Tractor and utility vehicle maker Mahindra & Mahindra is set to foray into the Latin American market with the opening of an assembly line for its Bolero range pick-up vehicles in Uruguay.
M&M has partnered with the Nordex Group, a local automobile manufacturer, to utilise its facility for the assembly operations.
Initially the plant will supply to Uruguay, Argentina and Brazil and subsequently to Mexico, Chile and Peru.
This is similar to the company's initiative for the western European market where it has tied up with Italian Eurasia Motors to assemble the Scorpio for the Italian, Spanish, Portuguese and French markets.
M&M is scouting around for export opportunities in the Middle East and South Africa.
The Uruguayan plant would import completely knocked-down units from India. The company has already received an order for 50 vehicles from the Uruguay police department.
Uruguay's strategic position within the Mercosur region coupled with the advantageous bilateral pacts with countries in the region make it a promising export base for the Latin American countries, the company said in a press release.
The Bolero Double Cab Pick up, which has been rechristened Mahindra Cimarron 4x4, has also been fitted with some localised components to suit the Uruguay market conditions.
Bolero, a commercial and private transportation vehicle, is aimed largely at the semi-urban and rural areas. It posted a sales growth of 159 per cent in 2003-04 to 13,504 units as compared with 5,040 units in the previous fiscal.
