Mahindra to buy 51 per cent stake in Peugeot's scooter unit

Mahindra & Mahindra, the country's largest utility vehicle maker, said on Tuesday its two-wheeler unit has made a binding offer to acquire a 51 per cent stake in PSA Peugeot Citroen's scooters business.

The deal will involve infusion of $18.93 million (15 million euros) into Peugeot Motorcycles to finance projects, Mahindra said in a statement issued to the National Stock Exchange (NSE). The car maker did not give more details about the deal.

(Reuters)