In 2006, Suzuki and Maruti created another joint venture, Maruti Suzuki Automobiles India, to build two new production sites, one for vehicles and one for engines.  Cleaner vehicles were also introduced, with several new models meeting the new Bharat Stage III emission standards.  In February 2012, Maruti Suzuki sold its ten millionth vehicle in India.  In July 2014, it had a market share of more than 45%.  In May 2015, the company produced its fifteen millionth vehicle in India, a Swift Dzire.  MARUTI SUZUKI INDIA LTD. ALWIN SAKRI MBA III SEM `A` SECTION 1PI11MBA14 Introduction PESIT-BANGALORE 1981- MARUTI UDYOG LTD was added to INDIAN COMPANIES ACT, 1956. 1982 – Licensing and joint venture agreement signed between Maruti … Citicorp Maruti Finance Limited is a joint venture between Citicorp Finance India and Maruti Udyog Limited, whose main business is “Maruti Suzuki vehicle leasing financing,” according to the company. Citi Finance India Limited is a wholly owned subsidiary of Citibank Overseas Investment Corporation, Delaware, which in turn is a wholly owned subsidiary of Citibank N.A. Citi Finance India Limited holds 74% of the shares and Maruti Suzuki holds the remaining 26%.  GE Capital, HDFC and Maruti Suzuki met Maruti Countrywide in 1995.
Maruti says its financing program offers its clients the most competitive interest rates, 0.25% to 0.5% lower than market rates.  To stimulate growth, Maruti Suzuki launched financing in January 2002. Prior to the launch of this service, Maruti Suzuki had created two joint ventures Citicorp Maruti and Maruti Countrywide, respectively, with Citi Group and GE Countrywide, to help its clients secure loans.  Maruti Suzuki reconnected with ABN Amro Bank, HDFC Bank, ICICI Limited, Kotak Mahindra, Standard Chartered Bank and Sundaram to create the company, including its strategic automotive financing partners. Since March 2003, the company has renewed a strategic partnership with SBI Since March 2003, Maruti has sold more than 12,000 vehicles via SBI-Maruti Finance. SBI-Maruti Finance is currently available in 166 cities across India.  In 1989, the Maruti 1000 was introduced and the 970 cc, three boxes was India`s first contemporary sedan. Until 1991, 65% of the components were indigenized for all vehicles produced. After the liberalization of the Indian economy in 1991, Suzuki increased its share of Maruti to 50 per cent, making the company a 50-50 joint venture with the Indian government as another shareholder. In 1982, a joint licensing and enterprise agreement (JVA) was signed between Maruti Udyog Ltd. and Suzuki of Japan. First of all, Maruti Suzuki was mostly an importer of cars.
In the first two years, Maruti was granted the right to import 40,000 fully cultivated Suzukis into the Indian market, and even after that, the initial goal was to use only 33% of indigenous parts. This has greatly irritated local manufacturers. There were also concerns that the Indian market was too small to absorb the relatively large production envisaged by Maruti Suzuki, with the government even considering adjusting the gas tax and reducing excise duty to boost sales.  Local production began in December 1983.  In 1984, the Van Maruti was released with the same three-cylinder engine as the 800 and the installed capacity of the Gurgaon plant reached 40,000 units. :: The secret to the success of the Indian partnership Why do Japanese companies go for joint ventures in India? IMM Jeong-Seong Senior Economic Analyst at POSCO Research Institute W Development.