Former Maruti Suzuki MD Jagdish Khattar Passes Away: 10 Things To Know
Considered as one of the most high profile leaders of the Indian automotive industry, Khattar was laying the foundation for Maruti’s future growth after the government began its disinvestment in 2002 and gradually exited from its joint venture with Suzuki Motor Corporation (SMC), PTI reported.
New Delhi: Maruti Suzuki India’s former managing director Jagdish Khattar breathed his last on Monday morning following a cardiac arrest at the age of 79.
Considered as one of the most high profile leaders of the Indian automotive industry, Khattar was laying the foundation for Maruti’s future growth after the government began its disinvestment in 2002 and gradually exited from its joint venture with Suzuki Motor Corporation (SMC), PTI reported.
The former bureaucrat joined the then Maruti Udyog Ltd in July 1993 as Director (Marketing) and went on to become Executive Director (Marketing) in the next six years. He was promoted as the Joint Managing Director in 1999, a year which witnessed various disagreements between SMC and the government.
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He was appointed the Managing Director of Maruti Udyog Ltd as per an agreement between the partners, who agreed to appoint their nominee for a three-year term.
Khattar had to tackle industrial relations issues when workers at the company's Gurgaon plant went on an indefinite strike in 2000 demanding wage hikes, incentives and pensions among others. This even as the government and the Japanese partner continued to squabble over various issues, including ownership and technology transfer.
In 2002, Khattar was renamed the nominee to top post when it was SMC’s turn to appoint the Managing Director.
The former bureaucrat’s second term as the Managing Director began in May 2002, which was supposed to last till the age of 65 years or end-2007, whichever was earlier.
Khattar retired in 2007 after having ensured the company commanded 50 percent of the passenger vehicles market in India despite increasing competition from the global players.
He founded a multi-brand car service chain, Carnation Auto, in 2008 with many reputed private equity investors, including Premji Invest and Gaja Capital, backing the venture.
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Khattar’s entrepreneurial venture, however, did not attain the success heights that he achieved when he was leading Maruti Suzuki. This as he was booked by the CBI in 2019 along with his company Carnation Auto India Limited for allegedly causing losses of Rs 110 crore to Punjab National Bank (PNB).
He had, however, then defended himself and said that an exhaustive independent forensic audit at the bankers’ behest did not find any wrongdoings in Carnation Auto India Limited’s functioning.
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