Mahindra not to acquire Scooters India now

New Delhi: Auto major Mahindra & Mahindra on Monday said it has decided not to acquire the over 95 per cent stake in the beleaguered PSU firm Scooters India at present, as it has “various things” to do.

“We have done our analysis and we have decided not to go after it. We are not pursuing it anymore,” Mahindra & Mahindra (M&M) President (Automotive and Farm Equipment Sectors) Pawan Goenka told reporters.

He, however, said not participating in the race to acquire Scooters India Ltd (SIL) does not mean that M&M would never look at the option in the future. “As of now we are not interested and it does not mean that we will never look at it. We have various things to do at Mahindra & Mahindra,” Goenka said.

Earlier in May, M&M had said it would examine the opportunity of acquiring a stake in the state-run auto firm and would announce a final decision on the acquisition of SIL within the following 45 days.

Talking about M&M’s sedan Verito, Goenka said the company is working on launching two new versions of the car by the end of this fiscal.

“While one will be a refreshed version, the other one will be a smaller car that will be sub-four metre in length,” he added. Besides, M&M will introduce new sports utility vehicle by December this year, Goenka said without sharing details.

}