Mahindra two-wheelers bids for Peugeot Citroen's scooters

Automobile major Mahindra & Mahindra's two-wheeler subsidiary Tuesday said that it has made a binding offer to acquire a majority stake in PSA Peugeot Citroen's scooter business.

According to a company filing at the National Stock Exchange (NSE), Mahindra made the offer to acquire a 51 percent stake in the company for 15 million euros ($18.93 million).

However, the company did not divulge any more information about the transaction.