Tag: Mahindra

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‘In Tough Times, Mahindra Thrives’

Anand Mahindra. (File Photo: IANS)

As per the chairman’s statement, the company exceeded the deadline by two years, yet he expressed immense satisfaction in achieving this milestone and anticipated many more to follow….reports Asian Lite News

Mahindra Group Chairman Anand Mahindra on Thursday hailed teams in his Group companies for charting a new course and getting them back on customary growth trajectory.

Mahindra and Mahindra’s stock closed at Rs 2,008 on Thursday.

“In December 2019, when the share price had fallen to around Rs 500, I vividly recall that at our annual leadership conference (M10) held in Mumbai, the then CFO had issued a clarion call for our stock to be “2000 by 2022,” Anand Mahindra posted on X platform.

“Little did we know, of course, that a global pandemic lurked around the corner.”

The next couple of years were challenging for everyone but for the Mahindra Group, “we lived up to our motto — When the going gets tough, Mahindra gets going…”

According to the chairman, the company overshot the deadline by two years, “but it’s incredibly gratifying to cross this milestone with many more to come”.

He then thanked Mahindra Group CEO Dr Anish Shah and Executive Director Rajesh Jejurikar and the teams both in M&M and all Group companies “who charted new strategies and worked relentlessly to get us back on our customary growth trajectory”.

Founded in 1945, the Mahindra Group is one of the largest companies with 260,000 employees in over 100 countries.

It has a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world’s largest tractor company by volume.

The Group also has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.

Meanwhile, Mahindra Group Chairman Anand Mahindra and his family have pledged Rs 500 crore over the next five years to Mahindra University, starting from the next financial year (FY25) till FY29, it was announced on Wednesday.

The funds would help propel Mahindra University’s mission to strive for interdisciplinary academic excellence and train multi-skilled leaders committed to “inclusive and sustainable progress”, the university said in a statement.

Anand Mahindra also made a personal pledge of Rs 50 crore endowing the Indira Mahindra School of Education in FY25. Named in memory of Indira Mahindra, a teacher and Anand Mahindra’s mother, the school aspires to be a centre of excellence in educational research, practice, and innovations.

Mahindra University Hyderabad. (Credit : Handout)

The combined pledge of Rs 550 crore is the latest of many education initiatives that Anand Mahindra supports around the country, including the Mahindra United World College India and the Mahindra International School.

In 1996, the entrepreneur started the ‘Nanhi Kali’ programme, which has provided over 700,000 underprivileged girls with access to high-quality education over the past two decades.

Mahindra University was established in May 2020 in Hyderabad. Beginning with the School of Engineering, the university now offers 35 programmes across five schools and four centres at the undergraduate, post-graduate, and doctorate levels. The university has over 4,100 students enrolled, approximately 10 per cent of whom are at the postgraduate level.

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Economy India News Politics

Mahindra, Adani Total Join for EV Chargers

The MoU sets a roadmap for the creation of an expansive EV charging infrastructure across the country….reports Asian Lite News

In a significant move to boost the electric vehicles (EV) infrastructure and build a greener future in the country, Mahindra & Mahindra on Thursday signed a memorandum of understanding (MoU) with Adani Total Energies E-Mobility Ltd (ATEL), a wholly-owned subsidiary of Adani Total Gas Ltd.

The MoU sets a roadmap for the creation of an expansive EV charging infrastructure across the country.

The partnership will also help roll out e-mobility solutions to provide seamless access to the charging network for the customers covering discovery, availability, navigation, and transactions, the companies said in a statement.

“This alliance is a cornerstone in enhancing the EV charging infrastructure, ensuring our customers enjoy seamless access to the charging network and digital integration for an unparalleled EV experience,” said Veejay Nakra, President – Automotive Division, M&M Ltd.

The Mahindra XUV400 customers will now have access to more than 1,100 chargers on the Bluesense+ App.

“This is one more step towards expanding the footprint of Adani Total Gas Ltd in the EV space. The collaboration with M&M for the charging infrastructure will bolster the confidence of customers to embrace EV technology as part of the energy transition,” said Suresh P. Manglani, Executive Director and CEO of Adani Total Gas Ltd.

“Together, such steps will help reduce carbon emissions, and help India meet its climate action goals,” Manglani added.

In line with COP 26 commitments, the partnership between Mahindra and ATEL is a testament to the collaborative efforts required to decarbonise transportation and move towards an electric and sustainable future.

With a focus on providing clean energy solutions to various segments, ATEL said it is committed to supporting India’s journey towards a sustainable and electrified future.

Meanwhile, Driven by conducive government policies and incentives towards a green future, India now has more than 150 two-wheeler electric vehicle (EV) startups, a new report said on Wednesday.

According to an analysis by global investment advisory firm Bernstein, the Indian EV segment is expected to grow 15-20 times to reach annual sales of 15-20 million units over the next decade.

“Around 85 per cent of the 65 models launched last year were such products — high-speed as against speed and range-constrained products, which used to be a feature of the startups,” according to the Bernstein report.

