Mahindra Completes Purchase of Navistar's Stake in India Joint Ventures

   Mahindra Completes Purchase of Navistar's Stake in India Joint Ventures

PR Newswire

LISLE, Ill. and MUMBAI, India, Feb. 12, 2013

LISLE, Ill. andMUMBAI, India, Feb. 12, 2013 /PRNewswire/ --Mahindra &
Mahindra Ltd. (M&M) and Navistar International Corporation (NYSE: NAV)
announced today that Mahindra has completed its purchase of the Navistar
Group's stake in Mahindra Navistar Automotives Ltd (MNAL) and Mahindra
Navistar Engines Pvt Ltd (MNEPL). The deal has received regulatory approval in
India and Mahindra has now taken complete ownership of operations and will
continue to sell MNAL and MNEPL products.

(Logo: http://photos.prnewswire.com/prnh/20120127/MM32830LOGO-a)

"Mahindra remains committed to growing its presence in the Indian commercial
vehicle industry with Mahindra's Truck and Engine businesses continuing to
play a critical role in helping us achieve this goal," said Dr. Pawan Goenka,
president, Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd.

"Mahindra has been a valuable partner these last seven years and they are well
equipped to move the MNAL and MNEPL businesses forward as the Indian market
continues to develop," said Troy Clarke, president and chief operating
officer, Navistar. "We thank Mahindra for their collaboration and appreciate
their support in our decision to redirect our resources to other near-term
opportunities for Navistar."

Navistar announced in December 2012 its intention to exit the joint ventures
as part of its "Drive to Deliver" turnaround strategy, which is focused on
strengthening its North American core businesses and pursuing near-term
initiatives to improve the company's return on invested capital (ROIC)
performance.

As announced in December 2012, the agreement allows Navistar to continue
sourcing components from India while Mahindra would continue to provide
engineering services to Navistar. The Navistar group will continue to support
M&M through license agreements and extend necessary support to MNAL and MNEPL
for the purposes of business continuity.

M&M reaffirmed that it is fully committed to the truck and engine companies
and would focus on further leveraging synergies between these two businesses
and the Mahindra Group in order to make the commercial vehicles business a
success. The truck company recently launched a range of new models including
the 25T Tipper with Bogie suspension and integrated applications like 31T Coal
Haulage Tipper and Transit Mixer. Future plans include the launch of
Refrigerated Trucks on the MN25 platform which is a fast growing market.
Mahindra, for its truck business, has 59 dealers and nearly a thousand service
points across India.

About Navistar
Navistar International Corporation (NYSE: NAV) is a holding company whose
subsidiaries and affiliates produce International^® brand commercial and
military trucks, IC Bus^™ brand school and commercial buses and Navistar RV
brands of recreational vehicles. The company also produces proprietary diesel
engines and provides truck and diesel engine service parts. Another affiliate
offers financing services. Additional information is available at
www.Navistar.com/newsroom.

About The Mahindra Group
The Mahindra Group focuses on enabling people to rise through solutions that
power mobility, drive rural prosperity, enhance urban lifestyles and increase
business efficiency.

A USD 15.9 billion multinational group based in Mumbai, India, Mahindra
employs more than 155,000 people in over 100 countries. Mahindra operates in
the key industries that drive economic growth, enjoying a leadership position
in tractors, utility vehicles, information technology and vacation ownership.
In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace,
components, consulting services, defence, energy,financial services,
industrial equipment, logistics, real estate, retail, steel and two wheeler
industries.

In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the
biggest and most powerful listed companies in the world. www.mahindra.com

SOURCE Navistar International Corporation

Contact: Navistar Media Contact, Elissa Koc, +1-331-332-2669,
Elissa.Koc@navistar.com; Mahindra Media Contact, Roma Balwani,
+91-22-24905176, Balwani.Roma@mahindra.com; Navistar Investor Contact, Heather
Kos, +1-331-332-2406, Heather.Kos@navistar.com
 
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