April 27, 2018 / 10:12 AM / 4 months ago

BRIEF-Maruti Suzuki India Chairman Says Rising Fuel Costs Will Have Adverse Effect On Automobile Demand

April 27 (Reuters) - Maruti Suzuki India Ltd Chairman R C Bhargava:

* SAYS BOARD APPROVED IN PRINCIPLE SETTING UP OF EMPLOYEE WELFARE FUND THIS YEAR

* SAYS SETTING UP FUND FOR RESEARCH, FUND TO RECEIVE ONE PERCENT OF NET PROFIT OF PREVIOUS YEAR

* SAYS EMPLOYEE WELFARE FUND TO RECEIVE ONE PERCENT OF NET PROFIT OF PREVIOUS YEAR

* SAYS BY 2021, ALL MARUTI CARS TO FOLLOW “NEW ROYALTY FORMULA”

* SAYS RISING FUEL COSTS WILL HAVE AN ADVERSE EFFECT ON AUTOMOBILE DEMAND

* SAYS STILL CONFIDENT OF 10 PERCENT ANNUAL GROWTH IN COMPANY’S VEHICLE SALES

* SAYS IMPLEMENTING OF EURO VI GUIDELINES IN INDIA WILL FURTHER BRING DOWN SALES OF DIESEL VEHICLES

* SAYS WILLING TO WORK OUT A PARTNERSHIP WITH OIL COMPANIES TO PUSH INCREASED ADOPTION OF CNG-BASED AUTOMOBILES Further company coverage:

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