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Rediff.com  » Business » HLL chief Banga on Maruti board

HLL chief Banga on Maruti board

July 30, 2003 17:15 IST

India's largest car maker Maruti Udyog Ltd on Wednesday announced the appointment of Hindustan Lever Chairman Manvinder Singh Banga as the fourth independent director on its board.

The appointment of Banga followed the revamping of the board earlier this month which involved induction of three independent directors, soon after the divestment of 27.5 per cent government equity in the carmaker through a public issue.

Banga's appointment would be effective immediately, MUL informed the Bombay Stock Exchange.

The other three independent directors are Kumaramangalam Birla, chairman Aditya V Birla Group; Amal Ganguli, former chairman of PricewaterhouseCoopers India; and Pallavi Shroff, senior partner of Amarchand and Mangaldas.

Former managing director of MUL R C Bhargava is a part-time director on the board.

The government of India had diluted its stake in MUL, country's biggest carmaker, by 27.5 per cent to 17.5 per cent through an initial public offering.

MUL's parent, Japanese automaker Suzuki Motor Corp has the majority 54.2 per cent stake in the company.

The government plans to offload its remaining stake in MUL to the public through a second public issue, slated to hit the market next year.

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