India's Mahindra says no definite plans for Brazil plant
NEW DELHI, June 20 (Reuters) - Mahindra and Mahindra Ltd , India's biggest sports utility vehicle (SUV) maker, said on Friday it had no 'definitive' plans about setting up a manufacturing plant in Brazil, as reported by newspaper.
The Financial Express daily reported on June 17 that Mahindra was considering building a manufacturing plant in Brazil to circumvent local tax barriers, quoting Pawan Goenka, president of the company's automotive division.
"Dr. Goenka has clearly said that it is not in the near plans and hence there is no decision on it yet. The news was of the general nature that in order to sell in Brazil, Mahindra will have to look at local manufacturing," the company said in a statement to the National Stock Exchange.
"It does not talk about any definitive plans to set up manufacturing in Brazil and as such this article does not have any material impact on the company," Mahindra added. (Reporting by Aditi Shah; Editing by Gopakumar Warrier)
© Thomson Reuters 2016 All rights reserved.