Business & Economy

Maruti, Suzuki plan new subsidiary

What is India News Service, Wednesday, 22 Sept 2004, 2000 hrs IST


India's largest car maker Maruti Udyog Ltd will hold a 70 per cent stake in a new car manufacturing plant it plans to set up with Suzuki Motor Corp by early 2007.

SMC, which is a majority owner of MUL, will hold the remaining 30 per cent in the new plant, MUL managing director Jagdish Khattar told reporters after the company's board meeting on Thursday.

The two companies would also set up a diesel engine plant under the existing joint venture, Suzuki Metal India Ltd, in which SMC holds 51 per cent and MUL the remaining 49 per cent.

Chidambaram hosts Left leaders to feasts of diplomacy: Going by the frequency of "informal meetings" between Left and Congress leaders as also between the former and ministers of the UPA Government, it seems a new kind of diplomacy is emerging.

Foreign experts offer to resign, Left elated: Deputy Chairman of Planning Commission Montek Singh Ahluwalia is expected to convene a meeting next week, soon after his return from trip abroad, to consider the offer of resignation by experts from multilateral agencies, following a threat from the Left economists to quit the panel.

Zee challenges BCCI decision in Supreme Court: Zee Telefilms today moved the Supreme Court challenging the decision of Board of Control for Cricket in India (BCCI) to terminate the contract awarded to it for telecast of cricket matches in India between 2004 and 2008.

Sri Lankan airlines benefit from India's open skies: Despite competition from private Indian airliners, Lankan national carrier generates 30 per cent of its traffic from the sub-continent.

Computer Associates' India-born ex-CEO accused of fraud: Sanjay Kumar was charged with securities fraud and obstruction of justice stemming from a probe into the firm's improper accounting.

'Mutual Will of Birlas irrevocable': Making a strong pitch to establish the irrevocability aspect of Mutual Wills, former Union Law Minister Arun Jaitley today cited laws from several countries across the globe to establish the cavetable right of his client.
 
'India is among top four FDI destinations': India is among the top four Asian destinations for foreign direct investment, but is well below the top ranked China, according to an UNCTAD (United Nations Conference on Trade and Development) report.

SEBI bars Matrix Web: The Securities and Exchange Board of India has barred Krishna Hullatti, proprietor of Bangalore-based Matrix Web, from dealing in the capital market with immediate effect.

Aviva to shift jobs: Britain's leading insurance company Aviva today announced plans to shift another 760 jobs to India, in addition to the 3,700 jobs already created in the country.

Overall:

Government patched up with Suzuki: The Japanese motor major and Maruti will collaborate on a new venture.

Zee challenged cricket board: The telecast rights dispute got entangled further in litigation.

India came out on tops as FDI destination: It is ranked among the four top investment destinations in Asia.