Germany-based Mutares SE & Co will acquire 80 per cent controlling stake in Mahindra & Mahindra's French unit Peugeot Motocycles. In a statement, the Mumbai-based auto major on Thursday said Mutares has submitted an irrevocable binding offer to acquire 50 per cent of equity and a controlling stake of 80 per cent in France-based Peugeot Motocycles (PMTC). As part of the deal, Purple, a fully-owned entity of Mutares Holding, would invest 7 million euros in PMTC, which would entitle it to a 50 per cent shareholding and 80.01 per cent voting rights in the French firm.
A state government official said Peugeot officials surveyed two sites -one near Sri City in Chittoor district and another near Sitarampet in Ranga Reddy district.
Mahindra to sell Peugeot scooters in North Africa
PSA Peugeot Citroen, Europe's second-largest car producer, will soon take a final call on its India plans, as senior teams from the company hold talks with state governments for a manufacturing facility.
PSA Peugeot Citroen has no plans to re-enter India's car market any time soon
This new sedan that Peugeot has planned for developing markets, called the 301, takes a leaf right out the 309's book.
Philippe Varin, chief executive officer of steel maker Corus, will take over as the chairman of the managing board of French car maker PSA Peugeot Citroen from June this year.
While the carmaker still has another 300-odd acres to set up the proposed plant, state government officials said the government might sell the remaining land, too, if the demand came up in future.
A senior delegation from PSA Peugeot Citroen, France's leading car producer, is expected to meet the Tamil Nadu government next week.
PSA Peugeot Citroen, France's largest car maker, has again revised its India launch plans, as it battles financial losses.
The company plans to establish project with an initial capacity of 300,000 units per year.
The model will be assembled at its 4,000-acre facility coming up at Sanand in Gujarat.
Europe's second largest car-maker PSA Peugeot Citroen on Wednesday announced plans to re-enter the Indian market with a mid-sized sedan, ten years after it made an exit from the country.
The JV between the French auto major and India's CK Birla group is aiming at production capacity of about 100,000 vehicles a year by 2020.
The agreement was signed by Gujarat principal secretary Maheswar Sahu and PSA Peugeot vice-president (emerging market and India) Fredic Fabre in the presence of Gujarat Chief Minister Narendra Modi in Ahmedabad.
Company will take a call after Assembly polls.
Government officials said the company was likely to invest about Rs 2,000 crore during the first phase of the project. In all, it could be Rs 7,000-10,000 crore.
Though this is a fraction of the Euro 31 billion worth of auto parts the group buys in a year, there are indications that more is in the pipeline.
The worst terror attack in Iran this century occurred when Iranians marked the fourth anniversary of Iranian Revolutionary Guards commander General Qassem Soleimani's death. Soleimani was killed by a US drone on January 3, 2020.
The iconic brand is considering petrol powertrains for its entire Indian portfolio, which includes the Jeep Compass, Meridian, Grand Cherokee and Wrangler.
'This is purely a brand sale. It includes the Ambassador with its variants. Peugeot is likely to relaunch the brand with multiple variants.'
The country's first ever carmaker, Hindustan Motors, is looking at a second coming. Talks are on for a joint venture with a European auto company focused on the electric vehicle (EV) space. A memorandum of understanding (MoU) has been signed and due diligence is expected to start shortly and will take 2-3 months to conclude.
This is the second deal between Peugeot and the C K Birla group. Last month, the two groups entered a "long-term" partnership, with an initial investment in capital expenditure of close to Rs 700 crore, for vehicle and power-train manufacturing in Tamil Nadu.
Layoffs are turning out to be the flavour of the week, with European auto makers Peugeot, Citroen and Rolls Royce, British pharma giant AstraZeneca and American defence equipment manufacturer Boeing all set to slash nearly 7,000 jobs.
Making a debut in India with an SUV, Citroen's products in the next couple of years will clearly chart and define its destiny in what has become both a vibrant but also a daunting market for foreign entrants, says Pavan Lall.
India's biggest carmaker Maruti has said it could soon ink an agreement with one of the global engine makers it is in talks with, including France-based Peugeot, to produce diesel engines in the country.
As Mahindra readies to unveil its latest version of the Jeep that is so beloved of adventure enthusiasts, the urban crowd as well as the countryside, Rajesh Karkera/Rediff.com traces the vehicle's journey through the decades.
Gujarat has caught the fancy of a large number of corporate heavyweights.
India will beat China, North America and Europe to become the fastest growing automobile market.
Following the re-entry of French car maker PSA Peugeot Citroen, the erstwhile sleepy town -- already home to Tata Motors' manufacturing plant for small car Nano -- finds itself along the country's prominent auto hubs like Pune in Maharashtra and Sriperumbudur in Tamil Nadu.
Auto Expo 2012 is the venue for the launch of seven all-new automotive brands in India.
Driving the car -- to be put on the road by 2016 -- in towns and cities, costs could be slashed by as much as 80 per cent as the vehicle will be running on air for four-fifths of the time, company researchers say.
British co-driver Gareth Roberts was killed in Sicily on Saturday when his car crashed during a round of the Intercontinental Rally Challenge (IRC) series, organisers said.
After auto makers, PSA Peugeot Citron and Ford, IT major Infosys Limited is vying for land in Gujarat. N R Narayana Murthy, chairman and chief mentor of the company, will meet Gujarat Chief Minister Narendra Modi on Tuesday to discuss setting up of a campus in the state.
Some of these logos have a history and tell a story in their own special way.
German driver Nico Hulkenberg will race in next year's Le Mans 24 Hours sportscar race with Porsche as well as Formula One with Force India, the German manufacturer said in a statement on Thursday.
Some new EU cars, including Mercedes, BMW and Peugeot vehicles, were using around 50 percent more fuel than manufacturers claimed.
Citroen's Sebastien Loeb took deliberate time penalties to ensure he did not win the championship in the wake of a fatal crash.
The final stages were cancelled following the death of Peugeot's British co-driver Michael Park.
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