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Mahindra & Mahindra Ltd. Company History and Annual Growth Details


- The Company was Incorporated and converted into Public Limited in
1955 at Mumbai. The Company Manufacture Jeep type vehicles, petrol
industrial engines, industrial process control instruments and flow
meters. Trading in steel and manufacture of professional grade
electronic components. Jeeps are manufactured under a license and an
agreement with Willys Motors Inc., Toledo, Ohio, U.S.A., for whom the
Company also acts as exclusive distributors for the whole of India for
their entire range of vehicles including utility vans, cargo/personnel
carriers and pick-up trucks.


- The Company entered into an agreement with Birfield Ltd., to form
Mahindra Sintered Products Private Limited for the manufacture of a
wide range of self lubricating bearings.


- The Instrumentation & Electronics Division came into existence as a
result of merger of the wholly-owned subsidiary of Mahindra Engineering
Co. Ltd., with the Company with effect from 1st April 1968. The
activities of the merged company were being carried on in this

- The Company acquired the whole paid-up capital of Mahindra
Electro-Chemicals Products Ltd. Company.

- With effect from 1st April, the wholly owned subsidiary Mahindra
Engineering Co. Ltd., was merged with the Company. International
Tractor Company of India Ltd., was merged with the Company effective
from 1st November 1977.


- The name was changed from Mahindra Van Wijk & Visser Ltd. to Mahindra
& Mahindra Ltd. This was merged with the Indian National Diesel Engine
Co., Ltd., during 1977-78.

1977 - 74,

- 700-9.3% Pref. and 12,98,202 No. of Equity share allotted without
payment in cash to shareholders of International Tractor Co. Ltd., on
its merger in prop 1:1 Pref. and 2:3 Equity. 12,500-7.8% Pref. shares
redeemed on 1.2.1979.


- The Company started negotiation with Balania K. Zacharopoulos Ltd.,
Athens for jointly promoting a new company in Greece for the
manufacture of Jeep vehicles and trucks. Initially, it was proposed to
assemble these vehicles mainly from CKD packs to be shipped from India.


- 57,22,764 Bonus equity share issued in prop. 1:1.


- 76,30,352 Bonus equity shares issued in prop. 2:3 in October 1984.


- Mahindra Spicer Ltd. (MSL), was amalgamated with Mahindra & Mahindra
Ltd. (MML) with effect from 3rd April. Pursuant to the scheme of
amalgamation of MSL with MML, the shareholders of MSL were allotted
1,88,166 equity shares of MML in the ratio of 1 equity share of MML for
every 6 shares held in MSL.

- The Company entered into a collaboration agreement with Foramer S.
A., an associate of Forasol S.A., for purchase of Ile d' Amsterdam an
offshore drilling rig at a price U.S. $10.75 million. The Company
arranged for a foreign currency loan through Bank of Baroda. In view
of this purchase, the Company obtained a firm order from ONGC for
drilling services for 2 years.


- A letter of intent was obtained for the manufacture of 50,000 lines
of EPABX/PAXs in collaboration with OKL Electric Co. of Japan.

- The Company also signed a Memorandum of Understanding with the
British Telecom p.l.c. of London under which the two companies were to
jointly explore and develop opportunities in telecommunication and
technical fields in India.

- MBT was made a subsidiary of the Company with 60% holding and the
remaining 40% was subscribed by the foreign partners, the British
Telecommunications p.l.c., U.K. (BT) for provision of software
engineers of MBT to work on various projects of BT in the U.K. MBT
also decided to issue equity capital to the extent of Rs 4 crores out
of which shares worth Rs 2.40 crores were to be offered to Mahindra &
Mahindra Ltd., for subscription and the balance shares worth Rs 1.60
crores were to be offered to BT.


- (17 months), approval from Government was received for the
manufacture of Peugeot 504 pick-up vehicles in collaboration with
Automobiles Peugeot of France.

- A new model M-595 tractor in the 50 H.P. range was introduced.


- The Company acquired a off-shore drilling rig 'Ile d' Amsterdam' from
Foramer S. A., France as on 1st March. A firm letter of intent was
received for one land rig for drilling operations at Jwalamukhi,
Himachal Pradesh against a tender from ONGC. The Company already
entered into an agreement with Forasol S.A., for purchase of a land rig
and related equipment.


- During the year improved versions of CJ 500 range of jeeps and FJ
range of LCVs were introduced. Also a sporty model of jeep was
introduce which was well received by the target audience.

