Background: Maruti is a subsidiary of Suzuki Motor. Maruti pays ~6.1% on sales as royalty to parent. Maruti is India's largest passenger car company, which primarily sells compact hatchbacks (75% of volumes), Utility vehicles and sedans. Its key models are Alto, Wagon R, Swift and Dzire, Baleno and Brezza. With its early-mover advantage in the Indian market, Maruti is a dominant player in the domestic passenger car market with a ~ 45% market share. Maruti has over 1200...