Utility vehicle maker Mahindra & Mahindra plans to purchase US-based Navistar International Corp's stake in their Indian joint ventures Mahindra Navistar Automotives and Mahindra Navistar Engines. As per the terms, M&M will have to pay about Rs 175 crore or USD 33 million for Navistar Group's stake in both ventures. The agreement allows Navistar to continue sourcing components from India while M&M would continue to provide engineering services to Navistar, the two companies said yesterday.
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