In what could be termed as one
of the quickest decisions by a company in the corporate world to shut down
operations, Eicher Motors Limited (EML) has announced that the board of
directors of Eicher Polaris Private Limited (EPPL), a joint venture between EML
and US-based Polaris Industries Inc., has decided to close the operations of
In short, it means that it is
that it is the end of the road for EPPL and the Multix vehicle. The Multix was
launched barely three years ago. At a meeting held on March 9, 2018 the board
of directors of EPPL passed a resolution to close the operations of the company
with immediate effect.
EPPL was incorporated in
October 2012. In June 2015, the company launched “Multix”, India’s first
personal utility vehicle, purpose-built for the independent businessman. Given
its unique positioning and differentiated product features, Multix initially generated
significant interest from customers. However, the initial interest could not be
sustained and the subsequent sales performance was significantly slower than
the company’s expectations.
Despite several initiatives,
the company’s performance could not be revived. Hence, the board of EPPL has
concluded that in the present circumstances, it is in the best interest of all
stakeholders to close the operations of the company, the press release said.
In the coming days, the company
will engage with all its valued stakeholders including customers, suppliers,
employees and channel partners to implement the closure. The company will
continue to provide spares and service support for the fleet of Multix vehicles
on the road.
As of December 31, 2017, EML
had invested Rs. 289.50 crore in EPPL. The sums invested so far, together with
additional investments, as required to close down the operations, shall be
written- down in accordance with the applicable regulations. During the year
ended March 31, 2017, EPPL’s net loss amounted to Rs. 91.83 Crore; 50% of which
was consolidated with the Profit After Tax of EML.
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