Rumour: Mitsubishi India fails to find partner

Mitsubishi is said to be in a precarious position financially and needs to find a new partner that could infuse cash into its ailing business.

Mitsubishi was said to be in talks with a Jamshedpur-based component manufacturer for a possible partnership. In what could be described as a major blow to the company's ambitions, it seems the deal has now been called off.

The news about Mitsubishi looking for a new partner in India first broke in June last year. Talks were said to be in the advanced stages and the carmaker was hoping to secure an investment of Rs. 500 crore.

According to a recent report, Mitsubishi is in a precarious position financially and needs to find a new partner that could infuse cash into its ailing business or risk closure.

In response to this report, Mitsubishi stated that the company has been working on multiple BS6 models. However, the development has been delayed due to the pandemic. The company also confirmed that its dealerships in 20 locations are providing after-sales service to customers.

Source: Express Drives