Mahindra plans to form $3 billion JV with China's Shaanxi: Report

Mahindra & Mahindra and China's Shaanxi Automobile Group have agreed to form a $3-billion joint venture to build a car manufacturing plant in Gujarat, Reuters reported. Mahindra, which will own the majority stake in the venture, has reportedly sought a government nod for the Chinese investment. "The article is unfounded and there is no truth in the matter," Mahindra said.