NEW DELHI, Dec 17 (Reuters) - Maruti Suzuki India Ltd , India’s top carmaker, has won shareholder approval to source cars from a Gujarat plant to be built by parent Suzuki Motor Corp, its chairman said on Thursday.
Maruti received 89.8 percent of minority shareholders’ votes in its favour, R.C. Bhargava said. Nearly two years ago minority shareholders had opposed the original Gujarat plant plan saying Maruti would not benefit.
The carmaker, which contributes about a third of its parent’s revenue, will now invest surplus cash in boosting its local research and development centre and doubling the number of dealerships, Bhargava said.
Maruti, whose market value surpassed that of Suzuki in July, sold 1.2 million vehicles in the year to end-March. (Reporting by Aditi Shah; Editing by Biju Dwarakanath)