The two companies plan to invest INR900 million to build a factory in Manesar, on the outskirts of New Delhi, a government official told Dow Jones Newswires after a meeting of the Foreign Investment Promotion Board, the regulatory body that approves all overseas investment proposals.
Futaba will own a 51% stake and invest INR459 million in the joint venture, with Maruti, the nation's biggest carmaker, owning the remainder, the official said.
The board also approved a proposal of Citigroup Global Services to start a separate company that will build industrial parks for providing backoffice services.
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