Classic Legends Private Limited, a subsidiary of Mahindra and Mahindra Limited, has announced a 50:50 joint venture agreement with Tube Investments of India Limited, part of Murugappa Group. Under the new alliance, the primary focus will be the use of BSA Marks in India for motorcycles and the corresponding parts and accessories that are manufactured and sold by Classic Legends.
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Under the new tie-up, Classic Legends and Tube Investments both will make an initial investment of Rs 50,000 each in the equity shares with a face value of Rs 10 per share. The main terms of the agreement include capital structure, board of directors, reserved matters, management of the JVC and intellectual property. The board of directors will comprise four directors, two of whom will be nominated by Classic Legends and the other two by Tube Investments.
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Tube Investments is a multifaceted manufacturer and marketer specialising in a wide range of products, including bicycles and their components, fitness equipment, and automotive parts such as car door frames, transmission systems, and engine components for both four-wheelers and two-wheelers. Additionally, they produce automotive and industrial chains, as well as precision steel tubes and strips. On the other hand, Classic Legends, a subsidiary of Mahindra & Mahindra, sells motorcycles under the Jawa and Yezdi brands in India.
