Maruti Suzuki will invest 350 billion rupees ($4.2 billion) to build a second car plant in Gujarat and will add a new production line at an existing plant, the president of its parent company said.

The investments will see the company's annual production capacity in Prime Minister Narendra Modi's home state jump to 2 million vehicles from 750,000 currently.

The additional production line is expected to start operating in the 2027 financial year and the new plant about two years later.

The maker of the popular Swift hatchback has said it wants to double its annual production capacity to 4 million units by the 2031 financial year.

The plans were announced during the Vibrant Gujarat Global Summit, where thousands of chief executives, investors and diplomats have gathered for the three-day biennial event.