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More than an accomplished entrepreneur, <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, the CEO of <keyword id="6357096" type="UNKNOWN" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> is an inspiring personality. Mahindra &amp; Mahindra is a leading player in India in the field of manufacturing Utility Vehicles and Tractors and providing a number of Finance and Aftermarket products. Here are a few interesting facts about Anand Mahindra that might be new to you. Schooling Anand Mahindra did his schooling at Lawrence School, Lovedale in Ooty, Tamil Nadu. In some of his writings, he mentions that this was a remarkable period in his life. The biggest ever donation to a foreign establishment Anand Mahindra donated $10 million to the Harvard Humanities Center. Following his donation, the center was renamed and relaunched as the Mahindra Humanities Center. This is the biggest donation ever made by an individual to an establishment overseas. Anand also co-founded the Harvard Business School Association in India which is committed to promoting the domain of management in India. Hobbies and interests He likes sailing, reading and playing tennis. Anand Mahindra is a passionate photographer with a strong liking for films. He listens to the Blues and assisted the idea behind the Mahindra Blues Festival in Mumbai in the year 2011, which became an annual event. In this Asia’s largest two days event organized year on year, renowned Blues musicians from all over the world participate. New channels to Mahindra Group Anand Mahindra is the mastermind behind Mahindra Group’s entry into new business domains including real estate and hospitality. Championed initiatives for a social cause Started in the year 1996, he championed a project known as Nanhi Kali which provides primary education to disadvantaged girls in India. Till September 2017, the project supported more than 130,000 underprivileged girls from all over the nation. He also provided the major support to a safe drinking water supply project in the country that served over 3 million people across the country in rural areas. CEO active on social media He is ranked among the top 30 CEOs on Social Media. Over 7.26 million people follow him on Twitter and Anand Mahindra is known for his interesting tweets. ARAI president He is the president of ARAI (Automotive Research Association of India) which is working towards developing safe, less polluting and more efficient vehicles. This body provides support to the vehicle manufacturers in testing, research and development, certification, homologation and framing vehicle regulations. His net worth He has a net worth of $1.7 billion as per the figures available in Forbes. Marriage and children He is married to Anuradha Mahindra, who is the founder, editor and publisher of the lifestyle magazine Verve. Anand Mahindra has two daughters Aalika and Divya. Beginnings in the corporate sector While entering the business in 1981, Mahindra first played the role of the Executive Assistant to the Finance Director of Mahindra Ugine Steel Company (MUSCO), which is the leading producer of specialty steel in India. Educational accomplishments Anand Mahindra is a passionate student who has multiple degrees from some of the most prestigious Universities in India. He studied architecture and film making and got his graduation degree with honors from Harvard College, Cambridge, Massachusetts in 1977. He completed his MBA in 1981 from Harvard Business School, Boston, Massachusetts. Among the richest persons in India Entering the list of India’s richest businessmen, Anand Bajaj occupies the 88th position on the Forbes list in 2019.

Unknown facts about Anand Mahindra CEO of Mahindra & Mahindra

Mahindra &amp; Mahindra is looking to tap emerging business opportunities in Africa for which it has set up a new business unit to focus entirely on the continent. 
 
As per Mahindra &amp; Mahindra, Africa has the potential to grow 10 times to around Rs 6,400 crore business in five to seven years. The India’s largest utility vehicle and tractor maker group presently earns about nearly Rs 960 crore annually from Africa. 
 
The new arm will be headed by Ashok Sharma, who is on the group executive board and the president of the agriculture business at M&amp;M. 
 
The new unit will serve as an internal distributor for the company, addressing to the entire group's business needs like two-wheelers, trucks, etc. 
 
The group already has a local office in South Africa and will set up three more in Egypt, Nigeria and Kenya. 
 
Sharma told Economic Times that the idea was to become a local company instead of having people sitting in India exploring opportunities from afar. M&amp;M will look at specific requirement of the market, customise the product and engineer it for the needs of the local market. 
 
"The channel partners, government and the other stakeholders may not be able to understand the impact brand Mahindra can have. When we go as 'One Mahindra', then they will be able to see the impact we can have on the local economy," Sharma told ET. 
 
These new offices will have local companies and employees that would develop products for the local markets. 
 
