JOC Staff | Feb 13, 2013 4:22PM EST
Mahindra & Mahindra, an Indian multinational automobile manufacturing corporation, and Navistar International, an Illinois-based truck manufacturer, have announced that Mahindra has completed its acquisition of the Navistar Group’s stake in Mahindra Navistar Automotives and Mahindra Navistar Engines.
Navistar announced in December 2012 its intention to exit the joint ventures as part of its “Drive to Deliver” turnaround strategy, which is focused on strengthening its North American core businesses and pursuing near-term initiatives to improve the company’s return on invested capital performance.
The agreement allows Navistar to continue sourcing components from India, while Mahindra would continue to provide engineering services to Navistar. The Navistar Group will continue to support Mahindra through license agreements and extend necessary support to MNAL and MNEPL for the purpose of business continuity.
