Mahindra & Mahindra (M&M) and Kinetic Motors will form JV – Mahindra Kinetic Ltd. for manufacturing two-wheelers. M&M will hold 80 percent while Kinetic will hold 20 percent in the venture.
The venture will pave the way for Mahindra to enter into the two-wheeler business. Kinetic offers a full product portfolio ranging from mopeds to scooters to motorcycles.
Kinetic Motor’s promoters, the Firodia family, own 54.83 per cent in the company. The firm needs funds to revamp its operations and it was looking for raising anything between USD 100-125 million.
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