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Mahindra Two Wheelers Europe on Friday announced that it will take 100 per cent ownership of France-based Peugeot Motocycles (PMTC) for an undisclosed amount.
Mahindra Two Wheelers, a subsidiary of Mahindra & Mahindra Ltd, had acquired a 51 per cent equity stake in PMTC from Groupe PSA in 2015. Then the company had infused £15 million, or ₹110 crore, into Peugeot to finance projects implemented through the partnership, and had spent £13 million on the purchase of shares held by PSA.
The company on Friday said the acquisition is set to drive future growth in core European markets and expand into new geographies, including select Asian markets. The company is also set to introduce seven new products between 2019 and 2021, it stated.
“We are seeing positive momentum at Peugeot Motocycles,” said Rajesh Jejurikar, President - FES & Two Wheelers, and Member of the Group Executive Board, Mahindra & Mahindra. “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. We fully support PMTC’s Performance 2020 and look forward to the future with enhanced optimism.”
The Peugeot brand will continue to be used into the future under a licence agreement between PMTC and Peugeot. The Peugeot design teams will continue to assist in the design and development of PMTC products.
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