India, Jan. 13 -- Car market leader Maruti Suzuki India on Monday said its board has approved a '4,960-crore proposal to acquire land and expand its manufacturing capacity in Gujarat. The company's board, at its meeting held on Monday, granted approval to acquire land for the expansion of production capacity at Khoraj Industrial EState from Gujarat Industrial Development Corporation, and "the proposed capacity addition is up to 1 million (10 lakh) units", Maruti Suzuki India said in a regulatory filing.

On the overall investment, the company said it would be finalised and approved by the board while framing the phases of installation of capacity. "The cost of land acquisition, development and preparatory activities approved by the board ...