After almost three months of making the announcement to acquire 51 per cent stake in Peugeot Motorcycles, Mahindra Two Wheelers has finally completed the transaction.
Under the terms of the agreement, Mahindra Two Wheelers has infused EUR 15 million into Peugeot Motorcycles to finance projects implemented through the strategic partnership and has also bought shares held by PSA which would allow the Pune-based manufacturer to take a 51 per cent stake in PMTC.
"This partnership would enable both MTWL and PMTC to speed up their international expansion by driving synergies and leveraging respective strengths. It is our intention to work closely to enable a win-win for both partners. The acquisition, which resulted in the satisfaction of all regulatory, legal and financial conditions of the agreement, was completed smoothly by both parties within a very short span of time," said Pawan Goenka, executive director, Mahindra.
Few weeks ago, we reported about the Peugeot scooters that were spied inside Mahindra’s facility, which led us to elieve that both the companies have started working on the Indian market.
Stay tuned to BikeWale as we get you more details on the Mahindra Peugeot alliance.
