(MENAFN) Mahindra, India's leading automaker, announced offering a bid to buy a majority stake in France's Peugeot Motorcycles, seeking new technology to drive sales, Arab News reported.
Mahindra Two Wheelers Ltd said its offer for the 51-percent stake would involve a USD19 million injection into Peugeot Motorcycles, part of the Paris-based PSA Group.
"The coming together of Mahindra and Peugeot is a win-win for the two-wheeler business for both companies," said Mahindra executive director, without providing further details about the transaction.
Mahindra assured that Peugeot Motorcycles would not lose its French identity under the Indian firm. The partnership would enable both firms to speed up their international expansion.
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