Mahindra Two Wheelers Europe will acquire full ownership of Peugeot Motocycles.
The acquisition will drive the future growth of both Mahindra and Peugeot in core European markets as well as expand into new geographies, including select Asian markets.
Peugeot will continue to operate under the Peugeot brand in Europe and will introduce seven new products between 2019 and 2021.
Mahindra Two Wheelers Europe had acquired a 51% equity stake in Peugeot Motocycles in January 2015.
The two firms have c0-developed the ’Performance 2020’ plan, which lays the foundations to strengthen the operations of the two companies.
The headquarters of Peugeot will remain in France.
Rajesh Jejurikar, President FES & ‘two-wheelers’, and Member of the Group Executive Board, Mahindra & Mahindra Ltd., said: “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. We fully support PMTC’s ‘Performance 2020’ and look forward to the future with enhanced optimism.”
According to Jean-Philippe Imparato, Executive VP Peugeot Brand, “This decision by the shareholders will ensure that Peugeot Motocycles benefits from the expertise of a significant global player in the two-wheelers industry. We at Peugeot will maintain our commitment through our utilization of the Peugeot brand and extend our support to design and technological innovations.”