Live
- GAIL clocks net profit of Rs 2,672 crore in Q2
- Sr Men's National Hockey: Delhi, Karnataka, Bengal, A.P. win group matches on Day 2
- ‘Nation is proud of you’: West Bengal Guv to GRSE on laying keels of two NGOPVS
- Kirttane, Kapadia bag golden double as India wins 14 medals in Asia Pickleball Games
- Gurugram: 11 projects of GMDA worth Rs 249.77 crores approved
- Akali Dal stages statewide protests over ‘tardy’ paddy procurement in Punjab
- Firing on Nandan Kanan Express in Odisha, probe launched
- Indian Army Seizes Massive Cache Of Arms And Ammunition In Manipur Amid Ongoing Violence
- Polling Stations Open Across Eastern And Central US As Voters Head To The Ballots In Historic Election
- Hyatt set to expand brand presence in Nepal with hyatt regency lumbini
M&M set to buy stake in Peugeot Motocycles
Mahindra Two Wheelers Ltd (MTWL), a subsidiary of Mahindra & Mahindra group, has made an offer to buy 51 per cent stake in Peugeot Motocycles (PMTC) owned by France’s PSA Group.
Hyderabad: Mahindra Two Wheelers Ltd (MTWL), a subsidiary of Mahindra & Mahindra group, has made an offer to buy 51 per cent stake in Peugeot Motocycles (PMTC) owned by France’s PSA Group.
Under the binding offer made by the two wheeler arm of M&M, it would infuse 15 million euro into Peugeot Motocycles (PMTC) to finance projects implemented through strategic partnership. The proposed deal also involves further sale of shares by PSA, which would allow MTWL to take 51 per cent stake in PMTC.
The transaction between MTWL and PSA is subject to Works Council consultation as part of the employee dialogue process and anti-trust law, the M&M said in a statement.
"The coming together of Mahindra and Peugeot is a win-win for the two-wheeler businesses of both companies.
Mahindra would offer access to the Indian market, mass market product technology and competence in marketing while Peugeot brings premium range, a strong European footprint, and a globally recognised brand," said Pawan Goenka, Executive Director, M&M. This partnership would enable both MTWL and PMTC to speed up their international expansion by driving synergies and leveraging respective strengths of both parties, he added.
PMTC, also known as Peugeot Scooters, is a key player in urban mobility in Europe for 116 years, and is the oldest motorised two-wheeler manufacturer in the world. It offers one of the most comprehensive range of scooters and mopeds, from 50cc to 400cc, including the successful three-wheeled scooter - Metropolis - in the European market.