Pawan Goenka, executive director of M&amp;M recently told ET, "We have multiple businesses in Africa. Instead of each business going independently, we are treating the African business unit as our virtual distributor. Through the new business model, the company will have synergies in distribution, supply chain, spare parts, service, advertising and branding, helping dealers become more viable.” 
 
Out of 50 countries in Africa, M&amp;M has active presence in 20 with small assembly bases in Chad and Mali for tractor market. 
 
ET reported that M&amp;M’s business in the continent has been growing at strong double digit rates over the past four to five years. 
 
Mahindra currently exports about 11,000 vehicles annually to Africa, including 8,000 units from its automotive business (utility vehicles, trucks and two-wheelers) and 3,000 tractors. 
 
(Image: Reuters)

M&M enters Africa chasing $1bn revenue opportunity

Mumbai, Mar 5 () Mahindra Heavy Engines on Thursday said it has doubled its energy productivity much ahead of the target year, making it India's first and the world's third manufacturing facility to achieve the feat in a record four years from a 2016 baseline. Mahindra Heavy Engines Ltd (MHEL) has achieved this feat through its membership to The Climate Group's EP100 initiative, the company said in a release. The Climate Group is a non-profit organisation that works with business and government leaders around the world to address climate change. "The EP 100 journey has enabled Mahindra to reduce cost, drive innovation and support the environment. Doubling energy productivity in short span of time is a feat that we are very proud of," Mahindra Vehicle Manufacturers Ltd CEO and Chief Manufacturing Operation for automotive sector at M&amp;M Ltd, Vijay Kalra said. The company also ensured manufacturing efficiency improvement through cycle time reduction, production shift optimisation, resource optimisation and built flexibility in the process to avoid addition of equipment, it said. "By integrating smarter energy use into their business strategy, they are driving down greenhouse gas emissions while boosting the bottom line. MHEL is the first EP100 member from India to achieve this ambitious goal," said Mike Peirce, Corporate Partnerships Director at The Climate Group. Besides MHEL, Mahindra &amp; Mahindra Mahindra, Mahindra Holidays &amp; Resorts India Ltd, Mahindra Vehicle Manufacturers Ltd and Swaraj Engines Ltd are the other group companies that have signed EP 100 initiative, the release stated. IAS MRMR

Mahindra Heavy Engines doubles energy productivity

<ul><li><keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, 64, the chairman of <keyword id="45224" type="DOMAIN" weightage="20" keywordseo="Mahindra">Mahindra</keyword> &amp; Mahindra, is set to put his papers down in March 2020. </li><li>Mahindra and Mahindra is the largest tractor selling brand in the world. </li><li>His net worth stood at $1.42 billion, according to Forbes. </li><li>He is the 88th richest person in India, according to Forbes rich list 2018. </li><li>The Mahindra &amp; Mahindra conglomerate is estimated to generate revenue of $21 billion. </li></ul>Anand Mahindra, who was at the helm of Mahindra &amp; <keyword id="6355744" type="COMPANY" weightage="20" keywordseo="Mahindra-Group">Mahindra group</keyword> for 7 years will step Executive Chairman from April 1, 2020. "With effect from April 1, 2020, Mahindra will transition to the role of Non-Executive Chairman of the board of Mahindra &amp; Mahindra. This is in accordance with the Sebi guidelines," Pawan Goenka will take over as MD &amp; CEO as Mahindra himself will don the role of a mentor and sounding board for the Goenka, especially in the areas of strategic planning, risk mitigation and external interface, a company statement said. <div type="Slideshow" msid="70750607" hostid="261" title="The $1.6 billion Anand Mahindra straddles everything from big cars and tractors to tech and Twitter" firstImageMsid="70750838" slideCount="5"></div>

Anand Mahindra, the billionaire promoter of $21 billion Mahindra & Mahindra group set to take another course in life

<ul><li><keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, 64, is the chairman of Mahindra &amp; Mahindra, the largest tractor selling brand in the world. </li><li>His net worth stood at $1.42 billion, according to Forbes. </li><li>He is the 88th richest person in India, according to Forbes rich list 2018. </li><li>The Mahindra &amp; Mahindra conglomerate is estimated to generate revenue of $21 billion. </li></ul>Anand Mahindra is the 88th richest person in India and the chairman of Mahindra and Mahindra conglomerate The Mahindra &amp; Mahindra Group is known for its tractors and automobiles like Scorpio and Bolero. But the group has other interests as well like technology, finance, tourism and much more. <div type="Slideshow" msid="70750607" hostid="261" title="The $1.6 billion Anand Mahindra straddles everything from big cars and tractors to tech and Twitter" firstImageMsid="70750838" slideCount="5"></div>

