Chennai: In line with its shareholding pattern Maruti Udyog Limited will be rebranded Maruti Suzuki India Limited. The board''s proposal to change the name of the company that has the highest sales in the country is subject shareholder approval at the company''s next annual general meeting and also that of the Registrar of Companies.
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. Further Suzuki Motor Corporation being the parent company is a major player in the mini car market in Japan. It has recently positioned itself as a complete car maker with the success of its globally strategic models like Swift, SX4 and Grand Vitara.
The company says the new name would help launch Maruti vehicles in overseas markets. The company will be launching a model for European exports in the next couple of years and is also developing capabilities to become Suzuki''s research and development hub for Asia outside Japan.
Meanwhile the company logged a total income of Rs4,154 crore during the first quarter of this fiscal and a net profit of Rs499.6 crore and sold 169,669 units out which the domestic market accounted for 1,60,064 units.