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Mitsubishi Corporation of Japan has withdrawn the governmental approval enabling it to acquire up to 10 per cent equity in its venture with Hindustan Motors for manufacturing the Lancer.
Mitsubishi Corp, however, will continue to be the technical partner for the C K Birla group for the Lancer venture.
The Japanese major's decision comes at a time when there was speculation about its plans to raise its equity in the venture.
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The proposal regarding Mitsubshi's plans to withdraw the permission for the 10 per cent stake acquision was approved by the Foreign Investment Promotion Board at its meeting yesterday.
Mitsubishi Lancer, a mid-sized car in the upper segment, has been doing comparitively well in the Indian market eversince its lanuch last year, with its sales steadily climbing up in the recent months. Its sales volumes have been in the range of 629 to 671 in the last three months.