Eicher Motors Limited (EML) has announced that the board of directors of Eicher Polaris Private Limited (“EPPL” / “Company”), EML’s equal joint venture with US-based Polaris Industries Inc., at a meeting held on March 9, 2018, passed a resolution to close the operations of EPPL with immediate effect, a company statement said.
EPPL was incorporated in October 2012. In June 2015, the Company launched “Multix”, India’s first personal utility vehicle, purpose-built for the independent businessman. Given its unique positioning and differentiated product features, Multix initially generated significant interest from customers. However, the initial interest could not be sustained and the subsequent sales performance was significantly slower than the Company’s expectations. Despite several initiatives, the Company’s performance could not be revived. Hence, the board of EPPL has concluded that in the present circumstances, it is in the best interest of all stakeholders to close the operations of the Company.
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