Mahindra to buy 51 percent in Peugeot scooter unit

MUMBAI (Reuters) - Mahindra & Mahindra Ltd , India's largest utility vehicle maker, said on Tuesday its two-wheeler unit has made a binding offer to acquire a 51 percent stake in PSA Peugeot Citroen's scooters business.

The deal will involve infusion of 15 million euros ($18.93 million) into Peugeot Motorcycles to finance projects, Mahindra said in a statement issued to the National Stock Exchange. The company did not give more information about the transaction.

($1 dollar = 0.7925 euros)

(Reporting by Sumeet Chatterjee; Editing by Sunil Nair)