Mahindra Two Wheelers Ltd. (MTWL) has announced that it has completed the necessary formalities to acquire 51% stake in Peugeot Motocycles (PMTC). The acquisition, which resulted in the satisfaction of all regulatory, legal and financial conditions of the agreement, was completed smoothly by both parties within a very short span of time. As part of the employee dialogue process and Anti-trust law, the Works Council consultation process has also been successfully completed. Under the terms of the agreement, MTWL has infused Euro 15 million into PMTC to finance projects implemented through the strategic partnership.
Peugeot Metropolis
PMTC (a.k.a. Peugeot Scooters) offers one of the most comprehensive range of scooters and mopeds, from 50cc to 400cc, including the successful three wheeled scooter – Metropolis – in the European market. This project was announced on October 7, 2014.
Speaking on the completion of 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.”
The new board of PMTC has been constituted and would include the following members:
Mahindra Two Wheelers
- Dr. Pawan Goenka – Director MTWL & Executive Director, M&M Ltd.
- Mr. V.S.Parthasarathy – Director MTWL, Chief Financial Officer, Group CIO, M&M Ltd.
- Mr.Rajesh Jejurikar – Director MTWL, Chief Executive-Farm Equipment & Two Wheeler Division, M&M Ltd.
Peugeot Motocycles
- Mr. Maxime Picat – Chief Executive Officer, Peugeot Brand
- Mr. Emmanuel Delay – Executive Vice President, Operational Director, India-Pacific
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