Mahindra acquires 51% stake in Peugeot Scooters

Like we had reported earlier Mahindra Two Wheelers, has been in talks with Peugeot Motocycles for a  joint venture, and in fact a range of Peugeot scooters were also spotted at Mahindra facility in India, the international tie-up has been made official by the two companies. (Also Read: Peogeut scooters spied at Mahindra facility in India)

In an announcement Mahindra Two Wheelers confirmed that it has acquired 51 per cent stake in Peugeot Motocycles (a.k.a. Peugeot Scooters), part of the Euro 54 billion PSA Group based in France. 

Speaking about the acquisition Dr. Pawan Goenka, Executive Director, Mahindra & Mahindra Ltd. said, “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. 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".

A new board of PMTC has been constituted and would include the following members Dr. Pawan Goenka; V.S.Parthasarathy, Director MTWL, Chief Financial Officer, Group CIO, M&M Ltd. and Rajesh Jejurikar – Director MTWL, Chief Executive-Farm Equipment & Two Wheeler Division, M&M Ltd., along with Peugeot Maxime Picat, Chief Executive Officer, Peugeot Brand and Emmanuel Delay, Executive Vice President, Operational Director, India-Pacific.

Mahindra Two Wheeler has infused over Rs 100 crore (Euro 15 million) into Peugeot Motocycles to finance projects implemented through the strategic partnership. Peugeot Scooters is one of the oldest European two-wheeler manufacturers, and currently produces scooters and mopeds ranging from 50cc to 400cc. What remains to be seen is which of these scooters will first make it to our shores.