Off-road champion Polaris ties up with Eicher

Eicher Motors Ltd has entered into a joint agreement on July 23, 2012 with Polaris Industries Inc to start a green field project in the automotive sector. Both the companies will have a 50:50 partnership in this JV company. This company will design, develop, manufacture and sell a full new range of personal vehicles suitable for the country and other emerging countries. The overall investment over a three-year period will be around Rs 250 crore. The manufacturing facility will be located in India and the expected start of production will in the year 2015. The joint venture company will be managed by both Eicher and Polaris with equal representation from both the companies. The definitive agreement was signed between Siddhartha Lal, MD & CEO, Eicher Motor Ltd and Scot W Wine, CEO, Polaris Industries Inc. “Currently, we are present in the commercial vehicle and motorcycle segments. The collaboration with Polaris Industries Inc will allow us to enter into a new vehicle segment,” said Lal. He further added that the JV brings together Eicher’s proven expertise in frugal engineering, lean business model and in-depth understanding of emerging markets with the excellent product development capabilities and world class reliability of Polaris. “This will ensure that the products from the joint venture company, when launched, will set new benachmarks in optimal customer value,” he said. “This agreement reinforces Polaris’ position as a global leader, instantly expanding our presence in India and our access to additional emerging markets around the globe,” said Scot Wine.