Maruti earmarks Rs 4,500 cr capex for FY18

MSI had earmarked Rs 3,500 cr capex for the previous financial year

The country's largest carmaker Maruti Suzuki India (MSI) has earmarked Rs 4,500 crore capital expenditure for the current financial year.

"Capex for this year (2017-18) is Rs 4,500 crore," MSI Chairman RC Bhargava told reporters in New Delhi.

The amount would be spent on various activities including replacement of machinery, R&D and marketing initiatives, he added.

On R&D alone, the company plans to invest in the range of Rs 700-1,000 crore, Bhargava said.

Some portion of the capital expenditure (capex) could also go towards the acquisition of land for expansion of sales and service network, he added.

"This (capex) includes a certain provision for land but this can change depending on the progress made. There will be no monetary restrictions on implementing the programme for building the sales and service network," Bhargava said.

MSI had earmarked Rs 3,500 crore capex for the previous financial year that ended on March 31.