NEW YORK -- Truck maker Navistar International said on Tuesday it will form a joint venture with India's Mahindra & Mahindra to produce trucks and buses for India's domestic market and for export, starting in 2007.
The joint venture, to be named Mahindra International, will be majority owned by Mahindra, with a 49 percent stake held by Navistar subsidiary International Truck and Engine Corp. The two companies will invest a combined $80 million over the next two to three years.
Navistar Chief Executive Daniel Ustian said the company intends to "to use India as a significant supply base for sourcing components and materials."
Mahindra & Mahindra is India's fourth-biggest automotive manufacturer and the market leader for sport utility vehicles or SUVs.