Maruti board to discuss amalgamation of 7 subsidiaries1 min read . Updated: 24 Apr 2013, 11:39 PM IST
Maruti board will consider the proposal in its board meeting scheduled to be held on 26 April
New Delhi: Country’s largest car maker Maruti Suzuki India Ltd (MSIL) on Wednesday said it would consider amalgamation of the company’s seven wholly owned subsidiaries with itself at the upcoming board meeting.
In a filing to the BSE, the company said the board, in its meeting scheduled to be held on 26 April, 2013, shall consider the proposal of amalgamation.
The seven wholly owned subsidiaries, which are engaged in different businesses are Maruti Insurance Business Agency, Maruti Insurance Agency Services, Maruti Insurance Distribution Services, Maruti Insurance Agency Logistics, Maruti Insurance Agency Solutions, Maruti Insurance Agency Network and Maruti Insurance Broker.
The development comes at a time when MSIL has witnessed a change at the top management with Kenichi Ayukawa taking over as the managing director and chief executive officer in place of Shinzo Nakanishi, who retired from the post on 1 April 2013 on attaining retirement age.