India's Mahindra & Mahindra will purchase Navistar International Corp's stakes in the automakers' two joint ventures in the country, in a $33 million deal as the troubled U.S. truckmaker looks to dump its underperforming businesses. Mahindra Navistar, formed in 2005, has struggled to gain a significant foothold in India's competitive commercial vehicles market, where Tata Motors and Ashok Leyland control around 70 percent."While the Indian market has not expanded as we had expected and industry challenges there continue in the near term, we still see promise in India going forward," Troy Clarke, president, Navistar, said in a statement on Tuesday.The joint venture sold 7,904 vehicles in the first eight months of the financial year that began in April, according to data from the Society of Indian Automobile Manufacturers, with a 1.5 percent share of India's commercial vehicle market.The companies also have a joint venture to manufacture engines in India.
Navistar International Corporation (NIC) is a holding company, whose principal operating subsidiaries are Navistar, Inc. Shares of NAV traded higher by 1.34% or $0.29/share to $21.92. In the past year, the shares have traded as low as $18.17 and as high as $48.18. On average, 1954680 shares of NAV exchange hands on a given day and today's volume is recorded at 1279543.
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