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5
September 2017
 |
MS(The Total Investment & Insurance
Solutions)
With the government focusing on promotion of
electric vehicles, Maruti Suzuki India will not hold back in the segment and
will come up with models based on customer preference, according to company
chairman R C Bhargava.
The auto major, which has around 50 per cent
of the market share in the Indian passenger vehicle segment, also expects its
sales to grow in double digits over the next 3-5 years. The Total Investment & Insurance
Solutions
"Government has announced programme to
rapidly promote the use of electric vehicles in India. It is a very laudable
policy as it will greatly enhance the usage and overtime lead to cleaner
environment," MSI Chairman R C Bhargava told shareholders in the company's
36th annual general meeting (AGM) here.
He
added that the company will come with electric vehicles after determining
customer preference.
The Total Investment & Insurance Solutions
"Your company will not hold back in the
segment. As soon as we can determine the customer preference we will come up
with such models. In the meantime, focus will be to increase fuel efficiency
(in current models) and bring in new technologies," Bhargava said. The Total Investment & Insurance
Solutions
Suzuki Motor Corp Chairman Osamu Suzuki, T
Suzuki along with top leadership of MSI -- Bhargava and Managing Director &
CEO Kenichi Ayukawa -- were present during the AGM. The Total Investment & Insurance
Solutions
Responding to shareholders' query on growth
prospects, Bhargava said: "For the next 3-5 years the auto industry in
India should grow in double digits and I am fairly confident that Maruti, with
the support of Suzuki, will certainly grow in the double digits." The Total Investment & Insurance
Solutions
He added that with such sales growth the
company would be able to achieve its target of selling 2 million units by 2020
and a further 2.5 million and 3 million cars in the future. The Total Investment & Insurance
Solutions
Bhargava said that the auto industry to a
largest extent reflects changes in the economy of the country. The Total Investment & Insurance
Solutions
"I, for one, am a firm believer that all
the structural changes in the past three years will create a basis for much
faster growth of the economy in the future," he added. The Total Investment & Insurance
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Bhargava said that growth in the economy
would lead to fresh spurt in demand for cars in the country. The Total Investment & Insurance
Solutions
"The demand right now is curtailed by
infrastructural shortages, and that remains. While highways are getting built,
the urban infrastructure building is lagging behind in most parts of the
country," he pointed out.
On a shareholder's suggestion that the
company should now look at defence production also, Bhargava said that "it
is something which need to be carefully thought about". The Total Investment & Insurance
Solutions
Replying to a demand raised by a shareholder
to issue bonus shares, Bhargava said that the purpose to a larger extent has
been met this year by more than doubling the dividend payout. The Total Investment & Insurance
Solutions
Bhargava also spoke in length about various
challenges the company faced and overcame over the past three decades. The Total Investment & Insurance
Solutions
Acknowledging the role played by Suzuki over
the years, MSI shareholders gave Osamu Suzuki a standing ovation during the
AGM.The Total Investment &
Insurance Solutions
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