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The board of Eicher Polaris Pvt Ltd (EPPL), has passed a resolution to close operations of the JV firm with immediate effect.
EEPL, which is an equal JV between both firms, was incorporated in October 2012. In June 2015, the EEPL had launched Multix, a personal utility vehicle purpose built for independent businessman.
Multix got significant response from the customers initially, but it was not able to sustain the interest of customers and its performance was significantly slower than EEPL’s expectations.
EEPL’s performance could not be revived, despite several initiatives. So, the board of the company decided to close its operations and the company will continue to provide spares and service support for the fleet of Mutlix vehicles on road.
Further, the company will meet all its valued stakeholder’s, in coming days to implement the closure and the sums invested so far, together with additional investments, required to close down the operations, shall be written down in accordance with the applicable regulations.
