Eicher Motors is shutting down its joint venture with US-based Polaris Industries as sales failed to meet expectations after the initial success. Photo: BloombergBengaluru: Eicher Motors Ltd on Monday announced its decision to shut its joint venture (JV) Eicher Polaris Pvt. Ltd (EPPL) with US-based Polaris Industries Inc. as sales of its personal utility vehicle Multix dropped to unsustainable levels. During the year ended 31 March 2017, EPPL’s net loss amounted to Rs91.83 crore, 50% of which was consolidated with the net profit of Eicher Motors. At 11.36am, Eicher Motors shares traded 0.85% higher at Rs28,110.60 on BSE, while the Sensex gained 0.86% to 33,593.77.

Source: Mint March 12, 2018 06:33 UTC