Mahindra & Mahindra Ltd (M&M) is an India-based company. The company operates in nine segments: automotive segment comprises of sales of automobiles spare parts and related services; farm equipment segment comprises of sales of tractors spare parts and related services; information technology (IT) services comprises of services rendered for IT and telecom; financial services comprise of services relating to financing leasing and hire purchase of automobiles and tractors; steel trading and processing comprises of trading and processing of steel; infrastructure comprise of operating of commercial complexes project management and development; hospitality segment comprises of sale of timeshare; Systech segment comprises of automotive components and other related products and services and its others segment comprise of logistics after-market two wheelers and investment. Mahindra & Mahindra Ltd was incorporated on October 2 1945 with the name Mahindra & Mohammed Ltd. The company was renamed as Mahindra & Mahindra Ltd in the year 1948. The steel trading business was commenced in association with suppliers in UK. In the year 1950 the company commenced the first business with Mitsubishi Corporation and 5000 tons of wagon building plates from Yawata Iron & Steel were supplied.In the year 1953 Otis Elevator Company (India) was established. A joint venture was made with Rubery Owen & Company Limited UK and established a company under the name of Mahindra Owen. The company's Machine Tools Division was commenced its operations in the year 1958. In the year 1960 Mahindra Sintered Products Limited was established based on a joint venture with Bir Field (GKN Group UK). In the year 1962 Mahindra Ugine Steel Company was established as a joint venture between the company and Ugine Kuhlmann France. In the year 1963 International Tractor Company of India was established as a joint venture with International Harvester Company USA. In the year 1965 the company entered into light commercial vehicles segment. They established Vickers Sperry of India Ltd a joint venture with Sperry Rand Corporation USA. In the year 1969 the company entered the world market with export of utility vehicles and spare parts. In the year 1977 International Tractor Company of India merged with the company and became its Tractor Division. In the year 1982 Mahindra brand of tractors were launched and also became the market leader in the Indian tractor market. In the year 1991 the company introduced commander range of vehicles in the market. Also they established Mahindra Financial Services Ltd as a wholesale fund provider.In the year 1995 Mahindra Holding & Finance Limited became a subsidiary of the company to carry out business as an investment company. The company made a technical collaboration with Mitsubishi / Samcor to manufacture the Mitsubishi L300. In the year 1996 Mahindra Ford India Limited was established a joint venture with Ford Motor Company USA to manufacture passenger cars. In the year 1999 the company acquired a major stake in Gujarat Tractors and renamed it Mahindra Gujarat Tractors Ltd. Also Mahindra & Mahindra Financial Services Ltd became a subsidiary of the company. In the year 2000 the company set up their first satellite tractor plant at Rudrapur. They launched a new age tractor Mahindra Arjun 605 DI (60 HP) in the market. Also they launched Bolero GLX (a utility vehicle) in response to the needs of urban consumers. In the year 2001 the company launched Champion a 3-wheeler diesel vehicle. They launched Mahindra MaXX a multi-utility vehicle positioned with the caption 'Maximum Space Maximum Comfort'. They made a tie up with Renault for Petrol Engines.In the year 2002 the company launched Scorpio a new generation world-class sports utility vehicle. In the year 2003 they launched Invader a sporty open top vehicle and MaXX Pik Up. They set up second tractor assembly plant in USA. They ventured into Industrial engine business. Also they launched India's first Turbo tractor Mahindra Sarpanch 595 DI Super Turbo.In the year 2004 the company launched Bolero and Scorpio in Latin American Middle East and South African markets. They signed an MoU to enter into joint venture with Jiangling Motor Company Group (JMCG) of China to acquire tractor manufacturing assets from Jiangling Tractor Company a subsidiary of Jiangling Motor Company Group.In the year 2005 the company acquired 51% stake in SAR Transmission Private Limited a company engaged in manufacture of gears and transmission shafts. The company became the first Indian auto manufacturer to launch the Common Rail Diesel Engine (CRDe) offering it in the Scorpio. They acquired 80% stake in the joint venture with Jiangling Motors i.e. in Mahindra (China) Tractor Company. They established Mahindra Renault Ltd a joint venture with Renault to manufacture and market Logan a mid-sized sedan in India. Also they established Mahindra International Ltd a joint venture with International Truck and Engine Corporation to manufacture trucks & buses in India.In the year 2006 the company acquired the Stokes Group of UK the largest automotive forgings company in the UK. They launched the Scorpio V-series. In July 2007 the company launched the Mahindra Pik-Up (double cab) in Chile. In November 1 2007 a wholly owned affiliate of Navistar International Corporation signed a joint venture agreement with the company to produce diesel engines for medium and heavy commercial trucks and buses in India.In the year 2008 the company introduced FuelSmart system in Bolero and Scorpio SUVs. They entered into JV with TMI Pacific in Australia. In the year 2009 the company launched Xylo. Also they launched New Mighty Muscular Scorpio in the market.During the year 2009-10 the company hived off Mahindra Defence Systems Division into a wholly owned subsidiary Mahindra Defence Land Systems Pvt Ltd (now rechristened as Defence Land Systems India Pvt Ltd) with effect from July 1 2009. Also the company signed a joint venture agreement on November 30 2009 with BAE Systems Plc. to form a 74:26 Joint Venture for defence land systems products. The company divested 46.66% of the equity share capital in Mahindra Gears & Transmissions Pvt Ltd in favour of ICICI Venture Fund. As per the scheme of arrangement between the company and Mahindra Shubhlabh Services Ltd the Agri Inputs Business of along with other common assets and liabilities of MSSL was de-merged and transferred into the company.During the year 2010-11 the company acquired Ssangyong Motor Company (SYMC) a premier manufacturer of sports utility vehicles and recreational vehicles in Korea. Also the company acquired 38% of the paid-up equity share capital through a Preferential Allotment in EPC Industrie' Ltd (EPC) a company listed on the Bombay Stock Exchange Limited. In February 2010 the company had launched Maxximo in a very competitive small 4-wheeler cargo segment (0.75 Ton). In June 2011 Bristlecone International AG became a subsidiary of the company.In 2012 the company entered the Kenyan passenger vehicles market with the launch of their utility vehicles XUV500 and Scorpio. Other vehicles include pick-up range Genio and Maxximo mini-truck. The company also signed an agreement with Telephonics Corporation to form a joint venture named as Mahindra-Telephonics Integrated Systems Limited.In 2013 the company inked partnership with online shopping portal Snapdeal.com to sell its two-wheeles on the site. The company launches new visual identity reflecting modernity and dynamism. The company launches the Verito Executive edition. The company unveils the new Maxximo Plus Mini-truck in Bengaluru and Chennai. The company expands dealership network across India. The company launches the new Bolero Maxi Truck Plus - The Perfectly Styled City Pick-up in Ahmedabad. During the year Mahindra Two Wheelers wins 3 Awards at the CMO Asia - Manufacturing Excellence Awards 2013. Mahindra 2 Wheelers opens new dealership in Zirakpur Punjab.In 2014 the company introduces 'Yoga Seats' in Quanto Compact SUV. During the year the company signs MoU with Government of Bhutan to promote usage of Electric Vehicles in the country. Mahindra Defence Naval Systems Inaugurates new Chakan plant. Mahindra Integrated Business Solutions signs MoU with CARE Advisory. Mahindra Logistics acquires majority stake in LORDS Freight (India) Pvt. Ltd. In 2015 Mahindra & Mahindra Ltd Mahindra Two Wheelers and Peugeot Motorcycles complete strategic partnership. Mahindra inaugurates its extended automotive manufacturing facility at Zaheerabad in Telangana. During the year under review Mahindra & Mahindra & Mitsubishi Heavy Industries enter into Strategic Partnership in Agricultural Machinery. The company launches all new mini-truck 'Jeeto' small commercial vehicle landscape in India. During the year the company has set up an Africa-focused business unit to maintain double-digit growth levels in the continent. The company launches its tough & stylish true blue SUV - TUV 300. Mahindra & Mahindra Mitsubishi Agricultural Machinery and Mahindra announce Start of their Strategic partnership. Mahindra Introduces the All New Automatic Transmission of The New Age XUV500. Pininfarina S.p.A ('Pininfarina') an automotive design