Mahindra Two Wheelers Ltd. (MTWL) Tuesday said it has acquired 51 percent stake in French firm Peugeot Motocycles (PMTC), part of the 54 billion euro PSA.
Under the terms of the agreement, MTWL has infused 15 million euro into PMTC to finance projects implemented through the strategic partnership.
"We are committed to the long-term growth of Peugeot Motocycles and are confident that this relationship would be one of mutual respect, trust and learning. This partnership would enable both MTWL and PMTC to speed up their international expansion by driving synergies and leveraging respective strengths. It is our intention to work closely to enable a win-win for both partners," Mahindra and Mahindra (M&M) executive director Pawan Goenka said.
MTWL is part of M&M, a global automobile company owned by the $16.5 billion multinational group Mahindra.
The company said Peugeot Scooters has been a key player in urban mobility in Europe for 116 years, featuring as the oldest motorised two-wheeler manufacturer in the world.
"Peugeot Scooters offers one of the most comprehensive range of scooters and mopeds, from 50cc to 400cc, including the successful three wheeled scooter - Metropolis - in the European market," the company said in a statement.