Mumbai, Oct 7:
Automobile major Mahindra & Mahindra’s two-wheeler subsidiary Tuesday said that it has made a binding offer to acquire a majority stake in PSA Peugeot Citroen’s scooter business.
“Mahindra would offer access to the India market, mass market product technology and competence in marketing while Peugeot brings premium range, a strong European footprint, and a globally recognized brand.”
According to a company, the transaction between the company’s is subject to works council consultation, as part of the employee dialogue process and anti-trust law.
Mahindra has bid for a 51 percent stake in the company for which it would infuse 15 million euro.
Over the past few years, Mahindra has strengthened its position in the two-wheeler segment globally.
Mahindra Racing competes at the highest level of global motorcycle racing in the Moto3 category of MotoGP, while Mahindra GenZe recently revealed its electric two wheelers in the US marke.
Recently, the company launched its new scooter model Gusto. The company also has sales and distribution operations in Latin America, Africa and South Asia.