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

The company added that expanding that sum would depend on market conditions

A Mercedes-AMG SL 63 4MATIC+ car is displayed in a showroom at Mercedes-Benz competence center, in Sindelfingen near Stuttgart, Germany, March 4, 2024. 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.