British International Investment (BII), the UK’s Development Finance Institution and impact investor and Mahindra & Mahindra (M&M) have executed a binding agreement to invest up to Rs. 1,925 crores each into a wholly owned subsidiary of M&M that will be newly incorporated (“EV Co.”). BII will invest up to Rs 1,925 crores in the form…
Mahindra & Mahindra Ltd., an automotive company, has announced that it has partnered with Practo, India’s integrated healthcare company, to empower its employees and their family members with signature corporate health and wellness plans. According to a statement, “The health plans will provide convenient, affordable, and 24*7 access to high-quality care. From online consultations with…
The Mahindra Group has announced the appointment of Pratap Bose as the Executive Vice President and Chief Design Officer to lead its newly formed Global Design organization. The new Global Design organization renews Mahindra’ commitment to re-shaping the future of mobility by designing and developing dynamically engineered next-generation authentic products with global appeal, according to…
Mahindra & Mahindra Ltd. (M&M Ltd.), a part of the USD 19.4 billion Mahindra Group, announced that due to the evolving COVID situation in the country, the Company has scaled up its efforts to ensure health and safety of its employees, associates and supporting ecosystem. Accordingly, the Company has decided to prepone the scheduled maintenance…
Mahindra & Mahindra Ltd will put in fresh investments to the tune of Rs 3,000 crore on its electric vehicles business in the next three years, while it looks for more alliances and partnerships in the vertical, according to a PTI report. M&M is working on developing an EV platform by combining the capabilities of…
Ford Motor Company and Mahindra & Mahindra have mutually and amicably determined they will not complete a previously announced automotive joint venture between their respective companies. The decision follows the passing of the Dec. 31 “longstop,” or expiration, date of a definitive agreement the organizations entered into in October 2019. According to the companies, the…
Mahindra & Mahindra has announced the acquisition of a stake in Sampo Rosenlew Oy, a manufacturer of combine harvesters and forest machinery with market presence in Europe, CIS and Algeria. Post-acquisition, Mahindra stake in the company will increase from 74.97% to upto 79.13%, the filing said. With this acquisition, Mahindra’s scale in tractors and Sampo’s…
Fintech company TerraPay recently announced that it has raised $9.6mn from Prime Ventures (VC), IFC – International Finance Corporation, and Partech. The fresh funding follows the disinvestment from Comviva Technologies Ltd, a subsidiary of Tech Mahindra Ltd from the company. Ambar Sur, Founder, and CEO at TerraPay, said in a statement that the company will…
Japanese conglomerate SoftBank, who has been aggressively investing in the Indian start-up system, is reportedly considering buying a minority stake in Mahindra Electric Mobility. According to a Business Standard report, the two companies have begun preliminary talks for an alliance. Mahindra’s Electric Vehicle manufacturing arm is a subsidiary of Mahindra & Mahindra, said a few…
Mahindra First Choice Wheels Ltd, step down unit of automaker Mahindra & Mahindra Ltd, will acquire automotive portal CarandBike.com from NDTV Ltd and other shareholders to further its digital presence. The company will purchase 100% of CarandBike.com for up to Rs 30.45 crore, the automaker said in a stock-exchange filing. NDTV said in a separate…
Mahindra & Mahindra Ltd announced top management succession plans, which will span over the next 15 months. A number of key leaders at Mahindra & Mahindra Ltd. are said to be retiring. The board of the company announced the changes after a structured and rigorous review of top management succession, which has now been ratified…
Mahindra and Mahindra Ltd’s service arm Mahindra First Choice (MFC) Services on Monday announced that the company that it has entered into an asset acquisition agreement with Carnation Auto (India) Pvt. Ltd, a Noida-based aftersales and service company. As a result, MFC Services will acquire key assets of Carnation’s car-servicing business including the trademark ‘Carnation’,…
Mahindra and Mahindra Ltd and Ford India Pvt. Ltd. have signed two definitive agreements on powertrain and connected car solutions on Wednesday, thereby strengthening their strategic alliance that started in September last year. The companies have also signed five Memoranda of Understanding (MoU) earlier this year in March 2018. Under the definitive agreement on powertrain sharing, Mahindra…
Ford Motor Company, the second-largest American multinational automaker headquartered in Dearborn, Michigan has announced on Friday to its 70,000 salaried employees that they will face unspecified job cuts globally as part of the automaker’s $11 billion restructuring. On July 25, Ford’s Chief Executive Officer Jim Hackett announced that the company is planning on a restructuring but,…
Mahindra South Africa has opened its new training center in Centurion, Gauteng Province of South Africa. The facility is located near the company’s head office and has been set up towards supporting the business growth strategy in the continent. Mahindra South Africa, was set up in 2004 to ensure company’s foray in a key international…