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NEW DELHI, Jan 14 (Reuters) - India's biggest carmaker, Maruti Udyog Ltd , expects to export 50,000 vehicles in the fiscal year to March, 2004, its managing director told a news conference on Wednesday.
The automaker, held 54.2 percent by Japan's Suzuki Motor Corp , exported 32,240 cars in 2002/03 and had forecast foreign sales to rise smartly this year helped by the growing popularity of its Alto compact car in Europe.
"We had said earlier that exports would be about 40,000 units, but there is a strong possibility now that it will be 50,000 units," Jagdish Khattar said while unveiling the company's stall at India's seventh Auto Expo.
The carmaker's export sales were affected in August and September after a labour strike at a key vendor hurt production.
Khattar said Maruti had been hurt by the appreciating yen versus the rupee which had boosted the cost of imports. Maruti, which makes 10 models in India, imported auto parts worth 13.72 billion rupees ($302 million) in 2002/03.
Khattar also said the company's export realisations had been hit by the appreciating rupee against the dollar and the company was negotiating with its distributors to switch trade to the Euro for cars sold in Eruope.
Maruti is displaying five new models at the Expo including the futuristic Concept S sedan, the Suzuki Jimny, a compact sports utility vehicle and the Suzuki Twin Hybrid, a two-seat mini vehicle that runs on both petrol and electric power.