Page 4 - Mahindra Group

M&M Finance appoints Mahesh Rajaraman as CRO, to replace Mallika Mittal

Mahindra & Mahindra Financial Services on Tuesday said it has appointed Mahesh Rajaraman as Chief Risk Officer (CRO) of the company with effect from August 1, 2024. In a regulatory filing, Mahindra Finance said Mallika Mittal has tendered her resignation and ceased to be the CRO of the company with effect from May 17. Mittal would be exploring opportunities externally as per her resignation letter. Her resignation would be effective from close of business hours on November 16, 2024, when she would cease to be employee of the company, it added. The Non-banking Finance Company (NBFC) said in the interim period that Gaurav Verma, Head Underwriting & Product Policy, would exclusively oversee the risk management function and would be responsible for the responsibilities under the role of CRO until Rajaraman joins as the CRO. Rajaraman, who has been appointed for a 5-year term, holds 29 years of experience in the banking sector with demonstrated ability in leading and building ...

Former Tech Mahindra vice chairman Vineet Nayyar passes away aged 85

Anand Mahindra, Chairman of the Mahindra Group, penned an emotional tribute following the passing of 'his friend' Nayyar, describing him as a towering figure in the Indian business landscape

Mahindra Lifespace FY24 results: Profits slip; sales at record Rs 2,328 cr

Mahindra Lifespace Developers Ltd has reported a marginal decline in consolidated net profit to Rs 97.89 crore during the last fiscal year on lower income. Its net profit stood at Rs 101.43 crore in the preceding year. According to a regulatory filing on Friday, the company's total income fell to Rs 279.12 crore last fiscal from Rs 659.56 crore in 2022-23. Mahindra Lifespace is the real estate and infrastructure development business of Mahindra Group. During the fourth quarter of last fiscal, the company's consolidated net profit surged to Rs 71.15 crore from just Rs 55 lakh in the year-ago period. Total income declined to Rs 54.60 crore in the quarter as against Rs 270.26 crore in the year-ago period. Amit Sinha, Managing Director & CEO, Mahindra Lifespace Developers, said, "We closed FY24 with our highest ever annual sales driven by successful launches throughout the year." Additionally, he said the company closed 2023-24 fiscal year with over Rs 4,400 crore of GDV (gross ...

Mahindra Logistics Q4 loss widens to Rs 12.85 cr on subdued volume growth

The company declared a dividend on Rs 2.50 per share

Mahindra Group to invest nearly Rs 1,200 cr in renewable energy projects

Mahindra Group will develop a 150 MW hybrid RE (Renewable Energy solar + wind) project at a total project cost of about Rs 1,200 crore, said Mahindra Susten

Mahindra Lifespace to invest Rs 6,000 crore in residential business by FY28

It is also setting sight on housing society redevelopments, and the acquisition of land parcels on an outright basis

Anand Mahindra bats for making life simpler for Indian innovators

The PLI schemes are on the right path providing a runway for businesses to foray into new sectors and industries, he said

Tata Motors, M&M, Ola Electric to get double benefit of auto PLI, FAME

These three firms were receiving subsidies under the ongoing Faster Adoption & Manufacturing of Electric Vehicles in India (FAME India) scheme, valid till this month

Private capex in India poised for take off: Mahindra Group CEO Shah

Private capex in India is poised to take off with the country's "amazingly strong" growth so far, led by government spending, set to attract investments, Mahindra Group CEO and Managing Director Anish Shah said on Monday. The current lower demand from rural markets is not a cause for worry as it is a part of India's growth story, although the country has witnessed a K-shaped recovery after the pandemic, said Shah while speaking at the News9 Global Summit. In the last few years, it has essentially been the government that's really driving the economic growth till this point of time, said Shah, who is also the President of industry body Ficci. On the reasons for lack of private investment, he said, "There are multiple factors. We have gone through a time when there are huge amounts of uncertainties around the world. Suddenly, when you feel things are back and stable again, something else happens. So, that has resulted in companies pulling back to some extent." However, he said, "If y

Mahindra & Mahindra to use Volkswagen electric components, battery cells

The Indian company will be the first external partner to use the unified cell, a new cell technology that Volkswagen plans to use for 80% of its battery cells and promises will reduce costs by half

Mahindra Group appoints Amarjyoti Barua as group chief financial officer

Mahindra Group on Friday announced the appointment of Amarjyoti Barua as its Group Chief Financial Officer with effect from May 17 this year. He will be replacing Manoj Bhatt, who is appointed as Managing Director and CEO of Mahindra Holidays & Resorts India Ltd (MHRIL) succeeding Kavinder Singh, the company said in a statement. The change of guard at MHRIL comes following Singh's resignation, according to Mahindra Group. Appointments of Barua and Bhatt are effective from May 17. Currently, Barua is serving as Executive Vice President for Group Strategy. "Talent Development is a key priority at the Mahindra Group, which has enabled us to attract and retain top talent. In addition to world-class development programs, we have mapped career paths for each leader, which include experience across multiple roles," Anish Shah, Group CEO and Managing Director of M&M, said. The company also said, Vimal Agarwal, CFO of Mahindra Lifespaces Developers Ltd (MLDL), will move as CFO for ...

