Maruti Suzuki India Limited's Board of Directors has approved setting up a wholly owned subsidiary, the Osamu Suzuki Centre of Excellence (OSCOE) Foundation, subject to name approval.The company informed the stock exchanges of the decision on Tuesday. The foundation has not yet been incorporated.
According to the filing, OSCOE Foundation will promote and build vocational and technical skills to advance manufacturing practices across India. Its work will include Japanese manufacturing philosophies, practices and culture, along with the teachings of Osamu Suzuki.
The company said the foundation will operate as part of its Corporate Social Responsibility activities. It said the aim is to contribute to the growth and competitiveness of India's manufacturing sector.
Maruti Suzuki India Limited will hold 100% of the foundation's shares. The company will subscribe to the entire initial paid-up share capital in cash, with no share swap involved.
The initial capital is ₹100,000, divided into 10,000 equity shares of ₹10 each.