Mercedes-Benz India Renamed

Automobile major Mercedes-Benz India Ltd (MBIL), the 100 per cent subsidiary of DaimlerChrysler AG, has been renamed DaimlerChrysler India Pvt Ltd.

The name change has been done in keeping with the corporate philosophy of DaimlerChrysler AG worldwide since the company is now wholly owned.

However, a company release emphasised the commitment towards the Mercedes brand and said that the introduction of new products with the latest technology from the Mercedes-Benz stable will continue despite the change in corporate identity.

The company would also offer its customers a wide choice of Mercedes products with the latest technology and would be a contributor to the expansion of the luxury car segment in the Indian market.

The company in addition to its own manufactured product range DaimlerChrysler India has also planned to make imported cars available to Mercedes customers.

It also said that DaimlerChrysler India Private Limited has a long-term commitment to the Indian market and that its parent company supports its future plans in India fully.

MBIL was set up in 1995 as a joint venture between DaimlerChrysler AG (DCAG) and Tata Engineering and Locomotive Company (TELCO) for production and sales of Mercedes-Benz passenger cars mainly for the Indian market.

Recently the Tata groups involvement in MBIL came to an end with the German carmaker buying out Telco's remaining 14 per cent stake in the company for Rs 84 crore. At the time of incorporation the Tata's held a 49 per cent stake which was subsequently brought down to 24 per cent and then to 14 per cent.

The partners mutually agreed to convert MBIL into 100 per cent equity of DCAG, with DCAG and Telco pursuing their own project plans and concentrating on their core competencies.

MBIL has a world-class manufacturing facility at Pune in Maharashtra and is currently engaged in the manufacture and sale of Mercedes-Benz passenger car S Class, E Class and C Class. It has a nationwide dealer network comprising 11 dealerships and 13 service centres.