Two big companies in the auto industry had formed a partnership in order to enter a new segment. The Eicher motor and Polaries Industries have signed a venture agreement where they will manufacture and sell a new range of personal vehicles. In their agreement, both have equal stake on the joint venture where they will invest Rs 250 crore over a three-year period in a new Greenfield plant.
Polaris Auto
The agreement was signed by Mr Siddhartha Lal, the managing director of Eicher Motors and Mr Scott W. Wine, CEO of Polaries Industries. These new vehicles that the company would manufacture will be sold in the market of India and other markets where it will be competitive.
Eicher
But, the location of the plant is yet to be decided. The production is expected to start by 2015. The expertise of the two companies in different fields will surely make their joint project a success. Eicher is proven to be an expert in frugal engineering while Polaris is known for world class reliability.
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