The Competition Commission said leniency will be shown to those companies and individuals coming out with information on cartels and anti-competitive agreements while protecting their identification
Eicher and Polaris said their 50:50 JV would roll out personal vehicles by 2015 in the domestic and overseas market
The JV is currently exploring a location in
"Currently, we are present in the commercial vehicle and motorcycle categories. The collaboration with Polaris Industries will allow us to enter into a new vehicle segment," Eicher Motors Managing Director and CEO Siddhartha Lal said in a statement.
As per of a definitive agreement, both the firms have formed a 50:50 joint venture to set up a green-field project in the automotive sector.
"The joint venture company will design, develop, manufacture and sell a full new range of personal vehicles suitable for
The manufacturing facility will be located in
"The overall investment in the joint venture company over a three year period will be approximately Rs250 crore. The projected financial outcomes from this venture meet the long term financial expectations of both the companies," the statement said.
According to the agreement, the JV will be governed by a board with equal representation from both the companies.
"At Eicher Motors, we are committed to exploring and pursuing opportunities for long-term profitable growth and value creation for our stakeholders. This JV with Polaris is a strategic initiative towards that direction," Lal said.
The JV will bring together Eicher's expertise in frugal engineering, lean business model and understanding of emerging markets along with product development capabilities and reliability of Polaris, he added.
Commenting on the partnership, Polaris Industries Chief Executive Officer Scott W Wine said: "This agreement reinforces Polaris' position as a global leader, instantly expanding our presence in
The JV will provide both the firms opportunities to develop new products and realise global growth, he added.
Uninor said in light of the continuing uncertainty around the auctions, it decided to scale down its operation in Tamil Nadu, Kerala, Karnataka and Orissa