The joint venture will have an authorised paid up share capital of Rs 100 crore shared by 74 per cent and 26 per cent between Citicorp and Maruti Udyog respectively. The initial paid up equity share capital is Rs 60 crore of which Rs 40 crore has already been remitted into the country this week, a press release here said.

The joint venutre will finance purchases of new and second hand cars. Currently located in 23 cities, the network will expand rapidly to provide services to customers through India.

According to the release, the joint ventures offers several flexible and customised financing options at affordable rates to individuals buying a Maruti car. Citicorp Finance will also service the needs of the second hand car market throughout the country. The facility will be made accessible to through Citibank andMaruti's distribution network throughout the country.

Citibank will manage the joint venture and provide key expertise. To further reinforce the alliance between Citibank and Maruti the two partners are actively working on the introduction of a co-brand credit for Maruti which will provide special values and features to customers. At present, they are in the process of collating customer feedback to finalise the benefits and features.

R S S L N Bhaskarudu, managing director of Maruti said: "The new company reinforces our commitment to current and potential Maruti customers through financing of new and second hand cars. Citicorp Maruti Finance marks the coming together of two leaders to provide unmatched value at superior levels of service."

Askoke Dutt, Global Consumer Bank Head, Citibank N.A. India, said: "We are dedicated to fulfilling the aspirations of people through the development of products and services that meet their financial needs across diferrent stages of their lives."