The shareholders approved the move with 89.75 percent through a postal ballot that took place from November 16 to December 15.

A total of 6,58,33,152 votes were cast during the month long voting. While 5,90,84,468 votes were polled in favour of the resolution, 67,48,684 votes were against the resolution.

Initially, the Gujarat plant was proposed to be owned by Maruti Suzuki but the plan was changed later with its Japanese parent Suzuki Motor Corporation announcing in January last year that it would invest USD 488 million to build the plant.

Last year, under pressure from institutional investors, Maruti Suzuki had decided to seek minority shareholders' approval after tweaking some of the earlier proposals for the controversial Gujarat plant, which it had initially planned to set up on its own.

Maruti Suzuki hit back by asserting that it will have full control over upcoming plant in Gujarat despite letting parent Suzuki own and invest there.

The Gujarat plant is envisaged to have an installed capacity of 7.5 lakh units annually. MSI's two units at Gurgaon and Manesar have a total production capacity of 1.5 million units annually.

Latest News  from Business News Desk