“The average battery capacity for new launches increased from 2.3 kWh (kilowatt-hour) in 2022 to 3 kWh,” the analysis noted.

TechCrunch was first to report on the Bernstein analysis. The new EV manufacturing policy, announced by the Central government last week, aims to not only attract global players to India but also stress on domestic value addition.

The new policy sets the stage for a vibrant future-mobility global manufacturing hub in the country.

The policy fixes a minimum investment of Rs 4,150 crore for foreign companies who want to set up EV manufacturing facilities in the country.

The Indian EV market is experiencing notable expansion, with a particular focus on meeting the surging demand for cleaner transportation, which is also necessitating a parallel expansion of charging infrastructure to cater to escalating demand.

The country may see 1 crore EV sales annually by 2030, generating nearly 5 crore jobs, according to Nitin Gadkari, Union Minister of Road Transport and Highways.

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Business India News Tech Lite

Mahindra’s new electric SUV: vision Thar.e breaks cover

Thar.e’s design forges its own innovative and distinctive trail. Yet it remains an authentic off-road SUV, maintaining the tenacity and exploration spirit of the brand…reports Asian Lite News

Mahindra Electric Automobiles Limited (MEAL), a subsidiary of Mahindra & Mahindra, on Tuesday unveiled ‘Vision Thar.e’ — an all-new electric avatar of the iconic SUV.

The electric version of Thar strides into the future on the INGLO-born electric platform, equipped with a cutting-edge high-performance AWD electric powertrain, the company said in a statement.

The price and other details like market availability will be announced soon.

“Thar.e caters to the adventurer in all of us, craving exploration without compromise. Aligned with the global movement towards responsible consumption, our focus on sustainable materials resonates with the broader shift towards being planet positive, ensuring that Thar.e is both timeless and timely,” said Veejay Nakra, President, Automotive Sector, Mahindra & Mahindra.

The electric SUV features adaptable, modular, and swappable components, reflecting an innovative approach to electric SUV construction.

“Our design forges a new path, standing as a testament to Mahi”We have maintained the adventurous spirit and off-roading capability that is quintessentially Thar, but we have crafted a unique identity in the world of electric SUVs,” said Pratap Bose, Chief Design Officer, Mahindra & Mahindra.

Thar.e’s design forges its own innovative and distinctive trail. Yet it remains an authentic off-road SUV, maintaining the tenacity and exploration spirit of the brand.

The Thar.e exterior crafts a unique, formidable, and fresh vision. The crisp, geometric surfaces embody the robust ‘explore the impossible’ ethos, while innovative features like near-vertical windows maximize space and create a commanding presence, said the company.

Elements like a central pivoting screen, robust grab handles, and an uncluttered layout emphasise Thar.e’s practicality for both urban and off-road adventurers.

With fabrics made of 50 per cent recycled PET and a commitment to uncoated recyclable plastics, Thar.e aligns with a philosophy where simplicity serves sustainability.

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Business India News Technology

IFC to invest Rs 600 cr in Mahindra’s new EV firm

Automobile major Mahindra & Mahindra.(photo:IANS/Twitter)

The Rs 600 crore investment will result in an ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo…reports Asian Lite News

Global development institution IFC will invest Rs 600 crore in a new last-mile mobility (LMM) company, a wholly-owned subsidiary of Mahindra & Mahindra that will be newly incorporated (NewCo), it announced on Wednesday.

IFC’s first investment in an EV manufacturer in the country, and the first in electric three-wheelers globally, will be in the form of compulsory convertible instruments at a valuation of up to Rs 6,020 crore.

The Rs 600 crore investment will result in an ownership of between 9.97 per cent to 13.64 per cent for IFC in NewCo.

NewCo will house the last mile mobility division, including three wheelers (Alfa, Treo, Zor) and four-wheeler SCV (Jeeto).

“With the electrification of the last mile mobility business at scale, we will move a step further in our commitment to be aPlanet Positive’ by 2040. This also presents a tremendous opportunity for growth for micro and women entrepreneurs,” said Anish Shah, MD and CEO, Mahindra & Mahindra.

India has committed to reducing its emissions profile by 45 per cent by 2030, and simultaneously aims to achieve 80 per cent EV penetration for two-and three-wheelers, 70 per cent for commercial vehicles and 30 per cent for private cars in the same time-frame.

“India is the largest three-wheeler market globally, and this investment marks a significant step towards scaled domestic production of electric vehicles catering to this segment, as well as small commercial vehicles,” said Hector Gomez Ang, IFC’s Regional Director for South Asia.

According to Rajesh Jejurikar, Executive Director and CEO (auto and farm sector), Mahindra & Mahindra, being the market leaders in this segment: “We have an opportunity to drive higher EV penetration in this segment and provide a more sustainable as well as profitable option to microentrepreneurs”.

IFC, a member of the World Bank Group, works in more than 100 countries. In fiscal year 2022, IFC committed a record $32.8 billion to private companies and financial institutions in developing countries.

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