and engineering services company was acquired by the Mahindra group during the year under review.On 18 December 2015 M&M announced KUV100 (pronounced as KUV `1 double Oh') as the brand name of its compact sports utility vehicle codenamed S101. The company also unveiled an all new world-class engine family named mFALCON marking its entry into the ground up petrol space.On 17 February 2016 M&M announced that its young sports utility vehicle KUV100 has crossed 21000 bookings in just a month post launch. On 8 March 2016 Ssangyong Motor announced the launch of an upgraded version of its sport utility vehicle Tivoli under the model name Tivoli Air in Seoul South Korea. On 22 March 2016 the Agri Business vertical of M&M announced the launch of its branded milk under the Saboro brand. On 31 March 2016 M&M announced its foray into the global combine harvester business by entering into a strategic partnership with Sampo Rosenlew a combine harvester company based in Pori Finland. Under the transaction M&M will acquire a 35% equity stake in Sampo Rosenlew. The two companies will work in tandem to grow their combine harvester business globally.On 4 April 2016 M&M announced the launch of a new sports utility vehicle NuvoSport. On 5 April 2016 M&M announced the launch of Mahindra YUVO a new age and superior technology range of tractors in the 30-45 HP category. On 15 April 2016 M&M announced its entry into the UK automotive market with the launch of the innovative e2o electric city car in London. On 25 April 2016 M&M announced the launch of the limited edition Scorpio Adventure variant. On 9 May 2016 M&M announced the introduction of the Automatic Transmission (AT) in the W6 FWD variant of its sports utility vehicle XUV500. On 12 May 2016 M&M announced the launch of a more powerful avatar of its sports utility vehicle TUV300 with the all new mHAWK100 engine.On 2 June 2016 M&M announced the launch of its innovative new eVerito - the all-electric zero-emissions sedan. M&M said that the vehicle can be fast charged in 1 hour 45 minutes (0-80%) and a full charge lasts 110 kms. On 28 July 2016 M&M announced the launch of its first custom hiring centre for farm equipment under its TRRINGO initiative. TRRINGO a unique and first-of-its-kind farm equipment aggregator service allows farmers to rent tractors and other mechanized farm equipment to complete their farming requirements without major investments.On 8 August 2016 M&M's 100% subsidiary Mahindra Agri Solutions announced the launch of 4 new varieties of branded pulses under its NuPro brand in Mumbai. On 11 August 2016 M&M announced that its small commercial vehicle Jeeto the modular range of 8 mini-trucks has garnered a market share of 20% within just a year of its launch.On 26 September 2016 M&M announced the introduction of DiGiSENSE a revolutionary connected vehicle technology solution in its small commercial vehicles Jeeto and Imperio. DiGiSENSE technology will be available in the X7 16 (BS4) variant of Jeeto and SC VX & DC VX variants of Imperio. M&M said that the connected vehicle technology solution will enhance productivity of these vehicles thereby opening up a whole new dimension to the experience of vehicle ownership. M&M became the first OEM in India to offer a cloud-based technology platform in the category of small commercial vehicles.On 27 September 2016 M&M announced the introduction of its new mild hybrid technology `Intelli-Hybrid' on its sports utility vehicle Scorpio for Delhi and NCR. M&M said that the modern technology Intelli-Hybrid reduces fuel consumption by up to 7%. On 21 October 2016 M&M announced the national launch of its new electric CitySmart car the `e2oPlus'.On 25 October 2016 M&M unveiled plans to refocus its two wheeler business to target premium niche segments. With the acquisition of Classic Legends M&M aims to co-create a lifestyle mobility company with exciting and relevant partners across products & services and enter into previously untapped segments using iconic brands like BSA and JAWA.On 21 November 2016 M&M announced the inauguration of its state of the art spare parts warehouse in Mahindra World City (MWC) Jaipur. As one of the largest most modern warehouses in the country and the company's first in northern India it will cater to the requirement of Mahindra customers in north and north western region of the country for both automotive and tractor spare parts.On 20 January 2017 M&M announced its foray into Turkey through the acquisition of Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar) a farm equipment company based in Turkey. Under the transaction M&M will