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Maruti up on plan to seek approval for Gujarat plant

Last Updated: Tuesday, March 18, 2014 - 09:51

Mumbai: Shares of Maruti Suzuki India surged on Tuesday on plans to seek minority shareholder approval to set up a plant in Gujarat as a unit of Suzuki Motor Corp, after the proposed move drew opposition from the company`s leading institutional investors.

"Even though not required by law, the board decided, as a measure of good corporate governance, to seek minority shareholders` approval," the company said in a statement after a board meeting on Saturday.

Maruti stock was up nearly 8 percent at 9.32 a.m.

First Published: Tuesday, March 18, 2014 - 09:51
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