- During September, the Company acquired the automotive pressing unit
at Kanhe from Guest Keen Williams, Ltd. for a gross consideration of Rs
28.75 crores. The unit has an installed capacity of 10,000 tonnes per


- The Automotive division faced adverse market conditions resulting in
a drastic reduction in production and sales of vehicles. The
Automotive division introduced a direct injection diesel engine, the
MDI 2500 A engine on the CJ 500 vehicles. A new fuel efficient 10
seater vehicle having a direct injection diesel engine was introduced.

- A letter of intent was obtained from ONGC for extension of the
contract for a further period of one year. However, on account of
certain procedural delays ONGC dehired the rig and it remained
non-operational for about 160 days. However, the Company received a
contract from ONGC for a much higher day rate and the rig was rendering
service to ONGC with effect from 9th November.

- The Company issued 48,16,012-12.5% fully convertible debentures of Rs
110 each with a provision to apply, instead, for 58,86,236 fully
convertible zero interest bonds of Rs 90 each. An option was given to
apply for a combination of debentures and bonds subject to an aggregate
value of Rs 52,97,61,320. These debentures/bonds were offered on
rights basis to the then existing equity shareholders in the ratio of
one debenture for every four equity shares held. The issue was fully
subscribed. Additional bonds/debentures were issued to retain the
over-subscription to the extent of 15% of the issue which is equivalent
to 7,22,401 debentures of Rs 110 each.

- Through another letter of offer, two blocks consisting of 8,64,049
debentures each were offered to Mahindra Companies and International
Finance Corporation, Washington, respectively with an option to apply
for bonds subject to the aggregate value of Rs 9,50,45,390 for each
block. The issue was fully subscribed. Additional bonds/debentures
were issued to retain the over-subscription to the extent of 15% of the
issue which is equivalent to 1,29,607 debentures of Rs 110 each for
each block.

- The employees (including Indian working directors)/workers of the
Company were also offered on an equitable basis 2,40,801 debentures of
Rs 110 each with a provision to apply for bonds within the aggregate
limit of the issue. The issue was under subscribed. Only 16,750
debentures and 68,250 bonds were allotted. The balance
debentures/bonds were allowed to lapse.

- As on 1st April, 49,90,354 debentures and 26,20,371 bonds were

- As on 1st May, the Company allotted on private placement basis 14%
redeemable non-convertible debentures for a total value of Rs 20 crores
to UTI, LIC, ICICI, Army Group Insurance Fund and GIC and its
subsidiaries. These debentures are redeemable in full at a premium of
5% on 1st May 1997.


- New replacement kits for the series of diesel engines, the XDP 4.90
were successfully launched in order to replace petrol engines in
passenger cars and create new demands for the series of diesel engines
manufactured by the Company.

- During the second half of the year, the Company introduced the new
range of 'Commander' vehicles which were well received in the market.
A new model on the anvil was a five door ten seater vehicle 'Armada'
with a factory built body for which dies were imported from Japan.

- To meet the changing needs of the market, the Company introduced a
new model 225 DI (25HP) tractor.

- Another 8,64,049 zero interest fully convertible bonds of Rs 90 each
for a total value of 9,50,45,390 were allotted to Peugeot India
Holding, France, a subsidiary of Automobiles Peugeot, France as on 18th

- As per the terms of the issue, a portion of Rs 55 of each debenture
was converted into one equity share of Rs 10 at a premium of Rs 45 per
share and a portion of Rs 45 each bond was converted into one equity
share of Rs 10 at a premium of Rs 35 per share an on 1st April.

- Accordingly, the Company allotted 49,90,354 equity shares on
conversion of debentures and 34,84,420 equity shares on conversion of
bonds. The balance amount of each bond and debenture was to be
converted as per the same terms given above at the end of 18 months
from the date of allotment.

- In order to meet the long term working capital requirements, the
Company issued in January 1991, 14% redeemable non-convertible
debentures aggregating Rs 25 crores to Infrastructure Leasing and
Financial Services, Ltd. on a private placement basis. The debenture
are redeemable in full at premium of 5% on 8th January, 1998.


- It was proposed to launch a new LCV with a much larger platform,
imported driving comfort and better styling.

