M&M, TMI Pacific to form Australian subsidiary

Mumbai: Mahindra & Mahindra and its Australian distribution partner TMI Pacific are coming together to form an Australian subsidiary. They have entered into an agreement to form the new venture Mahindra Automotive Australia, which will continue the marketing, promotion and retail of Mahindra vehicles in Australia.

Mahindra will hold an 80 per cent stake in the new joint venture, while TMI Pacific will retain the rest.

TMI Pacific has been selling Mahindra-branded utility vehicles in Australia for the past 18 months. Mahindra had launched pick-up vehicles in Australia last year.

Under the new structure, which will come into effect this week, Mr Michael Tynan, Chairman of TMI Pacific and Tynan Motor Group of companies, will become a director of the new company. Chief Operations Officer, Ms Claire Tynan, has been appointed as CEO, while the current team of head office staff and network of dealers around the country will remain unchanged, said a company release here.