Multi-purpose automobiles manufacturer Mahindra and Mahindra has bought the stake in Indian business of American company Navistar International Corporation in $3 crore 30 lakh. They have started a financial undertaking for production of commercial vehicles.
Navistar president Troy Clarke said that the business in India has not spread according to expectation and there are many challenges of market. 70% of Indian truck market has acquired by Tata Motors and Ashok Layland.
This venture between the two companies will need the approval of regulators. It will start in the starting of next year.