Mahindra and Mahindra to Acquire Full Ownership of France-Based Peugeot Motocycles
Mahindra Two Wheelers Europe will fully acquire Peugeot Motorcycles and introduce seven new products between 2019 and 2021. The cost of the deal is not known yet.
Representational Image. (Image source: Reuters)
Mahindra and Mahindra (M&M) said on October 25 that its subsidiary Mahindra Two Wheelers Europe will fully acquire France-based Peugeot Motorcycles (PMTC) for an undisclosed amount. Mahindra Two Wheelers Europe already has 51 per cent stake in PMTC. This reaffirms the commitment of the Mahindra Group to the future growth of Peugeot Motorcycles, M&M said in a regulatory filing. "We are seeing positive momentum at Peugeot Motorcycles. Kisbee becoming the largest selling 50cc vehicle in Europe, Peugeot Metropolis getting stronger in Europe and China, the positive market response to the new launch of the Urban GT connected Pulsion, are all cases in point," M&M President-FES and Two Wheelers Rajesh Jejurikar said. The homegrown auto major, however, did not disclose financial details.
The acquisition would help the company introduce seven new products between 2019 and 2021. Commenting on the deal, Peugeot Brand CEO Jean-Philippe Imparato said: "This decision by the shareholders will ensure that Peugeot Motorcycles benefits from the expertise of a significant global player in the two-wheelers industry." He further said: "We at Peugeot will maintain our commitment through our utilisation of the Peugeot brand and extend our support to design and technological innovations." The transaction will be completed after due process, M&M said. The Peugeot brand will continue to be used in the future under the Trade Licence Agreement between PMTC and Peugeot, it added.
In addition, the Peugeot design teams will continue to assist in the design and development of PMTC products in close cooperation with the PMTC management and the Mahindra Group, M&M said. The Mahindra Group has a diverse portfolio of businesses including the two-wheeler division and markets products under several brands including the Peugeot brand. In October 2014 M&M had announced that it would acquire 51 per cent stake in Peugeot Motorcycles (PMTC) for 28 million euro. The acquisition was completed in January 2015. PMTC is a part of France-based PSA Group.
Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.
Recommended For You
- Chaayos Insists They Only Use Your Facial Data To Let You Buy a Cup of Chai Quickly
- Maurizio Sarri Confirms Cristiano Ronaldo Will Miss Juventus' Trip to Atalanta
- PUBG Mobile 0.16.0 Beta Update: Death Race Mode, TPP to FPP Switch, and More
- India's Young Shooters Shine With Gold and Silver Medal Shows on ISSF World Cup Finals Day 2
- Microsoft Delays Surface Earbuds to Next Year, as Things Aren’t Quite Right