Mahindra & Mahindra Ltd.

Mahindra & Mahindra (M&M), India’s leading SUV manufacturer has decided to purchase Navistar International Corp’s two joint ventures in the country, in a $33 million deal as the Navistar International is planning to sale its underperforming businesses.

Through this initiative, Navistar is cutting costs and weighing asset sales, targeting savings of up to $175 million next year as it looks to turn around its struggling business. The sale requires regulatory approval in India and is expected to be completed early next year.

Mahindra Navistar joint venture has struggled to gain a significant foothold in India's competitive commercial vehicles market. The joint venture sold 7,904 vehicles in the first eight months of the financial year that began in April.