Maruti Suzuki parent company, Suzuki Motor Corporation has signed a joint venture agreement with Toshiba Corporation and Denso Corporation for the production of automotive lithium ion battery packs in India.

The joint venture company is going to be established in 2017 and shall move to manufacturing phase at the earliest.

The initial capital expenditure is going to be 20 billion Japanese yen or Rs 1,184 crore. The joint venture company will be capitalized at 2 billion Japanese yen, with the planned participation ratio of SUZUKI 50%, TOSHIBA 40% and DENSO 10% respectively.

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