Mahindra & Mahindra (M&M) subsidiary, Mahindra Two Wheelers Europe is to fully acquire France-based Peugeot Motocycles (PMTC) for an undisclosed amount.
According to Mahindra, this reaffirms the commitment of the Mahindra Group to the future growth of Peugeot Motocycles, M&M said in a regulatory filing.
“We are seeing positive momentum at Peugeot Motocycles. Kisbee becoming the largest selling 50cc vehicle in Europe, Peugeot Metropolis getting stronger in Europe and China, the positive market response to the new launch of the Urban GT connected Pulsion, are all cases in point,” M&M President – FES & Two Wheelers Rajesh Jejurikar said.
The homegrown auto major, however, did not disclose financial details.
The acquisition would help the company introduce seven new products between 2019 and 2021.
Commenting on the deal, Peugeot Brand CEO Jean-Philippe Imparato said: “This decision by the shareholders will ensure that Peugeot Motocycles benefits from the expertise of a significant global player in the two wheelers industry.”