- The Company issued 72,42,719 - 14.5% secured Non-convertible
redeemable debentures of Rs 100 each with a detachable warrant attached
to each debenture entitling the holder thereof to apply for 1 equity
share of Rs 10 each at a premium of Rs 20 per share in the ratio 1
debenture: 5 equity shares held, on the expiry of six months and 36
months from the date of allotment of debentures.

- Another 3,62,136 non-convertible debentures with detachable warrants
were also offered to employees on an equitable basis. Only 2,20,300
debentures taken up.

- 76,04,855 oridinary shares of Rs 10 each at a premium of Rs 20 per
share were to be issued to those exercising the rights attached to the
warrants between 6 months and 36 months from the date of allotment of
debentures. The debentures were to be redeemed not earlier than the
end of 7th year but not later than the end of the 10th year from the
date of allotment of debentures.


- The Automotive division undertook to introduce a wide range of
products such as mini bus, MM Deluxe, Armada deluxe, Cabking pick-up,
CL-Classic & a single/double Cab pick-up etc.

- Mahindra Nissan Allwyn Ltd. (MNL) was amalgamated with Mahindra &
Mahindra Ltd. (MML) with effect from 1st November. Pursuant to the
scheme of amalgamation, the shareholders of MNAL were allotted 9,73,200
equity shares of MML in the ratio of 1 equity share of MML for every 25
shares held in MNAL. With the merger modern automotive plant owned
MNAL became a Unit of the Company's automotive division.

- The Company issued 100,47,043 Global depository receipts valued at US
$ 74.75 million. Each GDR was issued at a market price of US $7.44 and
was supported by equal number of underlying shares. Accordingly
1,00,47,043 shares were allotted at a premium of Rs 22.50 per share.


- During the year a new Company Mahindra USA Inc. had been established
in Texas, U.S.A. with the objective of increasing tractor sales in U.S.

- 9,73,200 shares allotted to the erstwhile sharehodlers of MNAL
11,14,682 shares allotted against the detachable warrants. 35,85,874
shares allotted to Ford Motor Company USA, at a premium of Rs 370 per
shares. 28,00,000 shares allotted to the promoter group.


- A New LCV model-cabking DI 3150 - with a payload of 2.5 tonnes, a
5-speed transmission and high quality components was launched. Also, a
sporty 4-wheel drive vehicle Mahindra Classic with modern fitments such
as Vacuum assisted brakes, disc brakes in front, wire wheels & bull bar
was launched for the domestic market. In addition, a new commander
5-Door Hard Top vehicle, primarily targeted for semi-urban and rural
transportation was introduced.

- Two new models - 365 DI and 585 - DI were also launched in 30-35 HP
and 45-50 HP segments respectively.

- The Company entered into a joint venture agreement with Ford Motor
Company USA (Ford) for promotion of a new Company for the manufacture
and marketing of Ford range of passenger and other vehicles. The
Company has an equity participation of Rs 160 crores each by Ford and
the Company.

- 22,71,322 No. of Equity shares allotted in conversion of warrants.
407,17,489 bonus equity shares issued in proportion 2:3.

- The tractor division received the ISO 9001 certification from TUV of


- The Company proposed to introduce the 'Armada Grand' with XD3 diesel
engine, 5 speed BA 10 transmission with air-conditioning and power
steering as standard features. New models like, soft top and FRP
versions of CL/MM 550 models, comfortable 8 seater Armada with Disc
Brakes and an optional factory fitted air conditioner, Commander 650 DI
on a longer wheel base and MM 540/550 XDB models with the powerful 2.5
lines XD3 engine and the all-synchromesh 5 speed BA 10 transmission
were launched during the year.

- During July, the Company offered US $100,00,000-5% convertible note
during July 9, 2001 came into GDRs each representing one share at a
cover sum price of US $11.955 per GDR. Till date 15,73,830 shares


- The Zaheerabad plant and R&D division were awarded Iso 9002 and ISO
9001 certification respectively. With the technology received from
Fuji Technica, Japan the company undertook to manufacture dies for
vehicle bodies in the new Die Shop. During the year, 7 new models to
cater to different nice markets were introduced.

- New products viz. 275 DI TU upgrades B-275 model with increased power
and 585-C, 585 DI model with constant mesh transmission for ease
operation were introduced.

- M&M is setting up an engineering and product development centre at
Thane to strengthen its technology and designing capacities.

