Maruti Suzuki’s board approved an investment of Rs 4,960 crore to acquire land in Gujarat for vehicle production capacity expansion. The land will be acquired at the Khoraj Industrial Estate from the Gujarat Industrial Development Corporation and is intended to support a proposed capacity addition of up to one million vehicles a year. The company said its factories are running at full capacity, with installed capacity of about 24 lakh units a year and production capability of 26 lakh units a year across plants in Gurugram, Manesar, Kharkhoda and Hansalpur. Maruti Suzuki said the expansion is driven by growth in market demand, including exports, and funding will come from internal accruals and external borrowings.