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India's Maruti up on plan to seek minority shareholder nod for Gujarat plant
March 18, 2014 / 3:50 AM / 4 years ago

India's Maruti up on plan to seek minority shareholder nod for Gujarat plant

MUMBAI (Reuters) - Shares of Maruti Suzuki India (MRTI.NS) surged 9.3 percent in pre-open trading on plans to seek minority shareholder approval to set up a plant in Gujarat as a unit of Suzuki Motor Corp (7269.T), after the proposed move drew opposition from the company’s leading institutional investors.

Traffic moves along a busy road in front of the Maruti Suzuki corporate office building in New Delhi July 24, 2013. REUTERS/Anindito Mukherjee

“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.

Reporting by Abhishek Vishnoi; Editing by Anupama Dwivedi

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