By IANS
New Delhi : Passenger car maker Maruti Udyog, which has been renamed Maruti Suzuki, has secured the nod from India’s Foreign Investment Promotion Board to establish a joint venture with a Japanese firm for exhaust system components.
The 49:51 joint venture with Japan’s Futaba Industrial Company will manufacture exhaust system components at a factory to be set up at Manesar in Haryana with an investment of close to Rs.2 billion ($50 million), official sources said.
Futaba is a leader in exhaust system components for automobiles, in areas such as tubular and fabricated exhaust manifolds, exhaust pipes, catalytic converters and mufflers.
The proposal will be put up before Finance Minister P. Chidambaram for a formal nod, the sources added.