Mahindra and Mahindra has increased its stake in the joint venture with its South African partner to 90% from 51%, and invested a
further 30 million rands ($3 million) in the country’s automotive business.
Mahindra South Africa, which launched its new multipurpose vehicle Xylo here last week, also expressed confidence in the South African auto market.
Vijay Nakra, chief executive of Mahindra South Africa, said his group had hiked its stake in Africa Automotive Investment and would consider acquiring the remaining stake at an appropriate time. He, however, did not spell out how much money was involved in hiking the stake in the joint venture, while denying speculation that the South African joint venture, like other local motor firms, was reluctant to make further investment
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