Mumbai, Dec 13 (IANS) Homegrown auto major Mahindra and Mahindra said on Wednesday it will invest Rs 875 crore in its two-wheeler unit, Classic Legends over the next two to three years.
While Mahindra will invest Rs 525 crore, the rest of the amount will come from existing shareholders and new investors, the company told the stock exchanges.
Mahindra owns 60 per cent of Classic Legends, which manufactures heritage brand two-wheelers such as Jawa, Yezdi, and BSA.
Classic Legends will use the investment to build a strong business in the fast-growing premium motorcycle segment in India, Mahindra said.
The automaker is eyeing the premium segment currently dominated by Eicher Motor’s Royal Enfield.
Global giants such as Harley-Davidson and Triumph have also entered the Indian market in partnership with Hero MotoCorp and Bajaj Auto, respectively.
–IANS
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