Hyundai India president Subbu resigns

He has been associated with the company for long and has been instrumental in making Hyundai India's second-largest carmaker.

BVR Subbu, the President of car major Hyundai Motors India Ltd, has resigned from the company.

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Subbu, whose contract was set to expire on March 31, put in his papers, calling it quits just when the company had embarked on a major expansion drive in India involving investment of as much as 600 million dollars to scale up production capacity to 6,00,000 units by 2007 from the current levels of 2,80,000 units.

"I step down from the post of President, Hyundai Motor India, at the end of my term of office effective from March 31, 2006. I leave Hyundai Motor India with a sense of satisfaction at having helped to create and nurture a truly world-class organisation of exceptional promise," Subbu said in a statement.

Hyundai India Managing Director HS Lheem termed Subbu's exit as "an irreparable loss" and said the company would always look up to his "professional guidance and support" for the future.