Japan's Suzuki Motor Corp, its Indian unit Maruti and Fiat's Magneti Marelli have agreed to invest around 18 million U.S. dollars together to build electronic control units (ECUs) of diesel engines in India, the Maruti Suzuki India Limited (MSIL) said Thursday.
They will set up a manufacturing unit at Manesar in the north Indian state of Haryana, which is likely to start operations by the end of 2008, it said in a statement.
The proposed facility will be able to make 500,000 ECUs annually.
Magneti Marelli will hold a 51 per cent stake, the Suzuki Motor Corporation 30 percent and the MSIL, India's biggest carmaker, 19percent in the new company.
"The joint venture with Suzuki and Maruti significantly strengthens an important partnership already in existence, giving the car maker the possibility to rely on competitive systems featuring cutting-edge technology and the components maker the chance to increase its presence in a strategic and fast-growing market," Magneti Marelli chief executive officer Eugenio Razelli said in the statement.
They will set up a manufacturing unit at Manesar in the north Indian state of Haryana, which is likely to start operations by the end of 2008, it said in a statement.
The proposed facility will be able to make 500,000 ECUs annually.
Magneti Marelli will hold a 51 per cent stake, the Suzuki Motor Corporation 30 percent and the MSIL, India's biggest carmaker, 19percent in the new company.
"The joint venture with Suzuki and Maruti significantly strengthens an important partnership already in existence, giving the car maker the possibility to rely on competitive systems featuring cutting-edge technology and the components maker the chance to increase its presence in a strategic and fast-growing market," Magneti Marelli chief executive officer Eugenio Razelli said in the statement.
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