Maruti Udyog rebrands itself Maruti Suzuki India
18 September 2007
Mumbai: Maruti Udyog Ltd, the country''s largest carmaker, has rebranded itself Maruti Suzuki India Ltd with the registrar of companies having approved the name on 17 September.
The Maruti board had approved ''Maruti Suzuki India Ltd'' as the new name in July this year while the company''s shareholders approved the new name at the annual general meeting held on September 6 this year, Maruti said in a filing with the Bombay Stock Exchange (BSE). (See: Maruti Udyog to be known as Maruti Suzuki India)
The rebranding is in keeping with the new shareholding structure of the company ever since the government of India divested its remaining 10.7-per cent stake in favour of banks, insurance companies and mutual funds for Rs2,368 crore ($573 million), leaving the Suzuki as the dominant shareholder with a 54-per cent stake.
Since the name Maruti has a strong branding in the passenger car segment, Suzuki has decided to retain it in the new name that it proposes, and just substitute Udyog with Suzuki and add India. According to the company, the word Suzuki in the name imparts an international dimension.
This Suzuki suffix will help Maruti expand its role in the global markets even as the company is developing capabilities to assume the role of being Suzuki''s research and development hub for Asia outside Japan.
Building on its recent success in Asian and African markets, Maruti is planning to launch a model for export to Europe in the next couple of years.
leader in Japan''s minicar market for over three decades, it recently positioned
itself as a complete carmaker with the success of its globally strategic models
like Swift, SX4 and Grand Vitara.