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Maruti plans JV with Futaba for exhausts
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Written by Arjun   
Thursday, 20 September 2007

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 NEW DELHI: Maruti Suzuki India Ltd (MSIL) is planning a joint venture with Japanese component major - Futaba Industrial Co, to set up an exhaust parts manufacturing facility for manufacture and sale of exhaust system components, including exhaust pipe, exhaust muffler, and exhaust manifolds.

 The estimated project cost, including equity and debt, is about Rs 182 crore. The new facility will be located at MSIL’s 100 acre[approx] supplier complex at Manesar. The latest JV is scheduled to commence production from 2008, a source said.  Japanese component major, Futaba Industrial Co will provide financial and technical collaboration and is expected to bring new technology for manufacturing.
 
 Maruti has already approached Foreign Investment Promotion Board with the proposal. The Foreign Investment Promotion Board is slated to take up MSIL’s proposal to form a joint venture with Japan’s Futaba Industrial Company on Friday.

 Futaba already has an existing technical assistance agreement with Mark Exhaust Systems Ltd for manufacture of exhaust system components. Mark Exhaust Systems Ltd has already furnished its no-objection for the proposed joint venture.

 This is MSIL's 16th joint venture in India.  The company already has 14 joint ventures with various auto component suppliers like Asahi Glass, Jay Bharat Maruti Limited, Sona Koyo Steering Systems, Caparo Maruti Limited, Denso, Machino Plastics. All the JV's are located in the company’s new facility at Manesar.

 Futaba Industrial Co, billed as the largest manufacturer of exhaust system components for automobiles in Japan, is a key component manufacturer and supplier for Suzuki Motor Corporation, providing exhaust system component for automobile including tubular and fabricated exhaust manifolds, catalytic converters, exhaust pipes and exhaust mufflers.

 The proposed paid-up capital of the JV is pegged at Rs 90 crore consisting of nine crore equity share of Rs 10 each, according to a report published by the Hindu. Futaba Industrial Co would hold 4.59 crore shares amounting to Rs 45.90 crore. Therefore Futaba Industrial will hold 51 per cent stake while Maruti’s holding will stand at 49 per cent.
 
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