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M&M to buy European 2-wheeler subsidiary

Utility and tractor major, Mahindra & Mahindra, has decided to acquire the European two-wheeler subsidiary company of Mahindra Two Wheelers for euro 26.3 million (about Rs 197 crore).

The Mumbai-based company has agreed to acquire 14.9 million equity shares aggregating 100 per cent of share capital of Mahindra Two Wheelers Europe Holdings (MTWL-Europe), a subsidiary of M&M.

MTWL-Europe holds investment in a two-wheeler company in Europe which is Peugeot Motorcycle SAS.

"The acquisition would result in MTWL becoming a direct subsidiary of M&M and would facilitate better focus on downstream two-wheeler business", said a statement from M&M.

It would take a month for the transaction to be complete.