Mahindra & Mahindra Ltd
28 Mar 2024 12:00 AM
Mahindra & Mahindra announces cessation of non-operating subsidiary - Mahindra Mexico,
Mahindra & Mahindra announced that the company currently operates in Mexico through various channels including the distributor channel wherein it continues to operate, sell and service its products including tractors and other farm machinery. The company`s sale of tractors in Mexico has increased by CAGR of 41% over the last 3 years ending FY 2023.The company, through its wholly owned subsidiary Mahindra USA Inc. (MUSA) has a step-down subsidiary Mahindra Mexico S. De. R. L. (Mahindra Mexico) which has been non-operating for over two years. As a part of the organisational structure simplification, Mahindra Mexico had filed for voluntary liquidation.MUSA has today intimated to the Company at 12.57 p.m. that the voluntary liquidation of Mahindra Mexico, has received final approval by the Members of Mahindra Mexico effective 28 March 2024. Consequent to the above, Mahindra Mexico has ceased to be a subsidiary of MUSA and that of the company with effect from 28 March 2024. Upon liquidation of Mahindra Mexico, MUSA is entitled to receive approximately MXN 3.8 million (equivalent to Rs 1.82 crore) as distribution towards 99.99% of shareholding held by MUSA in Mahindra Mexico.Powered by Capital Market - Live News
Mahindra & Mahindra Ltd
01 Mar 2024 12:00 AM
Mahindra & Mahindra tractor sales decline 16% in Feb`24,
Mahindra & Mahindra reported tractor sales of 21,672 units in month of February 2024 compared to 25,791 units in February 2023, recording a decline of 16%. Domestic tractors sales fell 18% to 20,121 units while export rose 32% to 1,551 units. Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra said �We have sold 20121 tractors in the domestic market during February 2024. Southern and western states continue to face agri stress due to erratic and deficient monsoon. However, Rabi crop outlook is very good, with wheat crop likely to be a bumper crop. Harvesting has started in few states with the government supporting early procurement of wheat crop. Continued government support through various rural schemes and enhanced institutional credit will further help boost tractor demand going forward. In the export market, we have sold 1551 tractors, a growth of 32% over last year.�Powered by Capital Market - Live News
Mahindra & Mahindra Ltd
01 Mar 2024 12:00 AM
Mahindra & Mahindra auto sales jump 24% in Feb`24,
Mahindra & Mahindra achieved total auto sales of 72,923 units in month of February 2024, recording a growth of 24%. Total auto sales include exports of 1539 units, lower by 32% on YoY basis. Powered by Capital Market - Live News
Mahindra & Mahindra Ltd
16 Feb 2024 12:00 AM
Volkswagen and Mahindra & Mahindra sign supply agreement,
Volkswagen Group and Mahindra & Mahindra have signed the first supply agreement on components of Volkswagen�s MEB for Mahindra`s purpose-built electric platform INGLO, taking a definitive step further on their joint vision for e-mobility collaboration. The deal covers the supply of certain electric components as well as unified cells. With the agreement, Volkswagen and Mahindra are further deepening their collaboration which started with a partnering agreement and a term sheet in 2022. Both companies will continue to evaluate a potential expansion of the collaboration. Mahindra will be the first external partner to use the groundbreaking unified cell concept, the core element of Volkswagens battery strategy. The supply agreement will run over several years and will have total volume of about 50 GWh over lifetime. Volkswagen Group and Mahindra aim to strengthen their e-mobility footprint in the Indian automotive market and to accelerate the electrification in the region. Mahindra plans to launch five all-electric SUVs in India based on its new, purpose-built electric platform INGLO, starting December 2024. With more than five million new vehicles per year in 2023, India is one of the largest automotive markets in the world. The electrification of the passenger car segment is expected to gain significant momentum in the coming years. Volkswagen`s MEB platform and its components are used by the Group brands Volkswagen, Audi, �koda and SEAT/CUPRA as well as external partners like Ford and Mahindra. The partnership with Mahindra is led by Volkswagen Group Technology and its �Platform Business� unit in close cooperation with �koda Auto Volkswagen India. Powered by Capital Market - Live News
Mahindra & Mahindra Ltd
14 Feb 2024 12:00 AM
Board of Mahindra & Mahindra appoints directors,
The Board of Mahindra & Mahindra at its meeting held on 14 February 2024 has approved the appointment of Padmasree Warrior (DIN: 10387032), Ranjan Pant (DIN: 00005410) and Sat Pal Bhanoo (DIN: 10482731) as an Additional Directors of the Company with effect from 17 May 2024. Powered by Capital Market - Live News
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