acquire a 75.1% equity stake in Hisarlar. Hisarlar clocked revenue of 208 million Turkish Lira in 2015.On 10 February 2017 M&M announced that it plans to make an investment of Rs 1500 crore at its Nasik and Igatpuri plants in Maharashtra. The project constitutes development and manufacture of its new product codenamed U321 covering joint investment at Nasik and Igatpuri. The investment in the Nasik plant will be towards manufacture of vehicles while investment in the Igatpuri plant will be for manufacture and supply of engines.On 15 February 2017 Mahindra Truck & Bus Division (MTBD) announced the launch of Delhi-Mumbai Service Corridor to make service available at every 60 km across the industrial corridor. On 15 February 2017 M&M announced that it has introduced DiGiSENSE a revolutionary connected vehicle technology solution in its leading tractor brand Arjun Novo. This will enhance productivity of the farmers using Arjun Novo and will also provide them with a new ownership experience M&M said. On 16 February 2017 M&M announced the launch of 7 new products simultaneously under its Supro platform. The company launched 4 new variants of its stylish and spacious passenger carrier namely Supro Minivan Supro Minivan VX Supro Minivan CNG and Supro School Van and 3 new variants of its modern load carrier Supro Minitruck Supro Minitruck CNG and Supro Cargo.On 5 April 2017 M&M announced the launch of new age superior technology small tractor platform in the sub 25HP category under the brand JIVO. M&M said that JIVO is suitable for row crop and horticulture farming.On 19 April 2017 M&M announced the introduction of a host of innovative features in its sport utility vehicle XUV500. The new additions include Android Auto Connected Apps Ecosense & Emergency Call and are targeted towards meeting the evolving needs of a tech savvy consumer.On 18 May 2017 M&M and DIMO group announced the launch of the new range of tractors - Mahindra YUVO in Sri Lanka. On 24 May 2017 M&M announced a comprehensive roadmap to invest in globally competitive electric vehicles technology called EV 2.0. On 4 July 2017 M&M announced revised prices of its vehicles pursuant to the implementation of a nationwide Goods and Services Tax (GST). The prices of vehicles for end-customers on large UVs and SUVs were reduced by an average of 6.9% and those for small car segment were reduced by an average of 1.4%. End-customer prices were reduced by an average of 1.1% for small commercial vehicles and 0.5% for LCVs and HCVs. The prices for the end-customers of hybrid vehicles were raised marginally.On 13 July 2017 M&M announced the launch of the Jeeto Minivan its stylish and comfortable passenger carrier developed on the successful Jeeto platform. On 29 July 2017 M&M announced its entry into two new businesses in the Kingdom of Bhutan with the debut of Truck & Bus and Construction Equipment businesses. The company will set up these two new businesses in partnership with M/s Singye Agencies its long-standing partner in Bhutan for more than 25 years.On 24 August 2017 M&M's wholly-owned subsidiary Mahindra Agri Solutions Limited (MASL) announced the launch of an advanced insecticide under the brand name Tromph. The molecule belongs to 3rd Generation technology and is a leading solution for key pests across the world. M&M showcased a full range of its mobility solutions - from 2 wheelers and personal vehicles to small medium and heavy commercial vehicles buses and a range of construction equipment at the 11th edition of Nepal Automobile Dealers' Association (NADA) Auto Show 2016 in Kathmandu from 29 August 2017 to 3 September 2016.On 8 September 2017 M&M announced the launch of the e-Alfa Mini its zero emission all new electric rickshaw for passenger movement. The vehicle was priced at Rs 1.12 lacs (ex-showroom Delhi). On 18 September 2017 M&M and Ford Motor Company announced that they have agreed to explore a strategic alliance designed to leverage the benefits of Ford's global reach and expertise and M&M's scale in India and successful operating model. Mobility electrification and product development are key areas of potential cooperation between the two auto majors. Teams from both companies will collaborate and work together for a period of up to three years. Any further strategic cooperation between the two companies will be decided at the end of that period. On 19 September 2017 M&M announced the national launch of its new electric CitySmart car the `e2oPlus' in Nepal. On the same day M&M's farm equipment division showcased its first ever driverless tractor developed at Mahindra Research Valley in