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New Delhi, Mar 17 (UNI) Top utility vehicle maker Mahindra&Mahindra (M&M) today said it is all set to venture in the medium and heavy commercial vehicle space with the launch of trucks in the second half of 2007.

''Our trucks will be in the range of 7.5 tonne to 33 tonne, which would be developed over the next three years. The first set of which would be out before July 2007,'' M&M president, automotive sector, Dr Pawan Goenka, said here.

M&M has forged a 51:49 joint venture with Navistar Inc's International Truck and Engine Corporation of USA for manufacturing medium-sized and heavy trucks. The new entity is called Mahindra International.

Dr Goenka said that the new company will make an investment of Rs 400 crore over next three years.

The company is also in the process of finalising the place for setting up a manufacturing facility for the new venture.

Meanwhile, M&M has decided to raise 200 million dollars through a foreign currency convertible bonds (FCCB) issue.

The funds raised will be used to finance export initiatives and globalisation plans, potential acquisitions in the domestic and overseas markets, development and absorption of new technology, capital expenditure, new product development and for such other corporate purposes.

Without divulging much on acquisition plan of M