The move, it said, "reaffirms the commitment" of the group to future growth of the French company. The subsidiary currently holds 51 per cent in PMTC. It entered into the collaboration with PMTC, part of Groupe PSA in January 2015.

Homegrown auto major Mahindra and Mahindra (M&M) on Tuesday reported a 21 per cent decline in total sales at 43,343 units in September.

The company had sold 55,022 units in the corresponding month last year, M&M said in a regulatory filing.

Under this scheme, Mahindra's vehicles in Delhi (NCR), Mumbai, Pune, Bengaluru, Hyderabad, Kolkata, Chandigarh and Ahmedabad will be available at a subscription price starting from Rs 19,720 per month.

M&M had in late May announced its plan to invest ` 18,000 crore over the next three years, including `12,000 crore towards capital expenditure and `6,000 crore in its subsidiaries.

Pawan Goenka, managing director, M&M, told reporters that the company has retrenched about 1,500 temporary workers since April 1 this year.

The Indian carmaker has set up a joint venture with Ideal Motors, its dealer partner in Sri Lanka for 10 years. The 65:35 JV between Ideal Motors and M&M is christened Mahindra Ideal Lanka Private Limited, which will operate the assembly plant at Welipenna, about 60 km from Colombo.

In the April-June quarter, Maruti Suzuki, Toyota, Honda Cars India and Tata Motors had cut production by 7-18% year-on-year (y-o-y). This is the second consecutive quarter in which the Mumbai-based automaker will be trimming production.