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Mahindra to expand in Australia, floats joint venture

BUS26Business/BusinessMahindra to expand in Australia, floats joint ventureMumbai, Nov 6 IANS Car and farm equipment manufacturer, Mahindra and Mahindra M&M, has entered into a joint venture agreement with Australia's TMI Pacific for marketing, promotion and retail of Mahindra's vehicles down under.M&M will hold 80 percent stake in the new company, which will be called Mahindra Automotive Australia.TMI earlier had partnered with the Indian automaker to import and distribute M&M's vehicles in Australia."TMI Pacific has contributed in large measure to the success of the Mahindra brand in Australia. As we merge, we have a strong vision for international growth and this move is an integral part of that plan,” said Pawan Goenka, president of Mahindra's automotive division, in a statement. "Working alongside TMI, we have built brand presence and believe that the stake that Mahindra is putting on Australian soil and the commitment they are showing to becoming even more strongly involved in our market is a testament to their belief in it," he added.--Indo-Asian News Servicehs/ank/dg176 Words06111915