MUL Q1 net up 35 pc, gets new name
The MUL board of directors met to approve financial results of the first quarter, decided to re-christen the company Maruti Suzuki India Limited, reports Deepak Joshi.business Updated: Jul 27, 2007 02:11 IST
Maruti Udyog is dead. Long live Maruti.
The company that inspired a generation of car enthusiasts is entering a new name game.
The MUL board of directors, who met here on Thursday to approve financial results of the first quarter, decided to re-christen the company Maruti Suzuki India Limited.
This is subject to approval by shareholders. The new name will come into effect only after it is approved at the Annual General Meeting, and thereafter by the Registrar of Companies.
Explaining the rationale for new name, the company said “Maruti” continues to have a predominant position. “Maruti” is one of the strongest corporate brand names in the country, in terms of awareness, recall, trust and customer care.
“Suzuki” in the corporate name imparts an international dimension. Besides being the parent company, Suzuki Motor Corporation is a leading player in the global automobile market. The leader in Japan’s mini-car market for over three decades, it has recently positioned itself as a complete carmaker with the success of its globally strategic models like Swift, SX4 and the Grand Vitara.
This international dimension in the company’s name would help Maruti as it expands its role in global markets, it was felt.
The company is set to launch a model for export to Europe in the next couple of years, while building on its recent success in Afro-Asian markets. Maruti is also developing capabilities to become Suzuki’s research and development hub for Asia, outside Japan.
“India” in the corporate name, while conveying the location of the company and its facilities, also recognises the growing importance of the country, across the world, the company said in a statement.