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Maruti okays 30 pc dividend

Government of India and Suzuki Motor Corporation, the two equal shareholders in Maruti Udyog Limited, have ratified Jagdish Khattar's appointment as managing director and CEO of the Rs 81.80 billion car company.

They also approved a 30 per cent dividend for 1998-99 amounting to Rs 396.9 million at its annual general meeting held in New Delhi today.

The meeting was chaired by Khattar in the absence of Y Saito, chairman, MUL.

The AGM also adopted the annual accounts for the fiscal ending March 31, 1999. The company had recorded a net profit of Rs 5.22 billion on an income of Rs 81.80 billion during the year. Profit before tax stood at Rs 7.84 billion while contribution of the central exchequer stood at Rs 26.30 billion.

The meeting was also attended by directors J Sugimori, Pradeep Kumar, B S Negi, R D Joshi, A R Halasyam and K Kumar.

Meanwhile, Maruti has finalised the launch schedule for its three new models -- the Baleno, Wagon-R and Alto. The first model would roll out in November this year.

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