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Mahindra & Mahindra (M&M) has announced its intention to demerge its trucks and buses operations from Mahindra Trucks and Buses Ltd (MTBL) and merge it with the company. The merger is subject to regulatory approvals, the company said in a statement.
M&M, the country's biggest utility vehicle manufacturer, would invest Rs 200 crore to strengthen its existing product line and an additional Rs 300 crore in due course for exploratory work on new product lines.
MTBL, the erstwhile Mahindra Navistar Automotive Ltd, is a wholly-owned subsidiary of the Mahindra Group.
MTBL also announced a new branding for its heavy commercial vehicle range. The multi-axle trucks will now be called Mahindra TRUXO 25 and TRUXO 31, the tractor trailers Mahindra TRACO 35 and TRACO 40, and the tippers Mahindra TORRO 25 and TORRO 31.
“We intend to focus on running the LCV, truck and bus business as a separate division post the proposed demerger with the objective of growing our presence in the Indian commercial vehicle industry,” said M&M President (Automotive & Farm Equipment Sectors) Pawan Goenka.
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