Mahindra & Mahindra (M&M) has entered into a joint venture (JV) with US-based International Truck & Engine Corporation (ITEC) to produce and market light, medium and heavy commercial vehicles in India and other markets.The total cost of the project is Rs 400 crore and the production would commence from 2007, M&M officials told reporters.In the JV, M&M would hold 51% while ITEC would hold 49%, they said.The proposed vehicles would be having 90% local content from the beginning and would be produced from one of the M&M plants due to better availability of quality spare parts.
