Financial Daily from THE HINDU group of publications
Saturday, Aug 27, 2005
Financial Daily from THE HINDU group of publications Saturday, Aug 27, 2005 |
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Corporate
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Mergers & Acquisitions With Sumitomo hiking stake to 41% — Swaraj Mazda likely to add more vehicles Neha Kaushik
New Delhi , Aug. 26 WITH Sumitomo Corporation having consolidated its equity in light commercial vehicles manufacturer Swaraj Mazda to 41.03 per cent, the Indian company's product portfolio is likely to see a few additions in the coming months. According to sources, the company's first launch in the medium and heavy commercial vehicles segment will be branded as `Swaraj Isuzu'. Further, despite the change in shareholding, the name of the company would, for the time being, remain as Swaraj Mazda. It is learnt that Mazda has in a letter sought to allay any uncertainty and has assured that there will be no operational difficulties arising from their end. Sumitomo Corporation, a promoter in Swaraj Mazda, had recently bought Mazda Motor Corporation's 15.62 per cent stake through an inter se transfer. Mazda also had a technical tie-up with Swaraj Mazda earlier, which expired a few years ago with the company having withdrawn from the manufacture of commercial vehicles globally. Swaraj Mazda would now be getting technology from Isuzu, which, industry observers say, is being brought in by Sumitomo Corporation. The company has already commenced testing of a new product — a 16-tonne single-axle vehicle — which could also be its first product using technology from Isuzu.
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