Maruti Suzuki India, till recently known as Maruti Udyog Ltd, plans to form a JV with Japan’s Futaba Industrial Company to set up a facility in Manesar, Haryana.

The proposal, which will see an FDI inflow of around Rs 45.90 crore with Futaba holding 51 per cent in the venture, was approved by FIPB on Thursday, official sources said.

SEZ proposal
Besides, a proposal by Citigroup relating to setting up Special Economic Zone units in the country was also cleared. The world’s largest financial services group is looking to form a new subsidiary under its BPO arm which would make downstream investment for setting up SEZ units. After FIPB approval, the proposals will go to Finance Minister P Chidambaram for final clearance.  Citigroup Global Sevices proposal does not involve any FDI inflow. Since, the proposal relates to a foreign company setting up a holding cmpany, it came to FIPB.

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

The Foreign Investment Promotion Board also cleared a proposal relating to downliking by US-based media company Bloomberg. The proposal involves FDI inflow of Rs 1.5 crore.