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Maruti, Citigroup proposals cleared

NEW DELHI: The Foreign Investment Promotion Board (FIPB) on Thursday cleared the proposals of Maruti to form a joint venture for setting up an exhaust parts manufacturing facility in Haryana and Citigroup Global Services to form a subsidiary to make investment in SEZ units.

Maruti Suzuki India, till recently known as Maruti Udyog, plans to form a joint venture with Japan’s Futaba Industrial Company to set up a facility in Manesar, Haryana.

The proposal, which will see an FDI inflow of around Rs. 45.90 crore with Futaba holding 51 per cent in the venture, was approved by the FIPB, sources said. — PTI

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