Mahindra Two Wheelers Ltd. (MTWL) has completed the necessary formalities for the acquisition of 51 per cent stake in Peugeot Motocycles (PMTC), France.
MTWL has infused Euro 15 million into PMTC to finance projects implemented through the partnership and has also bought shares held by PSA allowing it to take the 51 per cent stake, a press release said.
PMTC (a.k.a. Peugeot Scooters), a player in urban mobility in Europe for 116 years, is the oldest motorized two-wheeler manufacturer in the world. Its range covers scooters and mopeds from 50-400 cc, including the Metropolis - the three wheeled scooter in the European market. This project was announced on October 7, 2014.
Pawan Goenka, Executive Director, Mahindra & Mahindra Ltd. said, “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 new board of PMTC has been constituted and would include Pawan Goenka, V S Parthasarathy (Director MTWL, Chief Financial Officer, Group CIO, M&M Ltd) and Rajesh Jejurikar (Director MTWL, CEO-Farm Equipment & Two Wheeler Division, M&M) from the Mahindra Group.
Maxime Picat - CEO, Peugeot Brand and Emmanuel Delay – Executive Vice President, Operational Director, India-Pacific from the French company.