| Type | Public (BSE: 500520) |
|---|---|
| Industry | Automotive |
| Founded | 1945 |
| Headquarters | Mumbai, Maharashtra, India |
| Products | Automobiles |
| Revenue | 23,803.24 crore (US$4.52 billion) (2011).[1] |
| Net income | 2,871.49 crore (US$545.58 million) (2010).[2] |
| Employees | 119,900 [2] |
| Parent | Mahindra Group |
| Website | Mahindra.com |
Mahindra & Mahindra Limited (BSE: 500520) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. The company was set up in 1945 in Ludhiana as Mahindra & Mohammed by brothers K.C. Mahindra and J.C. Mahindra and Malik Ghulam Mohammed.[3] After India gained independence and Pakistan was formed, Mohammed emigrated to Pakistan where he became the nation's first finance minister. The company changed its name to Mahindra & Mahindra in 1948.[4]
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Mahindra & Mahindra was set up as a steel trading company in 1945. It soon expanded into manufacturing general-purpose utility vehicles, starting with assembly under licence of the iconic Willys Jeep in India. Soon established as the Jeep manufacturers of India, M&M later branched out into the manufacture of light commercial vehicles (LCVs) and agricultural tractors. Today, M&M is the leader in the utility vehicle segment in India with its flagship UV Scorpio and enjoys a growing global market presence in both the automotive and tractor businesses.
Over the past few years, M&M has expanded into new industries and geographies. They entered into the two-wheeler segment by taking over Kinetic Motors in India.[5] M&M also has controlling stake in REVA Electric Car Company[6] and acquired South Korea's SsangYong Motor Company in 2011.[7]
The US based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its 'Global 200: The World's Best Corporate Reputations' list.[8]
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Mahindra & Mahindra is a major automobile manufacturer of utility vehicles, passenger cars, pickups, commercial vehicles, and two wheelers. Its tractors are sold on six continents. It has acquired plants in China[9] and the United Kingdom,[10] and has three assembly plants in the USA. M&M has partnerships with international companies like Renault SA, France[11] and International Truck and Engine Corporation, USA.
M&M has a global presence[12] and its products are exported to several countries.[13] Its global subsidiaries include Mahindra Europe Srl. based in Italy,[14] Mahindra USA Inc., Mahindra South Africa[15] and Mahindra (China) Tractor Co. Ltd.
M&M made its entry into the passenger car segment with the Logan in April 2007 under the Mahindra Renault joint venture.[16] M&M will make its maiden entry into the heavy trucks segment with Mahindra Navistar, the joint venture with International Truck, USA.[17]
M&M's automotive division makes a wide range of vehicles including MUVs, LCVs and three wheelers. It offers over 20 models including new generation multi-utility vehicles like the Scorpio and the Bolero. It formerly had a joint venture with Ford called Ford India Private Limited to build passenger cars.
At the 2008 Delhi Auto Show, Mahindra executives said the company is pursuing an aggressive product expansion program that would see the launch of several new platforms and vehicles over the next three years, including an entry-level SUV designed to seat five passengers and powered by a small turbodiesel engine.[18] True to their word, Mahindra & Mahindra launched the Mahindra Xylo in January 2009, and as of June 2009, the Xylo has sold over 15000 units.[19]
Also in early 2008, Mahindra commenced its first overseas CKD operations with the launch of the Mahindra Scorpio in Egypt,[20] in partnership with the Bavarian Auto Group. This was soon followed by assembly facilities in Brazil. Vehicles assembled at the plant in Bramont, Manaus, include Scorpio Pik Ups in single and double cab pick-up body styles as well as SUVs.[21]
Mahindra planned to sell the diesel SUVs and pickup trucks starting in late 2010 in North America[22] through an independent distributor, Global Vehicles USA, based in Alpharetta, Georgia.[23] Mahindra announced it will import pickup trucks from India in knockdown kit (CKD) form to circumvent the Chicken tax.[24] CKDs are complete vehicles that will be assembled in the U.S. from kits of parts shipped in crates.[24] On 18 October 2010, however, it was reported that Mahindra had indefinitely delayed the launch of vehicles into the North American market, citing legal issues between it and Global Vehicles after Mahindra retracted its contract with Global Vehicles earlier in 2010, due to a decision to sell the vehicles directly to consumers instead of through Global Vehicles.[25] However, a November 2010 report quoted John Perez, the CEO of Global Vehicles USA, as estimating that he expects Mahindra’s small diesel pickups to go on sale in the U.S. by spring 2011, although legal complications remain, and Perez, while hopeful, admits that arbitration could take more than a year.[26] Later reports suggest that the delays may be due to an Manindra scrapping the original model of the truck and replacing it with an upgraded one before selling them to Americans[27]
Mahindra & Mahindra has a controlling stake in Mahindra Reva Electric Vehicles. In 2011, it also gained a controlling stake in South Korea's SsangYong Motor Company.[28]
Mahindra & Mahindra Ltd. (M&M), has launched its much awaited SUV, XUV 500, code named as W201[29] in September 2011. The last ‘500’ in the name is pronounced as ‘5 double-O’ (alphabet). The new SUV by Mahindra has been designed in-house and it is developed on the first global SUV platform that could be used for developing more SUVs. In India, the new Mahindra XUV 500 comes in a price range[30] between Rs 14 lakh to Rs 15 lakh. Besides India, the company also targets Europe, Africa, Australia and Latin America for this model.[31]
Combining its experience in the automotive and farm equipment industries with a series of key acquisitions of European components companies, Mahindra & Mahindra maintains art-to-part manufacturing units across India, Germany, Italy, and the United Kingdom. Mahindra & Mahindra has expertise in forgings, castings, gears, stampings, steel, ferrites, contract sourcing, and composites. It also offers full-service art-to-part solutions that integrate design, manufacturing, and sourcing. More than 12,000 people are employed at Mahindra & Mahindra's Components division.[32]
Mahindra & Mahindra became involved in defense systems in 1947, when it started importing, assembling, and adapting the Willys Jeeps used in World War II.[33] It later began designing and constructing its own line of armored vehicles, becoming the largest private-sector supplier to the Government of India. Today, Mahindra & Mahindra partners with several countries to provide a range of defense solutions for police forces, Armies, and Navies—including sea mines, surveillance solutions, weapons, ammunition, and more.