The $1.6 billion Anand Mahindra straddles everything from big cars and tractors to tech and Twitter

<ul><li>Mahindra &amp; Mahindra is planning to introduce an interactive bot — ‘mood-o-meter.’ </li><li>The bot will assess employee’s state of mind and feelings and notify the respective managers, if the employee feels unhappy. </li><li><keyword id="43217" type="COMPANY" weightage="20" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> launched a <keyword id="406799" type="TECHNOLOGY" weightage="20" keywordseo="facial-recognition-system">facial recognition system</keyword> last year to mark attendance of employees. </li><li>Work-related stress has been portrayed as a ‘silent killer’ causing anxiety among Indian employees.</li></ul>Indian conglomerate Mahindra &amp; Mahindra is planning to introduce an interactive bot — ‘<a href="https://economictimes.indiatimes.com/jobs/mahindra-mahindras-ai-bot-to-gauge-staff-mood/articleshow/70338650.cms?from=mdr">mood-o-meter</a>’ — to assess its employees’ state of mind and feelings, said an ET report. The bot which will installed on office computers, will measure the extent of happiness among the employees by striking random conversations with them. It will ask How are you feeling? and What is making you feel low? Etc. The AI-powered bot will accompany the employees throughout the day. In case it detects discontentment, it will notify the respective managers. The company is designing an AI programme in order to boost employee morale. “If we can nudge managers to do that, then we can create shifts,” Prince Augustin, Executive Vice President of group human capital and leadership development told ET. Several firms have been using AI-enabled chatbots to digitise hiring and shortlisting of candidates. <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/tech-mahindra-adopts-facial-recognition-to-mark-attendance/articleshow/65300255.cms">Tech Mahindra</a> — a subsidiary of <keyword id="6355744" type="COMPANY" weightage="20" keywordseo="Mahindra-Group">Mahindra group</keyword> also launched a facial recognition system last year that allows employees to mark their attendance. This way, the company scrapped proxy attendance and created awareness amongst its employees. Work-related stress is termed as a ‘<a href="https://www.businessinsider.in/indian-companies-still-have-a-long-way-to-go-to-combat-workplace-stress/articleshow/69373623.cms">silent killer</a>’ causing anxiety among Indian employees. Workplace anxiety has been causing low productivity among employees and takes a toll on their mental health. See also: <a href="https://www.businessinsider.in/office-politics-and-automation-are-employees-biggest-fears-shows-hbr-ascend-survey/articleshow/70244713.cms">Office politics and changing job roles are hurting employees the most, says a survey</a> <a href="https://www.businessinsider.in/always-on-work-culture-is-affecting-mental-health-of-indians/articleshow/69522649.cms">‘Always On’ work culture is affecting mental health of Indians</a> <a href="https://www.businessinsider.in/5000-it-employees-in-chennai-are-working-from-home-because-offices-have-run-out-of-water/articleshow/69771864.cms">5,000 IT employees in Chennai are working from home because offices have run out of water</a>

Mahindra & Mahindra will assess its employees’ mood using its AI-powered bot

<keyword id="6355744" type="CITY" weightage="100" keywordseo="Mahindra-Group">Mahindra group</keyword>, India’s leading conglomerate, is looking forward to hire 20 brilliant minds for its digital force. This is being done to further digitalise this seven-decade old auto-to-defence conglomerate. 
 
Anish Shah, who joined in from GE Capital last year, is leading this plan as the group president for strategy. Streams from where the Mahindra Group is hiring include digital, analytics, innovation and customer insight. 
 
"We are looking to get 20 high-powered folks," Shah told ET. "We want folks with deep level of expertise to help our businesses. If we have experts who have done it before and know that (digital) space well, then it will help create a great digital solution for businesses." 
 
