Maruti may seek shareholder nod for Gujarat project in Oct.

The country's largest carmaker, Maruti Suzuki India Limited (MSIL), is likely to seek minority shareholders' approval for developing manufacturing facilities in Gujarat through a wholly-owned subsidiary of parent Suzuki Motor Corporation (SMC) in October.

MSIL Chairman R C Bhargava said, 'We haven't yet fixed a date. It could be in October.

'As far as the Gujarat (facilities) structure is concerned, it is recognised it is beneficial to shareholders. The major issue institutional investors raised was why higher dividends are paid and why is royalty audited. On the structure, there are no real issues now.' MSIL Managing Director and Chief Executive Kenichi Ayukawa is confident the company will get a nod from minority shareholders to go ahead with the proposed structure for the Gujarat unit.

BS