Chennai. At that time M&M said it would commercially launch driverless tractors from early 2018 in a phased manner. On 20 September 2017 M&M announced its second foray into Turkey through the acquisition of Erkunt Traktor Sanayii A.S. (Erkunt) the 4th largest tractor brand in Turkey. Erkunt clocked revenue of USD 88 million for calendar year 2016 and it sold around 4700 tractors during that period. M&M will also acquire a foundry unit Erkunt Sanayi A.S. which is a full service provider from castings to machining. The foundry unit had revenue of USD 47 million during 2016.On 22 September 2017 M&M announced the launch of its first assembly plant in Sonargaon near Dhaka in Bangladesh. The company has set up its CKD (completely knocked down) assembly plant in partnership with Rangs Motors Ltd. On 25 September 2017 M&M announced the launch of the luxurious high-end `T10' variant of its SUV TUV300. On 28 September 2017 M&M announced its plan to deliver 50 units of the eSupro Passenger van to the Himachal Road Transport Corporation (HRTC). As part of HRTC's `Ride with Pride' initiative the battery powered all electric zero emission Mahindra eSupro passenger vans will be used for public transportation in the state of Himachal Pradesh.On 3 October 2017 M&M's construction equipment division announced its foray into the road construction segment with the launch of its first Motor Grader - the Mahindra RoadMaster G75.On 4 October 2017 M&M announced the launch of a new W9 variant of its SUV XUV500. On 10 October 2017 M&M announced the launch of updated version of its SUV KUV100 under the name KUV100 NXT. On 12 October 2017 M&M announced the launch of updated version of Mahindra Pik Up vehicle in South Africa. The Board of Directors of M&M at its meeting held on 10 November 2017 recommended issue of bonus equity shares in proportion of 1:1. On 14 November 2017 M&M's automotive division announced the launch of 6 variants of its sports utility vehicle (SUV) Scorpio with higher power and torque new 6-speed transmission enhanced performance imposing styling and luxurious comfort. It was priced at Rs 9.97 lakh (ex-showroom Delhi for S3 variant). On 14 November 2017 M&M announced a licencing agreement with the Dewulf group for manufacture and marketing of potato planting equipment in India. Under the aegis of this agreement M&M will work with the Dewulf Group to bring its potato planting technology to the Indian market. Dewulf is the world's foremost full-liner in potato and root crop machinery.On 15 November 2017 M&M announced the launch of the all new automatic version of the New Age XUV500 in Dubai in two variants namely the W8 FWD and the W10 AWD. On 20 November 2017 M&M announced the opening of a new North American headquarters and manufacturing operation in Metro Detroit the first such new OEM facility in Southeast Michigan in over 25 years. M&M will manufacture new off-highway vehicles at the new facility. On 24 November 2017 M&M announced that it will collaborate with Uber the global transportation technology company to explore the deployment of electric vehicles (EVs) on the Uber platform in several cities across India. M&M's electric vehicles on the Uber platform will include the e2oPlus hatch and the eVerito sedan.On 5 December 2017 M&M announced the introduction of petrol variant of its premium SUV the XUV500 priced at Rs 15.49 lacs (ex-showroom Delhi). On 14 December 2017 M&M announced that it plans to increase prices of its passenger and commercial vehicles by up to 3% with effect from 1 January 2018. The price hike is due to increase in commodity prices M&M said. On 30 January 2018 M&M's Farm Equipment unit announced the acquisition of a 26% equity stake in M.I.T.R.A. Agro Equipments Pvt Ltd (MITRA) a Maharashtra-based AgTech company which designs and manufactures proprietary sprayers for horticulture crops. M&M will acquire 26% equity stake in MITRA through a fresh infusion of capital into the company.As a part of a series of initiatives under its digital transformation strategy M&M on 31 January 2018 announced an industry first initiative in the automotive retail space with the launch of its 'Bring the Showroom Home' a portable mobile based interactive Virtual Reality experience.On 2 February 2018 Mahindra First Choice Wheels (MFCWL) a diversified used vehicle automotive services provider announced that it has raised a new round of $15 million (Rs 100 crore). The entire investment is in the form of primary capital and will be used to fund its growth over the next 18 months and values the company at $250 million pre money and $265 million post money.