New Delhi, Sept. 18: Maruti Suzuki India Ltd will set up a 100-acre auto component park for its suppliers at Manesar. The facility is expected to attract big names from Japan.
Industry sources said the Foreign Investment Promotion Board would soon take up the proposal of a Rs 182.16-crore joint venture between Futuba Industrial Company Limited and Maruti Suzuki.
Maruti will hold a 49 per cent stake in the joint venture. This will be Futuba’s first project outside Japan.
Sources said Japan-based Bellsonica Corporation would also set up base at the component park.
Last year, the company signed an agreement with Maruti for car body components, including high-tensile steel parts. Maruti Suzuki will hold a 30 per cent stake in the joint venture — Bellsonica Auto Component Private Limited — with the rest being held by Bellsonica.
The registrar of companies has approved the name change of Maruti Udyog to Maruti Suzuki India Limited with effect from September 17.
The board of directors had approved the new name in July, while shareholders gave their consent on September 6.
The Suzuki tag will help Maruti in global markets when the company launches a model for export.
Sources said Maruti’s Model P, a small car being developed by Suzuki and slated for launch in October next year, would be manufactured at Manesar. The car will be exported to Europe.