International Forms Joint Venture With Indian Company
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“Equally important to our growth strategy is International’s intention to use India as a significant supply base for sourcing components and materials,” said Daniel Ustian, chief executive officer of International’s parent company Navistar International.
nternational Truck and Engine Corp. said Tuesday it will enter into a joint venture with an Indian firm to produce and sell light-, medium- and heavy-duty trucks in that country.
The venture, to be called Mahindra International, will be 51% owned by Mahrinda and 49% by International.
The two said they will invest more than $80 million in the venture over the next two to three years.
Anand Mahindra, vice chairman and managing director of Mahindra, said the deal “provides Mahindra with a large opportunity for the supply of engineering and sourcing services to a major North American commercial vehicle group.”
