Mahindra and Mahindra said on Friday it has entered into a joint venture agreement with US-based Navistar International Corp to manufacture diesel engines in India at an investment of $90 million over the next five years.
Navistar International Corporation through its subsidiary International Truck and Engine Corporation signed a joint venture agreement with the company to manufacture diesel engines for medium and heavy commercial trucks and buses in India, M&M said in a communique to the Bombay Stock Exchange.
The joint venture, to be named Mahindra International Engines Ltd, would be owned 51 per cent by the Mahindras and 49 per cent by Navistar, the company added.
"Our plant in India will produce world-class engine models for both the Indian and global export markets. The JV will not only extend our existing partnership
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