Maruti-Bellsonica to set up India ops

Maruti Udyog Ltd plans to set up a joint venture with Bellsonica of Japan to make components.

India's top car maker, Maruti Udyog Ltd, said on Wednesday it would set up a joint venture with Bellsonica of Japan to make components.

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Maruti -- in which Suzuki Motor Corp owns 54.2 per cent -- would hold 30 per cent in the joint venture which will have a paid-up capital of Rs 120 million ($2.6 million).

The venture, Bellsonica Auto Component Pvt Ltd, would commence operations in November 2007, Maruti said in a statement.

The new company would supply components to Maruti's cars and Suzuki's motorcycles.

Ahead of the news, shares in New Delhi-based Maruti ended up 3.3 per cent at Rs 813.40.