- M&M is setting up a joint venture with Mondragon Corporation of Spain
in the area of iron foundry. The joint venture agreement was signed in
Spain by M-M at an Indo-Spain joint business council meeting organised
by the Federation of Indian Chambers of Commerce and Industry and the
Association of Chambers of Commerce and Industry of India.

- M&M is entering into a 50:50 joint venture with the $8 billion Case
of the US for manufacturing high horse power tractors.

- The M&M-Sealand joint venture is considering introducing a Ro-Ro
(Roll-on, Roll-off) railway service in India.

- The Mahindra group has tied up with Sega Enterprises Ltd and
Mitsubishi Corporation of Japan to form a joint venture (JV) in India
to develop and launch Sega branded family entertainment centres.

- M&M has signed an agreement with Chemoleums Ltd under which M&M will
use a special quality of Chemoleums lubricating oil, Mahindra
Singlestar, for its tractors.

- M&M has signed a wage agreement with its union at its automotive
plant at Kandivali, evolving a Mahindra Production System (MPS) which
is an amalgamation of latest work measurement techniques and Toyota
Production Systems.


- A joint venture company is being promoted by Mahindra and Mahindra
Limited, Infrastructure Leasing and Financial Services and Tamil Nadu
Industrial Development Corporation to set up an industrial park near
Chennai to attract auto ancillary units and all categories of
non-polluting industries.

- Utility vehicle manufacturer, Mahindra and Mahindra (M&M) on May 27
signed a productivity and capacity linked wage agreement with its union
(Bharatiya Kamghar Sena) at its tractor plant at Kandivali.

- M&M has signed new productivity agreements with its workers at the
Kandivli (Mumbai), Nashik and Zaheerabad (Andhra Pradesh) plants.

- Mahindra Ford is likely to sign a MoU with the government to import
auto kits.

- Mercedes-Benz India Ltd and Mahindra Ford India Ltd have signed a MoU
with the Directorate-General of Foreign Trade (DGFT), under the new MoU
policy for car manufacturing in the country.

- Danish company Maersk, Mahindra & Mahindra and the Tamil Nadu
Industrial Development Corporation (Tidco) propose to establish a joint
venture to develop Colachel on western coast of south Tamil Nadu into a
hub port.

- Mahindra & Mahindra (M&M) is all set to float a 50:50 joint venture
company with the Punjab state government for setting up a hi-tech
agro-commodity exchange in the state.


- M&M has set up a new company - Mahindra Auto Specialities Ltd - for
bullet-proofing passenger vehicles and providing specialised services.
M&M has signed an MoU with Plasan Sasa of Israel for design and
development of armoured (bullet proof) solutions on M&M utility
vehicles for use by Indian security forces.

- The Mahindra & Mahindra group and the TVS group have floated a joint
venture to provide software solutions to the automobile sector.

- Mahindra and Mahindra (M&M) is working towards introducing a slew of
models in India from the Mitsubishi stables, including its famed Pajero
brand of multi-utility vehicles (MUVs) and jeeps.

- Mahindra & Mahindra Ltd (M&M) has created a tier-IT structure under
Mahindra Holdings & Financial Ltd whereby individual subsidiaries will
tap the capital market depending upon their need for cash.

- Utility vehicle major, Mahindra and Mahindra (M&M), is entering the
Rs 1,000-crore three-wheeler market for the first time. The company
will launch its first three-wheeler a diesel-driven eight seater within
8-10 months from now.


- The Company will be launching its first CNG-powered utility vehicle
in Delhi.

- The Company consequent to disciplinary action taken by the Management
against certain workmen and Union representative, the workmen of
Kandivli Plant of Tractor Division of the company initially stopped
work and thereafter resorted to illegal strike on 11th January.

- The Company proposes to make a call for redeeming Bonds of value US
$25.378 million out of current outstanding of US $27.866 million.

- The Company tie-up with Citibank for a channel financing agreement
for their dealers.

- Mahindra & Mahindra launched its eight seater Marshal DI Deluxe 2000
in Western Maharashtra.

- Mahindra Auto Specialisites Ltd, a wholly-owned subsidiary of the
company delivery of the first 'Neticle' (net-vehicle) - brand named
Quadro - in India.

- The Company has launched its new generation tractors Arjun 605 DI at
the Kandivali plant.

- The Company and French car maker Renault have signed an agreement to
explore the possibility of using Renault petrol engines for M&M's
planned Scorpio utility vehicle.

