New Delhi, April 09: Mahindra & Mahindra Ltd, India’s biggest sport-utility vehicle and tractor maker by sales, said Friday it was in talks with steel companies to secure better prices on longer-term contracts.
“Steelmakers want a higher price and want to enter into shorter contracts,” Pawan Goenka, president for Mahindra’s automotive and farm equipment business, told reporters. “We are still negotiating with them.”
Goenka said also the revamped structure of Mahindra’s existing joint venture with France’s Renault SA will likely be announced by April 30.
“It should have been out by now but there are delays and we will hopefully announce by the end of this month,” he said.
The joint venture, Mahindra Renault Pvt. Ltd., makes the Logan sedan at a Mahindra factory in western India. Renault owns 49% of the joint venture while Mahindra owns the rest.
–Agencies