New Delhi: Japanese auto major Suzuki Motor Corporation (SMC) has increased its stake in Indian subsidiary Maruti Suzuki to 56.37% by purchasing shares from the market.
Prior to the transaction, Suzuki held 56.28% in Maruti Suzuki.
Suzuki purchased 284,322 equity shares valued at Rs 204.31 crore Maruti Suzuki said in a notification to the Bombay Stock Exchange (BSE).
Earlier in March this year, Suzuki had purchased another tranche of 211,000 equity shares of Maruti Suzuki valued at Rs 134.26 crore to raise its stake in the company from 56.21%.
Suzuki’s move to purchase shares in Maruti Suzuki has come close on the heels of SMC President Toshihiro Suzuki saying the automotive industry in India is ‘recovering faster than expected’ on account of pent up demand and the need for personal mobility over public transportation post lifting lockdown in May.
“The economic prospect of India in the mid-term appears to be promising. The Government of India has taken an ambitious target to make India $5 trillion coming in next few years. This definitively means growth in the manufacturing sector and the automotive sector”, Suzuki said Saturday at the 60th Annual Convention of the Automotive Component Manufacturers Association (ACMA).
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