Two to tango: Maruti’s board okays deal with Toyota, MD’s term extended

By: |
Updated: Mar 28, 2019 7:22 AM

Starting 2022, Brezza will be produced at an existing Toyota plant and variants of the model will be sold through sales network of the Maruti and Toyota, respectively.

Maruti, Board of Maruti Suzuki, Kenichi Ayukawa, Maruti toyota MDMaruti CEO Kenichi Ayukawa

The Board of Maruti Suzuki has approved plans to source hybrid technology from Toyota for developing future products under a business partnership signed by both the companies. Further the board also approved the reappointment of managing director and CEO Kenichi Ayukawa for a further period of three years with effect from April, 1, 2019.

With this extension, Ayukawa will become the longest serving MD and CEO of Maruti Suzuki after being appointed first in 2013.

Also read: Tata Group checks into GMR Airports, to become 20% shareholder after major stake buy with Singapore GIC

Besides, the board has also given its nod to source its compact SUV Brezza from Toyota, without making any investment. Starting 2022, Brezza will be produced at an existing Toyota plant and variants of the model will be sold through sales network of the Maruti and Toyota, respectively. Brezza will be the second model after Baleno, which Toyota will sell. Supply of a derivative model of Baleno to Toyota also received the Board’s go-ahead.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1ECLGS: Why Modi govt’s ambitious Rs 3 lakh cr credit scheme hasn’t grabbed MSMEs’ attention it warranted
2Instagram debuts Live Rooms in India to help creators score better engagement
38 suitors in fray to buy debt-ridden Reliance Capital