Suzuki Motor Corporation's proposal to set up a joint venture with the existing subsidiary Maruti Udyog Ltd [Get Quote] has been cleared by Foreign Investment Promotion Board.
The proposal was cleared by FIPB at its meeting on March 30, 2005.
The joint venture Maruti Suzuki Automobile India Ltd will manufacture certain models of Suzuki Motor Corporation's four-wheeled vehicles, parts and accessories.
In the proposed joint venture, Suzuki Motor Company will hold 30 per cent of the equity capital and Maruti Udyog Ltd will hold remaining 70 per cent of the equity capital.
Proposed paid capital of Maruti Suzuki Automobile India Ltd will be Rs 40 crore (Rs 400 million).
The company proposes to commence manufacturing by October, 2006, Minister of State for Finance S S Palanimanickam said in a written reply to a question in Lok Sabha.
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