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Mahindra acquires Navistar's stake in India

ABR Staff Writer Published 13 February 2013

Mahindra & Mahindra (M&M) has completed the acquisition of Navistar International's stake in Mahindra Navistar Automotives (MNAL) and Mahindra Navistar Engines (MNEPL).

M&M said it has now taken complete ownership of operations and will sell MNAL and MNEPL products.

The transaction will allow both the companies to continue the exchange of services, support and products for uninterrupted business.

M&M president of automotive and farm equipment sectors Pawan Goenka said: "Mahindra remains committed to growing its presence in the Indian commercial vehicle industry with Mahindra's Truck and Engine businesses continuing to play a critical role in helping us achieve this goal."

Navistar president and chief operating officer Troy Clarke said, "Mahindra has been a valuable partner these last seven years and they are well equipped to move the MNAL and MNEPL businesses forward as the Indian market continues to develop."

Navistar and Mahindra formed a joint venture, the MNAL in 2005 to manufacture trucks and buses in India, while the MNEPL joint venture was formed in 2007 and started producing engines in 2010.