M&M to buy out Renault stake - make Logan on its own

Mahindra & Mahindra Ltd. | Automobiles - Passenger Cars | Automobiles | BSE: 500520 | NSE: M&M

19 Apr 2010 Evaluate

Mahindra & Mahindra will buy out Renault's 49 per cent stake in the five-year-old joint venture which produces the Logan at Nashik. In the process, Mahindra Renault will now become a wholly-owned arm of M&M. The French partner has given its Indian ally the licence to continue producing the Logan while supplying key components, including the engine and transmission. M&M, in its turn, will export the sedan, on Renault's behalf, to markets such as South Africa.

None of the financial details on the stake sale has been made public. The partners had invested Rs 700 crore in the joint venture. All the assets and liabilities will be squared up in the 51:49 ratio, which means operations start on a clean slate for M&M.

M&M will also have full ownership of purchase which means that all purchasing functions for Logan in India will be done by it. It will have limited rights to re-engineer the product to meet customers' needs and even refresh it only for the Indian market.

Within industry circles, the move is being perceived as a shot-in-the arm for M&M as it now has a car in its kitty to supplement its range of two-wheelers, utility-vehicles, light and heavy commercial vehicles as well as tractors. Reports have been doing the rounds that M&M will now aggressively look at a host of passenger vehicle options at different price points. It already has the Bolero, the Xylo and the Scorpio and could position the Logan at the sub Rs 4-lakh mark eventually.

In addition, it has the option of launching a passenger version of its Maxximo pickup (on the lines of the Tata Magic) at under-Rs 3 lakh. A shorter Logan, which will qualify it for lower excise duty and shave its price tag by Rs 75,000, could also be on the cards.

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