M&M raises Rs 1.11 crore by auctioning new Thar for Covid-19 relief work

Domestic auto major Mahindra & Mahindra said it has raised Rs 1.11 crore from online auctioning of the first unit of all-new version of SUV Thar, which is set to be launched on October 2

Domestic auto major Mahindra & Mahindra Ltd on Wednesday said it has raised Rs 1.11 crore from online auctioning of the first unit of all-new version of SUV Thar, which is set to be launched on October 2.

Mahindra has matched the amount raised at the auction and the total proceeds of Rs 2.22 crores will be donated towards coronavirus pandemic relief work, a release said.

The idea of the auction was to harness Thar's iconic status to galvanise the country during this trying time and aid its fight against COVID-19 pandemic, it said.

The online auction, which lasted for six days, witnessed almost 5,500 registrations from nearly 550 locations across the country.

The auction reserve price was set at Rs 25 lakh, and the winning bid was placed at Rs 1.11 crore, M&M Ltd in the release.

The winner has chosen Swades Foundation to receive the entire proceeds from the auction and support COVID-19 relief work, it added.

"It is heartening to see the interest and generosity that this auction for the all-new Thar#1 has garnered from across every corner of the country. We will be contributing an amount equal to the bid amount, to the Swades Foundation, which is the winner's charity of choice," said Pawan Goenka, MD and CEO, Mahindra & Mahindra Ltd.

The hard-fought auction garnered interest among several bidders, including those from big cities and small towns, it said.

According to the company, there were 37 bidders who put their top bid value at more than Rs 50 lakhs and four bidders placed their top bids at over Rs 1 crore.