Sumitomo the majority holder with 53.52% stake in Swaraz Mazda increased its stake by another 1.11% through rights issue. With the LCV market clocking robust growth in last 2 months, the move would help consolidate its financial position to meet its capacities needs. Swaraz Mazda that is a minor player in LCV (transport and passenger) domain with about 5% share is seeing tough competition from the CV makers TATA and M&M with new models entering the market.
Swaraz Mazda started with Punjab tractor, Mazada and Sumitomo consortium and going public in 1985. Later Both Mazda and Punjab tractor sold their 15% stake to Sumitomo.
Tuesday, April 13, 2010
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