April 14, 2017 / 6:50 AM / 2 years ago

Suzuki, Toshiba, Denso to start India lithium-ion battery venture

Suzuki Motor's logo on a wheel of its Wagon R Stingray is pictured at its launch event in Tokyo, Japan, February 1, 2017. Picture taken on February 1, 2017. REUTERS/Kim Kyung-Hoon/Files

TOKYO (Reuters) - Suzuki Motor Corp, Toshiba Corp and Denso Corp on Friday said they would form a joint venture to produce lithium-ion batteries for automobiles in India, where auto emission regulations are tightening to deal with pollution problems.

The three companies said in a joint statement that they would spend a total of 20 billion yen ($183.74 million) to set up the company, which would be formed this year.

“The battery pack manufacturing joint venture by the three companies will realize stable supply of lithium-ion battery packs in India in the course of promoting sustainable cars in the country and will contribute to ‘Make in India’ initiative by the Indian government,” they said.

($1 = 108.8500 yen)

Reporting by Naomi Tajitsu; Editing by Vyas Mohan

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