'FIs pick up shares, else Suzuki gets MUL'

new delhi: union heavy industries minister manohar joshi on tuesday said the government might decide to offload its stake in the state-owned automaker maruti udyog to suzuki motors, if the financial institutions refuse to subscribe to maruti''s forthcoming rights issue.


the government holds 48 per cent stake in maruti, while japan-based suzuki motors holds about 50 per cent, balance being held by the maruti employees. joshi was referring to the government decision to forego the rights issue and asked the domestic financial institutions to pick up its share of equities. "if the financial institutions are unwilling to pick up the shares, we will sell it to suzuki," said the minister. joshi''s comments came in the wake of the government being criticised for pushing the financial institutions to subscribe to the maruti rights. the government had earlier announced it would divest its stake in maruti by april 1, 2002.