Page 6 - Mahindra

Mahindra, Ontario Teachers' co-sponsor InvIT in renewable energy sector

Mahindra Group and global institutional investor Ontario Teachers' Pension Plan Board have co-sponsored an infrastructure investment trust (InvIT) holding assets of 1.54 GW in the renewable energy space in India. The InvIT, Sustainable Energy Infra Trust (SEIT), is India's largest InvIT in the renewable energy space and has raised primary capital of Rs 1,365 crore as part of the initial offer of units (offer), Mahindra Group said in a statement. Several global and Indian investors, including Asian Infrastructure Investment Bank (AIIB), subscribed to the offer. SEIT made its debut on the National Stock Exchange on Monday. SEIT has been set up to focus on the growth of the renewable energy sector in India at scale. It holds operational renewable power assets seeded by Mahindra Susten with a generation capacity of approximately 1.54 GWp. The capital of Rs 897.8 crore made available to Mahindra Susten by way of an offer for sale of units of SEIT will help Mahindra Susten develop a fut

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

Epitaph of a school of entrepreneurship

Four businessmen who died this year might have done things differently from today's founders

Few shares of Keshub, Sudha Mahindra in PMSL transferred to family members

The transmission disclosed herein involves a change in the shareholding/voting rights of PMSL as a result of the transmission of certain shares of PMSL, and does not pertain to shares of M&M directly

Mahindra and Mahindra, others to invest Rs 875 crore in two-wheeler unit

The 'Scorpio' car manufacturer, will invest 5.25 billion and the remaining will come from existing shareholders and new investors, Mahindra said in an exchange filing

M&M extends maternity leave policy to cover adoption, surrogacy

The new maternity benefits policy gives 6 months of flexible work option and 24 months of hybrid work option to all new mothers

Jeep likely to drive in petrol options for its entire Indian portfolio

India is the only country outside North America where Jeep makes four models locally, and also exports to other right-hand-drive markets around the world

M&M August sales up 19% overall, automaker reports 26% growth in SUVs

Farm equipment sales see 3% growth, while exports drop by 26% YoY; 3-wheeler sales up 47%

Tata Motors, Mahindra gain certificates for production-linked payouts

Indian automakers Tata Motors and Mahindra and Mahindra have received domestic value certificates, a metric key to qualifying for payouts under the nation's production-linked incentive scheme

Mahindra launches 7 lightweight 4WD OJA tractors, beginning at Rs 5.64 lakh

The tractors were developed in collaboration with Mitsubishi at an investment amounting to Rs 1,200 crore

M&M jumps 3% as Q1 results impresses Street; brokerages remain bullish

In the recently concluded quarter, the company's consolidated revenue rose 19 per cent YoY to Rs 33,892 crore

Mahindra Thar, XUV300, Bolero selling at up to Rs 73,000 off in July 2023

Select Mahindra dealerships in India are offering high discounts on different car models from Rs 5,000 to 73,000, which includes cash discounts and other benefits

Mahindra Q4 PAT at Rs 2,637 cr; FY23 profit rises 56% to Rs 10,282 cr

Mahindra & Mahindra on Friday said its consolidated profit after tax increased by 18 per cent to Rs 2,637 crore for the fourth quarter ended March 31, riding on the back of robust performance across automotive, farm equipment and financial services business verticals. The Mumbai-based company had reported a profit after tax (PAT) of Rs 2,237 crore in the January-March quarter of 2021-22 fiscal. Revenue increased to Rs 32,366 crore for the fourth quarter of FY23, as compared to Rs 25,934 crore in the year-ago period. For the year ended March 31, 2023, the company posted a consolidated PAT of Rs 10,282 crore, up 56 per cent, from Rs 6,577 crore in FY22. The company said the FY23 profit is the highest-ever profit reported by the company in a fiscal year. Revenue rose to Rs 1,21,269 crore last fiscal, as against Rs 90,171 crore in 2021-22 fiscal, an increase of 34 per cent. "It has been a blockbuster year for the group. Auto led the way with record-breaking launches, as we regained .

Mahindra XUV700 fire: Company alleges tampering with original wiring

The visuals of the burning car had gone viral on social media. On May 22, Mahindra issued an official statement on the matter after conducting its preliminary investigation.

Mahindra LMM holds ground-breaking ceremony of EV facility in Telangana

Mahindra Last Mile Mobility (LMM), a part of Mahindra & Mahindra (M&M), on Monday held a ground-breaking ceremony for a new manufacturing unit at its existing plant here. Telangana Minister for Industries K T Rama Rao was the chief guest, a press release from the automaker said. The initiative is pursuant to the announcement of the Rs 1,000 crore investment in Telangana that M&M made in February this year. With this new facility, the company aims to build a state-of-the-art battery assembly line, producing power packs and manufacture electronic as well as drivetrain components for electric 3 and 4-wheelers, it said. The facility would also create employment for 800 to 1,000 employees in the region. Rama Rao, said EVs are a focus area for the Telangana Government which is committed to develop the right infrastructure and ecosystem for promotion and adoption of electric vehicles. "This new facility will help in proliferation of EVs not just in Telangana but across India. ...

Origins by Mahindra signs Mitsubishi Electric for $222 mn Chennai project

The new unit will be Mitsubishi Electric's first air-conditioner and compressor manufacturing plant in India; is expected to begin operations by October 2025

Keshub Mahindra: A leading industrialist very different from the ultra-rich

He was close to his workers, the doors were always open for them, and he treated them as part of one big family

Mahindra & Mahindra to bring 40 tractor models under new OJA brand

Mahindra & Mahindra Ltd on Thursday said its tractor division will bring 40 new models under a new brand OJA, built on a lightweight global platform. The Mahindra OJA tractors will focus on both domestic and international markets including the US, Japan and South-East Asia, the company said in a statement. It will have four sub-tractor platforms the sub-compact, compact, small utility and large utility tractor categories, covering 40 models across various multiple HP points, it added. The new future-ready range of tractors has been developed under the global tractor programme, K2 through close cooperation between the engineering teams of Mitsubishi Mahindra Agriculture Machinery, Japan, and Mahindra Research Valley, India, the R&D centre for Mahindra's Auto and Farm sector, the company said. "Slated for launch later this year, the OJA is Mahindra's future-ready approach to tractorisation exemplified by numerous first best-in-class technologies for improved performance and ...

Mahindra records 21% rise in total sales to 66,091 units in March

Mahindra & Mahindra (M&M) on Monday said its total sales increased by 21 per cent year-on-year to 66,091 units in March. The company had dispatched 54,643 units to dealers in March 2022. In a statement, the Mumbai-based auto major said its utility vehicle wholesales rose by 31 per cent to 35,976 utility vehicles in March, as against 27,380 units in the year-ago period. It was the company's highest-ever utility vehicle wholesales in a month. M&M said its exports last month stood at 2,115 units, as against 3,160 units in the year-ago period, a drop of 33 per cent. For the last financial year, the company sold 3,56,961 utility vehicles, an increase of 60 per cent over 2,23,682 units in 2021-22. "Our SUV business recorded all-time high numbers, with a growth of 31 per cent in March 2023, while it recorded a 60 per cent overall growth in FY23, on the back of good demand across the portfolio," M&M President, Automotive Division Veejay Nakra said in the statement.

Ecofy, Mahindra Solarize team up for rooftop solar financing, installation

Promoted by Eversource Capital, Ecofy aims to be a catalyst in accelerating the transition towards a net zero carbon world