Mahindra announces key leadership appointments, top management reshuffle

Kavinder Singh, MD and CEO of Mahindra Holidays & Resorts India Limited (MHRIL) will complete his tenure with the Group on May 16, 2024

Walt Disney, Mahindra group officials join USISPF Board of Directors

Walt Disney and Mahindra group officials have joined the Board of Directors of US India Strategic and Partnership Forum, which the organisation said is testimony to the success story of American companies in India and a growing presence of Indian conglomerates in the US. The two officials are Dorothy Attwood, senior vice president of Global Legal, Policy and Compliance for The Walt Disney Company, and Amarjyoti (Amar) Barua, Executive Vice President (EVP) of Group Strategy at the Mahindra Group to the Board of Directors, the US India Strategic and Partnership Forum (USISPF) said in an announcement. Attwood, in her current role, is responsible for the company's international legal and government affairs functions around the world, outside of the US, and leads strategic public policy initiatives as well as ESG and Sustainability globally across all business segments. Attwood also leads the Privacy Legal Department and the Government Ethics and Compliance Group enterprise-wide. Barua

Mahindra expects to sustain growth momentum in SCV segment in FY25

Mahindra & Mahindra expects to sustain growth momentum in the small commercial vehicles segment in the next fiscal, as it looks to keep refreshing the range as per customer needs, a senior company official said on Thursday. The company on Thursday introduced the new Supro Profit Truck Excel series, available in both diesel and CNG Duo variants, priced between Rs 6.61 and Rs 6.93 lakh, respectively. The Small Commercial Vehicles (SCVs) are designed to cater to the needs of last-mile connectivity. "We are expecting the industry to grow 5-10 per cent next fiscal and we would like to do better than that," Mahindra Auto Vice President and Head of Sales Baneshwar Banerjee told PTI. He said the company keeps working towards continuous interventions in its product range as per customers' requirements. As part of that, the company plans to introduce air conditioning in its pick-up range in the coming months, Banerjee said. He noted that while the industry has witnessed a 22 per cent dip

Mahindra Group-backed infra investment trust trading debut on Monday

SEIT raised 13.65 billion rupees in the offer, while Mahindra Susten, the green energy arm of the tractors-to-financing conglomerate Mahindra Group, raised 8.98 billion rupees, according to statement

Mahindra World City signs deal with Tamil Nadu to invest Rs 1,000 cr

Real estate and infrastructure company says agreement will lead to jobs for more than 2,000 people

NIIF's India-Japan Fund to put Rs 400 cr in M&M's last-mile mobility arm

IJF will invest Rs 400 crore at a valuation of up to Rs 6,600 crore, resulting in ownership ranging between 6.06 per cent and 8.25 per cent stake in MLMML

IT major Tech Mahindra announces appointment of Richard Lobo as CHRO

Lobo replaces Harshvardhan Soin, who takes over the role of president- Asia Pacific & Japan effective January 3

Automobile major M&M gets Rs 4.12 crore tax penalty; company to challenge

Mahindra & Mahindra on Friday said it has been imposed a penalty of Rs 4.12 crore over input tax credit claim and education cess credit balance carry forward from pre-GST regime to GST regime in relation to its two-wheeler business. In a regulatory filing, Mahindra & Mahindra said it has received an order from the office of the Deputy Commissioner, State Tax, Audit Wing, Indore-01, Madhya Pradesh imposing a penalty amounting to Rs 4,11,50,120 to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with the company. One of the reasons for imposing the penalty is that the "invoices basis which Input Tax Credit (ITC) has been claimed by MTWL are not reported by vendors in GST returns and thus are not appearing in auto populated GSTR-2A". Also, another reason is that the "carry forward of Education Cess credit balance (is) not allowed from pre-GST regime to GST regime". Based on its assessment, M&M said "an appeal

Mahindra & Mahindra gets Rs 56 lakh tax penalty, company to challenge

Mahindra & Mahindra Ltd on Thursday said it has been imposed a penalty of over Rs 56 lakh for wrongly carrying forward input service distributor credit available in pre-GST into GST regime with regards to its two-wheeler business. The company has received an order from the office of the Assistant Commissioner, Division-IV, CGST & Central Excise, Ahmedabad South imposing a penalty amounting to Rs 56,04,246 in relation to the two-wheeler business of Mahindra Two Wheelers Ltd (MTWL), which was demerged from MTWL and has since been merged with M&M, Mahindra & Mahindra said in a regulatory filing. "The order has been passed on the basis that closing balance of Input Service Distributor (ISD) credit available in pre-GST regime was wrongly carried forward into GST regime," it added. The company further said based on its assessment, an appeal will be filed and it is "hopeful of a favourable outcome at the appellate level and does not reasonably expect the said order to have ...