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Home -> Finance -> Full Story
Suzuki proposes top-level changes at Maruti
Friday, May 23 2003 14:02 Hrs (IST)

New Delhi: Japanese auto giant Suzuki proposes to effect top level changes in Maruti management, a year after it took control over India's largest car maker inducting some fresh faces while re-assigning work to others.

Suzuki, which holds 54 per cent stake in Maruti, has informed Maruti Udyog Limited (MUL) in a recent letter that it proposes to induct J Sugimori as joint managing director. Sugimori will assume charge of finance, human resources, information technology and corporate services.

The appointments are, however, subject to approval by board of directors and shareholders, it added.

In its draft prospectus posted on the Securities and Exchange Board of India (SEBI) website pursuant to its upcoming public offer of shares, Maruti has said Suzuki would also seek resignation of Y Nakamura, currently joint managing director (JMD) of MUL.

Nakamura will return home to Suzuki to take up a fresh assignment, it said.

Amongst the other changes proposed are the appointment of S Takeuchi as JMD in-charge of production engineering, supply chain and engineering. Takeuchi will replace Nakamura.

The Japanese car maker had acquired majority stake in the company last year following a Rs 400 crore rights issue, which sold for a premium of Rs 1,000 crore.

Government, which currently holds 44 per cent stake, proposes to shed as much as 25 per cent equity through a public offering of shares slated to hit the market in June.

PTI







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