Jagdish Khattar, former Managing Director of Maruti Suzuki passed away on Monday morning due to a cardiac arrest.
Khattar was the managing director of Maruti Udyog Limited from 1993 until his retirement in 2007. He joined Maruti in 1993 as director of marketing, later became an MD in 1999 first as a government nominee and then in May 2002 as the Suzuki Motor Corporation nominee.
Maruti Suzuki Chairman RC Bhargava mourned the loss of Jagdish Khattar, CNBC-TV18 reported
“This is a deep personal loss and has come as a big shock. We had worked together for many years. He is someone who had done a lot of good for Maruti,” Bhargava said.
He had 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 joint managing director in 1999, a year that saw various disagreements between SMC and the government.
Khattar was appointed to the post of MD of Maruti Udyog Ltd, as per an agreement between the partners, who agreed to appoint their nominee for a three-year term. Even as the government and the Japanese partner continued to squabble over various issues, including ownership and technology transfer, Khattar had also to deal with 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.
In 2002, when it was SMC's turn to appoint MD, they renamed Khattar as their nominee. His second term as MD began in May 2002, which was supposed to last till the age of 65 years or end-2007, whichever was earlier. In 2007, he retired from the top post in the country's largest carmaker, having ensured that the company commanded 50 percent of the passenger vehicles market in India despite growing competition from global players.
A year after retirement, he founded a multi-brand car service chain, Carnation Auto with many reputed private equity investors including Premji Invest and Gaja Capital backing the venture. However, his entrepreneurial venture did not reach the heights of success that he achieved when he was helming Maruti Suzuki.
In 2019, he was booked by the CBI along with his company Carnation Auto India Limited for allegedly causing losses of Rs 110 crore to Punjab National Bank (PNB). Khattar had, however, defended himself stating that an exhaustive independent forensic audit at the behest of the bankers did not find any wrongdoings in the functioning of Carnation Auto.