ralph Orlowski/File Photo

German carmaker Mercedes-Benz on Thursday confirmed its investment plan for India of $24 million in 2024, adding that expanding that sum would depend on market conditions.

The comments come after Uday Samant, Industries minister of Maharashtra, said in a post on X that Mercedes-Benz would invest 30 billion rupees ($360 million) in the Indian state, adding he had discussions with the carmaker's representatives while on a tour in Germany.

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"Mercedes-Benz is committed to its current investment plans in India which were announced in January, and which foresee an investment of about $24 million this year," Mercedes-Benz said in a statement. "Any further investments will depend on market demand." Mercedes-Benz in January announced it will invest $24 million in India this year.

First Published Date: 14 Jun 2024, 08:28 AM IST
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