International proxy firm Glass Lewis supports Suzuki’s Gujarat plan

International proxy firm Glass Lewis supports Suzuki’s Gujarat plan; neutral for Maruti

International advisory firm Glass Lewis has recommended minority shareholders to vote in favour of the proposed contract manufacturing agreement between Maruti Suzuki and its parent Suzuki Motor.

Under the agreement the Gujarat plant will be setup as a100% subsidiary of the Suzuki Motor Japan and will supply to Maruti with no manufacturing mark-up.

Among domestic proxy firms SES has advised in favour of the agreement while firms Institutional Investor Advisory Services (IiAS) and InGovern have opposed the deal. The voting on the agreement ends on 15th December and results will be declared on the 17th of December.