Page 9 - Mahindra Group

Mahindra Defence Systems bags Indian Navy contract worth Rs 1,349.95 crore

Mahindra & Mahindra Ltd on Friday said group firm, Mahindra Defence Systems Limited (MDS) has bagged a contract worth Rs 1,349.95 crore for manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of Indian Navy from the Indian government. Competitive bids from Indian companies were invited by the Ministry of Defence (MoD) through open tender wherein the systems fielded were put through detailed trials at sea to prove their capability, Mahindra & Mahindra said in a regulatory filing. Mahindra Defence would be supplying 14 IADS systems for the Indian Navy warships, it added. Commenting on the development, Mahindra Defence Systems Ltd Chairman SP Shukla said, "It is the first major contract with the private sector meant for underwater detection and protection from threats. This contract once again epitomises the success of the Atmanirbhar Bharat initiative." IADS is high-end underwater equipment that uses the latest technology along with a ...

Mahindra Group to financially compute its impact on society: Anand Mahindra

Mahindra and RIL are two Indian firms that joined 61 other global firms to commit to the core Stakeholder Capitalism Metrics released by IBC at the World Economic Forum this Jan

Mahindra & Mahindra Q1 consolidated net loss after tax at Rs 332 cr

Mahindra & Mahindra on Friday reported a consolidated net loss after tax from continuing and discontinued operations at Rs 331.74 crore in the first quarter ended June 30. The company had posted a consolidated net profit after tax from continuing and discontinued operations at Rs 54.64 crore in the first quarter last fiscal, M&M said in a regulatory filing. Consolidated revenue from operations stood at Rs 19,171.91 crore, as against Rs 11,969.04 crore in the same period last fiscal, it added. M&M said it has ceased consolidating Ssangyong Motor Co (SYMC) as a subsidiary from December 28, 2020 and has classified it as discontinued operations for all periods presented. SYMC has applied to the Bankruptcy Court in South Korea for rehabilitation proceedings and has been admitted in the Autonomous Rehabilitation Support (ARS) program. During the quarter, the company said the automotive segment had a revenue of Rs 6,050 crore, while the farm equipment segment clocked revenue of ..

Debt-ridden SsangYong Motor to sell plant site in rehabilitation efforts

The company has been under court receivership since April, as its Indian parent, Mahindra & Mahindra, failed to secure a buyer for its 75 percent stake in the automaker.

Classic Legends to develop electric version of BSA motorcycles in UK

The JV has got a grant from UK govt, which awarded BSA a £4.6-million grant to develop electric bikes

Anand Mahindra objects to Bengaluru being called 'Silicon Valley of India'

Mahindra was reacting to the launch of a non-stop flight between Bengaluru and San Francisco, the latter home to the Silicon Valley.

Mahindra CEO expects car sales to take 2 years to rebound after Covid shock

Anish Shah said sales would rebound by fiscal year 2023 if a majority of the country's population is inoculated and new Covid cases ease

Mahindra lines up Rs 17,000 cr to steer growth over next three years

Mahindra & Mahindra is planning to deploy Rs 17,000 crore over the next three years, including capex on new models and investments in group companies besides its auto and farm sector businesses, a top company official said on Friday. The company plans to launch total 23 models in passenger vehicles segment and light commercial vehicles (LCV) category by 2026 and 37 models in the farm equipment vertical under its Project K2 by 2024-25. Addressing reporters in a virtual earnings call conference, Mahindra Group Managing Director and CEO Anish Shah said out of the Rs 17,000 crore planned to be deployed in the next three years, capital expenditure is at Rs 12,000 crore. It includes Rs 6,000 crore for conventional automotive, Rs 3,000 crore for electric vehicles (EVs) totalling Rs 9,000 crore for the automotive sector. While for the farm equipment sector, capex is at Rs 3,000 crore, he added. "So a total capex of Rs 12,000 crore (in three years). The remaining Rs 5,000 crore is ...

