M&M JV with TMI

Posted: 2008-11-07 01:38:28+05:30 IST
Updated: Nov 07, 2008 at 0138 hrs IST

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Nov 6: Mahindra & Mahindra Ltd (M&M) on Thursday said the company has entered into a joint venture (JV) agreement with its existing importer and distributor of vehicles in Australia, TMI Pacific, to form a new company called Mahindra Automotive Australia.

The company will continue the marketing, promotion and retail of M&M vehicles in Australia. M&M will be the major shareholder with 80% stake in the JV, while TMI Pacific will hold the rest. Under the new structure, which will be in effect as of this week, Michael Tynan, chairman of TMI Pacific and the Tynan Motor Group of companies, will become a director, while chief operations officer, Claire Tynan, will be promoted as chief executive officer. “The current team of head office staff and network of dealers around the country will remain unchanged,” the company release said. Further, the plans for the new company will be announced in early next year.