JSA and PRA lead on Eicher Motors-Polaris Industries JV

Eicher Motors, a leading manufacturer of commercial vehicles and motorcycles in India has signed a strategic joint venture agreement with US-based powersports major Polaris Industries in relation to the manufacturing of personal vehicles for India and other emerging markets..The joint venture agreement envisages a 50:50 equity participation to set up a greenfield project in the automotive sector. The overall investment in the joint venture company over a three-year period will be approximately Rs. 250 crore ($44.5 million)..J. Sagar Associates advised Polaris Industries with a team led by Partner Shivpriya Nanda along with Senior Associate Sujoy Bhatia..PRA Law Offices advised Eicher Motors with a team led by Partners Premnath Rai and P. Srinivasan..According to Business-Standard, the manufacturing facility will be located in India and the JV partners are currently evaluating locations to set up the plant, which is expected to start production in 2015..The JV will bring together Eicher’s expertise in frugal engineering, lean business model and understanding of emerging markets along with product development capabilities and reliability of Polaris..Polaris is a recognized leader in the powersports industry. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles (ORVs), including all-terrain vehicles (ATVs) and the Polaris RANGER® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.