Mahindra Group to open MADE, a design centre for mobility products in UK

The firm will be the second from India to enter UK for designing cars and SUVs, after Tata Motors set up the European Technical Centre in Coventry in 2005

Governance: Putting the 'G' in ESG

A study found that over the 12 months, governance consistently ranked second, behind only a company's products, as a driver of corporate reputation

Anish Shah to take over as MD and CEO of M&M next month, company says

Finance veteran will be the first in Mahindra's history to have complete oversight of group when Anand Mahindra becomes non-executive chairman.

Top headlines: Tatas win in court against Mistry; Air India sale in June

From financial bids for Air India to Mahindra's new chief-here are top headlines this evening

Govt to set up empowered committee for manufacturing in high tech areas

Tata Sons chairman N Chandrasekaran, Bharat Forge Chairman Baba Kalyani, Mahindra Group managing director and CEO Pawan Goenka, among others, will be part of the committee

VS Parthasarathy resigns from Mahindra Group, to pursue personal interests

Mahindra & Mahindra on Monday said VS Parthasarathy, the President of its Mobility Services Sector and Member of the Group Executive Board, has decided to leave the group effective close of April 1, 2021 to pursue personal interests. Parthasarathy, who joined the Mahindra group in 2000 and began with an HR stint, has expressed desire to leverage his rich professional experience to consult, mentor, build and scale businesses and initiatives across business, education and society in the next phase of his career, M&M said in a regulatory filing. He was spearheading the newly formed Mobility Services Sector (MSS), a growth driver and incubation platform for future investments by the Mahindra group in technology-driven mobility companies, with the vision of co-creating the 'Future of Mobility'. It includes all mobility businesses within the group, including Mahindra Logistics and the erstwhile aftermarket sector, Mahindra First Choice Wheels and Mahindra First Choice Services, and .

Anand Mahindra & his 'social' connect: Witty, inspiring & heart-warming

Anand Mahindra, the Chairman of Mahindra Group, is known for his business acumen and also witty tweets. He never misses a chance to share innovative and interesting ideas on his social media handle for his followers. We bring to you some of his recent postings that are funny yet heart-warming and left netizens in splits. Watch the video. > >

Vishwanathan Anand to mentor at Tech Mahindra's phygital Chess League

Global Chess League is an extension of the various partnerships its has with different sports- from FIFA to Indian Premier League's Kings XI Punjab

Mahindra, Reliance commit to WEF's Stakeholder Capitalism Metrics

The metrics offer a set of universal, comparable disclosures focused on people, planet, prosperity and governance that companies can report on, regardless of industry or region

Mahindra Group registers interest to seek Covid-19 vaccines for employees

Diversified Mahindra Group on Friday said it has registered interest to seek COVID-19 vaccines for its employees, as per priorities and sequence to be specified by the government.

Mahindra lays off two-thirds of staff at its North American subsidiary

Firm attributes move to pandemic and legal spat with Fiat Chrysler, says it is in line with group's strategy to re-think capital allocation and drive efficiency

2021 will be year of reinvention and regeneration: Anand Mahindra

Mahindra group has emerged stronger from the COVID-19 crisis and the 'strange & sinister year' 2020 will be transformed into a year of 'reinvention & regeneration' in 2021, according to the chairman of the conglomerate, Anand Mahindra. In his New Year address to the 2.56 lakh employees of the group across 100 countries, Mahindra said in spite of all the problems brought about by the pandemic last year, "someunexpectedly great things had emerged from what seemed like an impossibly bad situation". Drawing parallels to the development of COVID-19 vaccines, in which researchers and regulators have fast-tracked the vaccine development process to 10 months which otherwise takes 10 years, he said there are lessons for the group to learn from it in terms of following purpose-driven business, rebooting and re-evaluating. "I thinkthe first important learning from that story is that the day of the purpose-driven business has arrived," he said adding manufacturing the vaccine is a true ...