Eicher Motors ends JV with US-based Polaris

The decision was taken in a meeting held last week on Friday (March 9), Eicher Motors said. 

“The initial interest (among customers) could not be sustained, and subsequent sales performance was significantly slower than the company’s expectations,” it said in a BSE filing, adding: “The board of EPPL has concluded, in the present circumstances, it is in the best interest of all stakeholders to close the operations of the company.” EPPL was incorporated in October 2012 and in June 2015, it launched a personal utility vehicle, “Multix.” But, it will continue to provide spares and service support for the fleet of Multix vehicles on the road. “As of December 31, 2017, EML (Eicher Motors) had invested Rs 289.50 crore in EPPL,” it said.