New Delhi, Oct 4 (UNI) The Foreign Investment Promotion Board(FIPB) has approved Maruti Suzuki's joint venture with Japan's Futaba Industrial Company for the manufacture of auto parts.
The new joint venture will involve a foreign equity of 51 per cent by Futaba and the Foreign Direct Investment (FDI) inflow will be of the order of Rs 45.90 crore. The project involves manufacture and sale of Exhaust System Components for automobiles.
The proposal attracts provisions of Press Note 1.
Finance Minister P Chidambaram has given the nod and the FIPB meeting in this regard took place on September 20, 2007.