Haryana clears Rs 6000 investment plan of Suzuki-Maruti

Chandigarh, Apr 27 (UNI) The Haryana government today cleared a Rs 6000 crore investment plan of the Suzuki Motor Corporation and Maruti Udyog Limited for setting up automobile diesel engine manufacturing unit and a car assembly unit in Industrial Model Township (IMT) at Manesar in Gurgaon district.

The Haryana Investment Promotion Board, which met here today under the chairmanship of Haryana Chief Minister Bhupinder Singh Hooda, granted approval to M/s Suzuki Power train India Limited, a new company floated by Maruti Udyog Limited for manufacturing automobile diesel engines, transmissions and other components with investment of over Rs 2218 crore.

In this company, 51 per cent share would be of Suzuki Motor Corporation and 49 per cent of the Maruti Udyog Limited. The company would utilise 30 acres of land for setting up the diesel engine unit.

The Board also granted approval to Maruti Suzuki Automobile India Ltd, another company incorporated by the MUL for car assembly with a total investment of Rs 2676.90 crore.

In this company, MUL would have 70 per cent of the equity while the Suzuki Motors Corporation would have 30 per cent. The car assembly unit would be set up over an area of 70 acres.

The board also approved leasing of 100 acres of land to Maruti Suzuki Joint venture vendors in which Maruti Suzuki would hold shares not less than 26 per cent.

Keeping in view the sustainability of such a mega project, the board allowed the multiple leasing in favour of vendors.

Permission was also granted for utilisation of land by subsidiaries of Maruti Suzuki.

Others who attended the meeting included Finance Minister Birender Singh, Chief Secretary Meenaxi Anand Choudhry, Principal Secretary to Chief Minister M L Tayal and Financial Commissioner and Principal Secretary, Finance, Bhaskar Chatterjee.

UNI MA JS MP RK1943