M&M joins hands with Ideal Motors to assemble vehicles

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Mahindra & Mahindra told Indian media it will form a joint venture with Sri Lanka's Ideal Motors to assemble vehicles in the country.

The company will hold 35 per cent of the share capital in the joint venture(JV), with the remaining proposed to be held by Ideal or any of its affiliates, M&M said in a regulatory filing.

The new company will be formed for the purpose of assembly of vehicles in Sri Lanka and M&M's investment will not be more than 250 million Sri Lankan Rupees but subject to requisite RBI approvals, it added.

The company, however, did not elaborate what type of vehicles would be assembled through the new joint venture, the Economic Times reported.

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