Maruti, Citigroup BPO firm proposals in FIPB meeting

Maruti, Citigroup BPO firm proposals in FIPB meeting

New Delhi: The Foreign Investment Promotion Board on 20 September will take up proposals by carmaker Maruti to form a joint venture for setting up an exhaust parts manufacturing facility and by Citigroup Global Services to form a subsidiary to make investments in SEZ units.

Maruti Suzuki India, earlier known as Maruti Udyog Ltd, plans to form a joint venture with Japan’s Futaba Industrial Company to set up a facility in Manesar, Haryana, official sources said here.

The proposal involves an investment of 182 crore and Futaba would hold 51% in the joint venture.

A proposal by Citigroup Global Services relates to setting up special economic zone (SEZ) units in the country. The world’s largest financial services group is looking to form a new subsidiary under this business process outsourcing (BPO) firm which would make downstream investments for setting up SEZ units, the sources said.

Formerly known as e-Serve International, CGSL is a captive BPO firm owned by Citigroup. As part of its expansion plans in the banking and financial services industry, especially to cater to customers in export markets, it is looking to set up SEZ units through a new wholly-owned arm.

The two proposals are among 18 cases to be considered at the FIPB meeting tomorrow, the sources said.