Business Daily from THE HINDU group of publications
Monday, Jul 10, 2006
Business Daily from THE HINDU group of publications Monday, Jul 10, 2006 |
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Automobile Components Corporate - Alliances & Joint Ventures Government - Policy
Ambarish Mukherjee
New Delhi , July 9 Maruti Udyog Ltd's (MUL) plan to set up a joint venture with the Japan-based Bellsonica Corporation has been cleared by the Government. The initial plan, in which there was the possibility of having another Indian company as the third partner, has been changed. According to the proposal approved by the Government, Maruti will hold 30 per cent in the joint venture and Bellsonica the rest, sources said. The company would be engaged in manufacturing two- and four-wheeler sheet metal, chassis, structurals, and rotating components, and would provide maintenance and after-sales services to installed equipment. Bellsonica already has a technical assistance agreement with another Maruti subsidiary - Jay Bharat Maruti Ltd (JBML), which provides components to Maruti. JBML has given its no-objection to the joint venture proposal. The proposed joint venture would be a core supplier to Suzuki's automobile ventures in India, including Maruti, and the recently reborn two-wheeler joint venture, Suzuki Motorcycles India.
Related Stories: More Stories on : Automobile Components | Alliances & Joint Ventures | Policy | Maruti Udyog Ltd
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