Indian manufacturer of two-wheelers, Mahindra has been in the news for a while as they had plans to acquire a French automaker. Now Mahindra Two-Wheelers confirms that they have acquired a 51 percent stake of the French manufacturer.
There were no hassles between the two manufactures and everything has gone forward smoothly. The acquisition has been completed with satisfaction from regulatory, legal and financial ends. They have also completed the Works Council consultation process and Anti-Trust law with employees.
Dr. Pawan Goenka, Executive Director, Mahindra and Mahindra Ltd. expressed, "At Mahindra, we are committed to the long term growth of Peugeot Motocycles and are confident that this relationship would be one of mutual respect, trust and learning."
He further added, "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".
Mahindra Two-Wheelers will pump in 15 million Euro to finance current projects of Peugeot Motorcycles. This is part of their strategic partnership agreement. They have also formed a new board of members with Peugeot Motorcycle. Three individuals from Mahindra Two-Wheelers and two from Peugeot Motorcycle have been appointed.
Peugeot Motorcycles has been a vital manufacturer of scooters in Europe for the last 116 years. It is by far one of the oldest two-wheeler manufacturers of motorised transport around the globe. They offer a range of scooter and mopeds, which range from 50cc to 400cc. Peugeot's most successful scooter is the Metropolis, a three-wheeler scooter in the European market.