- The Company has launched a fresh voluntary scheme for employees in
its tractor division. The Scheme will open on June 8 and will continue
till July 31.

- The Company is set to launch its 2.5-litre multi-utility vehicle,

- The Company launched the 39 HP and 40 HP models of its 'Bhoomi Putra'
range of tractors.

- The Company has entered into a technical alliance with Austrian
engine manufacturer AVL list GmbH for production of light commercial
vehicles of 3.5 tonne capacity.

- M&M will launch the LCV under the 'Loadking' name in January next

- M&M has launched its first 60 HP class tractor Arjun 605 DI here,
will from now roll out a new mode very six months.

- The Company the utility vehicle market leader, launch of its latest
UV, the Bolero GLX.

- The Company will launch Scorpio, its urban utility vehicle, by the
end of the year.

- The Company has launched the first of its new series of 'Horizin
Tractors', the Mahindra 'Arjun 605 DI' in Andhra Pradesh.

- The Company launched diesel version of Bolero in a short time.

- Mahindra & Mahindra is to go for a expansion, keeping pace with its
plans for the introduction of new models, including the Scorpio.

- Mahindra & Mahindra is likely to introduce agricultural related
implement and equipment in the near fugure.

- Mahindra and Mahindra Limited (M&M) launched yet another range of new
generation tractors to grab a large share of an emerging mature market.

- The Company has launched its fourth portal business with an
investment of $1 million.

- Mahindra Intertrade, subsidiary of Mahindra & Mahindra, has launched
a steel trading portal, steelmartindia.com.

- Fitch Ratings India has assigned 'Ind AAA' rating to the proposed
five-year Rs 100-crore non-convertible debenture programme of the

- The Board has approved an ESOS and decided to allot 55,24,219 No. of
equity shares to the Mahindra & Mahindra Employee Stock Option Trust.


- The Company has set up a farm extension services division called
Mahindra Shubh Labh, which will pioneer the building of a chain of
one-stop shops offering a comprehensive range of farm-gate services.

- Mahindra Intertrade, the largest non-automotive company of the
Mahindra & Mahindra group, has entered into a distribution alliance
with Lego.

- Mr. Anand G. Mahindra has been appointed as Vice-Chairman and
Managing Director.

- Mahindra & Mahindra is set to launch three new variants of its
utility vehicle Bolero to boost its presence in the urban segment.

- The strike at the company's Nashik automotive plant which began on
March 4, has been called off with effect from 8th March.

- Credit Rating and Information Services of India Ltd. has revised the
rating assigned to the company's long-term debentures to 'AA+' to

- Mahindra & Mahindra has tied up with French auto giant Renault for
sourcing petrol engines for its premium utility vehicle Scorpio which
would be launched later this year.

-The price of Mahindra & Mahindra Ltd (M&M) shares hit a 92-month low
on the Bombay Stock Exchange (BSE) on june 14 fuelled by market
apprehensions of a steep fall in the companys sales in May 2001

- Mahindra & Mahindra launched the premium version of its 7 seater
multi-utility vehicle, Bolero GLX.


-Mahindra & Mahindra Ltd has informed BSE that ICICI Bank Ltd has withdrawn the nomination of Mr Inder Chand Jain as their Nominee Director from the Board of M& M with immediate effect.Consequently Mr Inder Chand Jain ceases to be a Director of Mahindra & Mahindra Ltd with immediate effect.

-Mahindra & Mahindra Ltd has informed BSE that Mr. David Friedman (currently the Alternate Director to Mr.Lewis W. K. Booth) has been appointed as a Director of the Company w.e.f. October 30, 2002 in the vacancy caused by the cessation of Directorship of Mr. Lewis W.K. Booth. Mr. V.K. Chanana has been appointed as a Nominee Director of UTI w.e.f. October 30, 2002 in place of Mr. Sanjiv Kapoor whose nomination has since been withdrawn by UTI.


-Unleashes MaXX Pik Up utility vehicle
- Signed an agreement with Canara Bank . Where in, Canara Bank will provide loan to those farmers who are willing to buy Mahindra's tractors and other farm implements.

- Mahindra and Mahindra Ltd on December 24th showcased its new products, Bolero XL and Bolero XLS, for prospective customers in Karnataka.


-Mahindra & Mahindra delisting of shares from DSE

-M&M launches two variants of Bolero utility vehicle in TN

-The former managing director of Rallis India, Mr Rajeev Dubey, is joining Mahindra & Mahindra Ltd (M&M) as Executive Vice-President (Human Resources & Corporate Services). Mr Dubey has previously held senior positions at Tata Steel and was the managing director of Tata Metaliks.

