In 1999 Maruti signed a memorandum of understanding with the Directorate General of Foreign Trade under the revised Indian automobile policy to import completely knocked down and semi-knocked down kits of two Suzuki models -- Baleno and Wagon-R.

The Baleno, initially priced at Rs 725,000, was powered by a 1600cc engine, which was imported from the Suzuki Motor Corporation.

In order to stave off competition from other carmakers like Hyundai, Tata and Daewoo, Maruti continued to add new products to its stable and launched the Wagon-R and Alto in 2000, priced initially below Rs 400,000.

In July Maruti issued a seven-year bond at 11.2 per cent. ICRA Limited assigned an LAAA rating, which signifies highest safety of investment, to the issue.

With foreign cars closing in, both in terms of domestic sales and exports, Maruti tried various strategies from slashing prices to grabbing export orders to maintain its leadership position.

It tailed Hyundai Motor India Limited into Bangladesh, having bagged a $850,000 order to supply 150 units of its Esteem model to ply as taxis in the neighbouring country. Each Esteem cab was priced at $5,600.

Today, MUL's product range comprises the Maruti 800 mini-car, Alto and Zen small cars, Omni mini-van, Gypsy jeep, Wagon-R 'multi-activity vehicle', Esteem and Baleno saloons, Versa 'multi-utility vehicle', and the Grand Vitara Xl-7 sports utility vehicle.