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    Maruti's RC Bhargava hints organisational changes at AGM

    Maruti's RC Bhargava hints organisational changes at AGM

    Maruti's RC Bhargava hints organisational changes at AGM
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    By CNBCTV18.com  IST (Updated)

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    On electric vehicles, RC Bhargava said when Maruti enters the country's EV segment in 2024-25, it will be in the upper-end of the market rather than the lower-end.

    Maruti Suzuki India Chairman RC Bhargava hinted at organisational changes during his address at the automaker's Annual General Meeting (AGM) on Wednesday.
    The changes are hinted at the backdrop of Maruti's increased contribution to parent Suzuki Motor Corporation's overall global business. 
    In the first physical AGM after two years, Bhargava said that Maruti Suzuki India's contribution to Suzuki's global production would go beyond 60 percent, which was achieved last year.
    "It's clear that Maruti has become a very, very important part of Suzuki Japan," he said, referring to the statement by Suzuki Motor Corporation President Toshihiro Suzuki that in FY22, Suzuki group produced about 28 lakh automobiles all over the world, out of which more than 16 lakh units (60 percent) were produced in India.
    Bhargava put forward the company's ambitious plan to achieve 3 million units in a few years from 2 million units this fiscal year. He was confident of regaining market share in the SUV segment with new launches.
    He also said the board had agreed to increase shareholders dividend to Rs 60 per share from Rs 45 per share last year.
    Taking the suggestion from PM Narendra Modi at the company's 40th anniversary celebration on Sunday, Bhargava had said the company would chart out its strategy for entering the compressed biomethane gas fuel.
    "We are immediately looking into this area because it has enormous potential for the country as an energy source. It is not only renewable but extremely clean," he said.
    Moreover, the company last week signed a memorandum of understanding (MoU) with the National Dairy Development Board for setting up two biogas plants in Gujarat.
    On electric vehicles, Bhargava said when Maruti enters the country's EV segment in 2024-25, it will be in the upper-end of the market rather than the lower-end.
    "What is the most efficient way of preparing for the future in all areas of production or sales and marketing or R&D? I think we can all now apply ourselves and think of the future and see what must ensure your company grows most efficiently in the coming years," Bhargava said.
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