-Auto giant Mahindra and Mahindra has launched its latest variants of Bolero XL range here on January 19, 2004, thus heralding its launch across the State.

-M&M enters into agreement for acquiring majority stake in US based Bristlecone Inc

-Mahindra & Mahindra Ltd has informed that the equity shares of the Company have been delisted from Pune Stock Exchange Ltd w.e.f. January 16, 2004.

-M&M unveils innovation matrix to enhance performance

-Mahindra Special becomes M&M's new IT unit

-Equity shares delisted from Madras Stock Exchange

- tied up with an Iran-based company Barchinkar for localising M&M tractors in the Iran market

- Mahindra Tractors in accord with Castrol

-M&M rolls out India's first turbo tractor

-Mahindra & Mahindra Ltd has informed that HSBC Global Investment Fund has acquired 3,99,825 equity shares of the company through market on May 17

-- Andhra Bank has announced that it has joined hands with Mahindra Tractors for financing the distribution of tractors through the bank branches across the country

-Mahindra & Mahindra (M&M) has forayed into the Latin American markets through the opening of an assembly line in Uruguay

-Mahindra & Mahindra Ltd (M&M) on announced its foray into the South African automobile market

-Hemant Luthra to head M&M's new MSAT Sector

-Dena Bank inks MoU with M&M for tractor loans


- Mahindra & Mahindra tractors' top dealer in the US has become the largest tractor dealer in the US, muscling past dealers of John Deer, New Holland and Kubota.

-M&M forays into Australian tractor market on February 14, 2005.

-Mahindra & Mahindra Ltd (M&M) launches its Common Rail Diesel Engine (CRDEe) fitted-Scorpio, which conforms to BS III emission norms on February 22, 2005,

-Mahindra & Mahindra executes JV Agreement with Renault

-Scorpio unveiled in Malaysia on May 4, 2005

-M&M, Renault ink MoU to set up Rs 550 crore car manufacturing plant in Nasik

-M&M introduces new pick-up vehicle on July 6, 2005

-Mahindra unveils 3-wheeler cargo carrier Champion Alfa model

-Mahindra & Mahindra inks a JV with International Truck & Engine Corporation, USA

-Mahindra & Mahindra enters into agreement with Plexion Technologies, Mauritius

-M&M has signed a memorandum of understanding with the Saigal family of Pakistan for exporting tractors to that country..


-M&M unleashes Scorpio Pik-Up in South Africa

-M&M unveils three-wheeler car

-M&M Hingna unit enters into new new wage agreement

- Mahindra & Mahindra Ltd on Oct 11,2006 signed a agreement with ITMCo (Iran Tractor Manufacturing Co) to sell tractors in Iran. The agreement was signed in Tehran.

-Mahindra & Mahindra (M&M) and French automaker Renault have joined hands yet again to establish a greenfield passenger car manufacturing plant in India within five years.

- Mahindra & Mahindra inks deal with Global Vehicles USA Inc


- Mahindra & Mahindra acquires a leading German Forging Company Schoneweiss & Co. GmbH.

- Mahindra unveils new Bolero in Gujarat.

-Mahindra and Mahindra (M&M) has launched the line of sports utility vehicles (SUV) and pick up trucks that it plans to begin selling in the United States starting from 2009.

- M&M unveils Mahindra Pik-Up in Australia.

-The latest product from Mahindra Defence Systems, the Axe FAV is an extreme offroading multi terrain defence purpose vehicle.


-Mahindra & Mahindra acquires renowned Italian design house, GRD Italy.


- Mahindra & Mahindra unveiled its fourth generation Scorpio at an unbeatable price.

- Mahindra & Mahindra (M&M) signed a memorandum of understanding with the State Bank of Bikaner and Jaipur (SBBJ) for vehicle finance.


- Mahindra & Mahindra has hiked prices of its products by up to Rs 18,000 due to the in excise duty announced in the Budget.

- Anand Mahindra, vice-chairman and managing director, M&M, is keen on attaining companies that boost M&Ms global aspirations. This can be done by giving a combination of facilities, technology and dealer network. Meanwhile, M&M came out as the ideal bidder for getting hold of a majority stake in Ssangyong Motor Company (SMC).