Eicher Motors Limited, known for being the parent company of Royal Enfield and commercial vehicles, said today in a statement that it will be shutting down its joint venture with US-based Polaris Industries.

The joint venture failed to meet expected sales after initial success. It was an equal venture formed in 2012 to manufacture Multix. It was branded as India's first personal utility vehicle that can carry both passengers and cargo.

"The initial interest could not be sustained and subsequent sales performance was significantly slower than the company's expectations," said Eicher motors' statement on BSE's website.

It further said that its net loss for the year was Rs 918.3 million for the year ended March 2017 and it had invested Rs 2.9 billion in the venture as of December 2017.

It will, however, continue to provide spares and service support to Multix vehicles.