Maruti Suzuki enhances repair service via JJ Impex acquisition
NEW DELHI, NNA - India’s largest passenger car maker, Maruti Suzuki India Ltd. (MSIL), will make New Delhi-based JJ Impex (Delhi) Pvt. Ltd. a fully owned subsidiary to enhance its automobile service and repair business.
The local unit of Japan’s Suzuki Motor Corp. will buy a 39.13 percent equity stake in JJ Impex from major Japanese trading house Sumitomo Corp., and another 10 percent from Sumitomo Corp. India Pvt. Ltd. for 217.3 million rupees ($2.9 million) in cash, it says.
“After the acquisition, the company shall become the wholly-owned subsidiary of MSIL,” it said in a filing to the Bombay Stock Exchange last Wednesday, adding that the move will help the carmaker further strengthen its “customer-centric approach by providing quality service” in the country.
The transaction will be completed in six months, the carmaker said.