Polaris Industries has entered into an agreement with Eicher Motors, Indian commercial vehicle and motorcycle manufacturer, to form a 50-50 joint venture (JV) company.
The new JV will invest $50m to develop and market new products in order to meet the vehicle needs in India and other emerging markets.
Polaris CEO Scott Wine said that the agreement instantly expands and enhances the company's presence in India and supplying access to additional emerging markets around the globe and leverages Polaris' strength in product innovation and vehicle development.
"This joint venture represents an incredible opportunity to develop new vehicles and realize global growth," Wine said.
The JV would use the expertise of both the firms to co-develop new products for emerging markets.
Both the companies Eicher and Polaris plan to jointly build a new manufacturing plant to support the JV, with production expected to commence in 2015.
Eicher is comprised of Royal Enfield and VE Commercial Vehicles (VECV), a 50-50 venture with Volvo.
Established in 2008, VECV produces and markets medium-to-heavy-duty trucks and buses, engineering components and provides engineering design solutions.
