Volkaswagen India arms merge into Skoda Auto Volkswagen India - All you need to know
The entity will be led by Gurpratap Boparai, who will assume the role of its Managing Director, the statement said.
In a major development in auto sector, the Skoda Auto-led Volkswagen Group India hasannounced the merger of its passenger car subsidiaries -- Volkswagen India Private Ltd, Volkswagen Group Sales India Private Ltd and Skoda Auto India Private Ltd -- into a new entity Skoda Auto Volkswagen India Private Ltd (SAVWIPL).
"The Skoda Auto-led Volkswagen Group India, having secured the prerequisite regulatory and statutory approvals, announced the transformative merger of its three passenger car subsidiaries," the company said in a statement.
The entity will be led by Gurpratap Boparai, who will assume the role of its Managing Director, the statement said, adding that the company will be headquartered in Pune. It will operate production facilities in Pune and Aurangabad, and have regional offices in Mumbai, and New Delhi among other locations across the country.
"The integration will make more efficient use of the existing synergies in this important growth market," the statement said.
Commenting on the merger, Boparai, who would take over as the Managing Director of the merged entity, said: "With this merger, we plan to combine the technology and management expertise of our team in India and realise our true potential in a challenging, competitive environment. We want to further strengthen our presence in India, ensure the professional development of our employees and safeguard sustainable profitability for our dealers."
The statement further said that with the emergence of the merged entity, the brands Skoda Auto, Volkswagen, Audi, Porsche and Lamborghini are envisioned to serve across market segments and budgets. These brands shall retain their distinctive identities, dealer network as well as implement their own customer experience initiatives, it added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.