Mahindra and Mahindra did not give more information about the transaction. Photo: Bloomberg
Mumbai: Mahindra and Mahindra Ltd (M&M), India’s largest utility vehicle maker, said on Tuesday its two-wheeler unit has made a binding offer to acquire a 51% stake in PSA Peugeot Citroen ’s scooters business.
The deal will involve infusion of €15 million ($18.93 million) into Peugeot Motorcycles to finance projects, M&M said in a statement issued to the National Stock Exchange. The company did not give more information about the transaction.
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