Mahindra & Mahindra (M&M) plans to invest about $36.3m to $45.4m in the next three years to maintain and upgrade the products developed during the joint venture (JV) with US-based Navistar in India.
The plan followed the agreement made in December 2012 to acquire Navistar Group's stake in Mahindra Navistar Automotives Limited (MNAL) and Mahindra Navistar Engines Private Limited (MNEPL) in India.
M&M automotive division president Pawan Goenka said that after the acquisition, the branding of MNAL products would change.
"The Navistar Group will continue to provide technical support for developing engines," Goenka added.
"But as far as development of commercial vehicles is concerned, we do not require any assistance and Navistar had not been providing us with any support for the last one and a half years."
Mahindra has sold 3,500 trucks in 2012 in India and aims to sell 40,000 to 50,000 trucks in the next three to four years, while the company also plans to launch the 16t bus and a commercial vehicle in the 9-16t segment.