Defence Land Systems India is Mahindra & Mahindra’s joint venture with BAE Systems, a world leader in defense technology. With more than 100 employees, it develops new technologies and manufactures armored vehicles like the Axe, Rakshak, Marksman, up-armored and bulletproof Scorpios and Boleros, and Rapid Intervention Vehicles. Its Special Military Vehicles facility outside Faridabad is ISO-9000-2008 certified. The facility manufactures world-class military vehicles, select artillery systems, and other land system weapons and will provide support to the Indian Army as it pursues its Field Artillery Rationalization Plan and upgrade program as a center for design, development, manufacture, assembly, integration, and test of artillery systems.[34]
Mahindra & Mahindra entered the energy sector in 2002, in response to growing demands for reliable and quality power in India.[35]
Since then, more than 150,000 Mahindra Powerol engines and diesel generator sets (gensets) have been installed in India, offering uninterrupted power in areas with unreliable grid electricity. The inverters, batteries, and gensets are manufactured at three facilities in Pune, Chennaie, and Delhi; and 160 service points across India offer 24-7 support to most key markets. Powerol is present in countries across Latin America, Africa, the Middle East, and Southeast Asia—and expanding into the United Arab Emirates, Bangladesh, and Nepal.[35]
M&M’s energy services include power leasing and telecom infrastructure management.[36] In 2006, it became the market leader in the telecom segment (and in 2011, its market share passed 45 percent). In 2007, it won the Frost and Sullivan “Voice of the Customer” award for best practices in telecom.
Mahindra Cleantech Ltd examines reliable and creative energy solutions through green power. In response to growing demand, it formed a subsidiary, Mahindra Solar, in 2010 to offer a range of solar solutions, including on- and off-grid solutions and Engineering, Procurement, and Construction (EPC).[37] By building utility-scale solar power plants, it offers turnkey EPC solutions. Meanwhile, its off-grid solutions include power packs and rooftop setups for commercial organizations and institutions, solar hybrid solutions to telecom towers, and rural electrification through lanterns and home and street lighting systems. The company works closely with Mahindra’s farm equipment division to offer lighting solutions to even the most rural areas in India. It also works with Mahindra Powerol to offer solar power backup to telecom sites in India. In 2011, Mahindra Solar received a CRISIL rating of SP1A in 2011, the highest rating for any solar photovaltaic off-grid company.[37]
Mahindra & Mahindra began manufacturing tractors for the Indian market in the early 1960s. Today, it is one of the top three tractor companies in the world with annual sales totaling more than 150,000 tractors.[38] It has expanded its offerings to include farm-support services via Mahindra AppliTrac (agri-mechanization solutions), Mahindra ShubhLabh (seeds, crop protection, and market linkages and distribution), and the Samriddhi Initiative (agri-support information and counseling).
Mahindra & Mahindra’s farm equipment division (Mahindra Tractors) is one of the top-selling tractor companies in the world, with more than 1,000 dealers servicing more than 1.45 million customers.[39] Mahindra tractors are sold in 40 countries on six continents, including the United States, China, Australia, New Zealand, Africa (Nigeria, Mali, Chad, Gambia, Angola, Sudan, Ghana, and Morocco), Latin America (Chile, Argentina, Brazil, Venezuela, Central America, and the Caribbean), South Asia (Sri Lanka, Bangladesh, and Nepal), the Middle East (Iran and Syria) and Eastern Europe (Serbia, Turkey, and Macedonia.[39]
Mahindra tractors are manufactured at four plants in India, two in China, three in the United States, and one in Australia—allowing Mahindra & Mahindra a foothold in major agricultural hubs. It has three major subsidiaries: Mahindra USA, Mahindra (China) Tractor Company, and Mahindra Yueda (Yancheng) Tractor Company (a joint venture with the Jiangsu Yueda Group).[39]
The company has enjoyed 27 years of market leadership and has garnered the highest customer satisfaction index (CSI) in the industry at 88 percent.[39] In its 2009 survey of Asia’s 200 most admired and innovative companies, the Wall Street Journal named Mahindra & Mahindra one of the 10 most innovative Indian companies. It earned a 2008 Golden Peacock Award in the Innovative Product/Services category for its in-house development of a load-car. In 2007, Mahindra & Mahindra became the only tractor company to win the Deming Application Prize and the Japan Quality Medal for Total Quality Management excellence in entire business operations.
In addition to tractors, Mahindra sells farm implements.
Mahindra Aerospace is aerospace division of the Indian multinational conglomerate company Mahindra Group. It is the first Indian private firm to make smaller civil aircraft for the Indian general aviation market. It is an AS9100 Rev.B certified design organization.
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