(Reuters) -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.
“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.
($1 = 83.5150 Indian rupees)
(Reporting by Urvi Dugar in Bengaluru and Christoph Steitz; Editing by Shailesh Kuber and Chizu Nomiyama)
