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Eicher Motors Limited And Polaris Industries Inc. Sign Joint Venture Agreement In The Automotive Sector


Monday, 23 Jul 2012 11:46pm EDT 

Eicher Motors Limited announced that it has signed a strategic joint venture agreement with Polaris Industries Inc., to set up a greenfield project in the automotive sector. The definitive agreement was signed between Siddhartha Lai, MD & CEO, Eicher Motors Ltd. and Scott W Wine, CEO, Polaris Industries Inc. This agreement envisages the creation of a joint venture company with a 50-50 partnership between the two companies. The joint venture company will design, develop, manufacture and sell a full new range of personal vehicles suitable for India and other emerging markets. The manufacturing facility will be located in India and the joint venture partners are currently evaluating locations to set up the facility. The expected start of production is 2015. Under the collaboration, the joint venture company will be governed by a board with equal representation from both the companies. The overall investment in the joint venture company over a three year period will be approximately INR250 crores (INR2.5 Billion). The projected financial outcomes from this venture meet the long term financial expectations of both the companies. 

Company Quote

135.39
-1.44 -1.05%
17 Apr 2014