Mahindra & Mahindra (M&M) has signed an agreement with USA-based International Truck & Engine Corporation (ITEC), to form a $ 80 million joint venture (JV) company for manufacturing trucks and buses in India.According to a release issued by M&M to the BSE today, the JV company will be known as Mahindra International, with 51:49 stake partnership from M&M and International Truck & Engine Corporation.The JV agreement was signed between Keshub Mahindra, chairman of M&M, and Daniel Ustian, chairman, president and CEO of Navistar International Corporation, the parent company of International Truck.M&M and International Truck & Engine Corporation, each will have five directors on the board of Mahindra International, and Anand Mahindra will be the chairman of the board, the release added. "This JV will help us strengthen our competencies across our core areas of product development, engineering and manufacturing. This will also enable widening of our participation in the auto sector in India, and support our aspirations to be a global player," Anand Mahindra, vice-chairman & MD of M&M, said.