Wasting no time, the group has already poached Askme.com CEO Jaspreet Bindra as group senior VP for digital innovation and ecommerce. He would be driving automation and implementing digital technologies across the group. Namrita Mahindro, former associate VP for internet marketing at Taj Hotels Resorts and Palaces has also been added to the team. 
 
As of now, the plan is to set up an e-commerce platform for its real estate business, and to transform the whole customer experience for Club Mahindra Holidays, its holiday business. However, in the coming few months, as the team grows, several more projects would be picked and digitalised. 
 
<a href="http://www.withyouhamesha.com/widget/VERITO%20VIBE/graphics/U22A02.png">Image source</a>

Mahindra to hire 20 brilliant minds in a bid to go digital

New Delhi, <keyword id="6357096" type="General" weightage="20" keywordseo="mahindra-mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> on Friday said its total wholesales increased by 21 per cent year on year to 70,576 units in November. The Mumbai-based automaker had dispatched 58,303 units in November 2022. Utility vehicle dispatches stood at 39,981 units last month, an increase of 32 per cent over 30,238 units in the year-ago period, <keyword id="45224" type="General" weightage="20" keywordseo="mahindra" source="Orion">Mahindra</keyword> &amp; Mahindra (M&amp;M) said in a statement. Exports, however, declined 42 per cent last month to 1,816 units as compared to 3,122 units in November 2022. "We continue our growth trend, backed by strong demand for our SUV portfolio...While we saw a healthy festive season, we faced supply challenges on select parts during the month. We are keeping a close watch and taking appropriate steps to mitigate the challenges," M&amp;M President Automotive Division Veejay Nakra said. M&amp;M said its tractor wholesales stood at 32,074 units in November as compared to 30,528 units in the year-ago period. Exports, however, declined to 1,005 units last month from 1,348 units in November 2022. "The festive season saw high demand pull in the domestic market, supported by Kharif harvest realisations, with retails being strong during Dhanteras and Diwali," M&amp;M President-Farm Equipment Sector Hemant Sikka said. Terms of trade continue to be favourable for farmers, while rural spending by the government and progress in rabi sowing are the factors to watch out for, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-december-2023/slidelist/105645843.cms">From Tata Punch EV to Lamborghini Revuelto, cars set to launch in India in December</a> <a href="https://www.businessinsider.in/business/auto/news/car-and-suv-prices-set-to-rise-in-january-2024-should-you-buy-one-in-december/articleshow/105556415.cms">Car prices set to rise in January – Should you buy one in December?</a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-surges-to-4-5-million-devices-in-q3-2023/articleshow/105285251.cms">India’s PC market shipments surge in Q3 amidst import restrictions talks</a>

Mahindra sales rise 21% to 70,576 units in November

<ul><li><keyword id="6357096" type="COMPANY" weightage="20" keywordseo="Mahindra-Mahindra">Mahindra &amp; Mahindra</keyword> (M&amp;M) will increase the prices of its entire range of passenger and commercial vehicles from January 1, 2021. The share price of M&amp;M has gained 4% in morning trade. </li><li>Meanwhile, its loss-making <keyword id="10441530" type="UNKNOWN" weightage="20" keywordseo="south-korean-subsidiary-ssangyong-motor">South Korean subsidiary Ssangyong Motor</keyword> has defaulted on loan repayment aggregating to $55 million (around ₹408 crore) to JPMorgan Chase. </li><li>In April this year, M&amp;M’s board had rejected a proposal to inject any fresh equity into Ssangyong.</li><li>M&amp;M holds nearly 75% in the Korean subsidiary now, and has injected over $110 million in it since the acquisition.</li></ul>One of India’s largest automakers <keyword id="45224" type="DOMAIN" weightage="20" keywordseo="Mahindra">Mahindra</keyword> &amp; Mahindra (M&amp;M) will be hiking prices of its entire range of passenger and commercial vehicles from next month to offset the impact of the rise in input costs. The price hike will be effective from January 1, and across a range of its passenger and commercial vehicles models. The share price of M&amp;M witnessed a 4% gain in morning trade. <div type="image" title="M&amp;amp;M share (3)" msid="79754028" hostid="261"></div> This price hike announcement comes hours after its loss-making South Korean subsidiary Ssangyong Motor <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/432c164e-1871-4f23-a4f4-289112e504e7.pdf">defaulted on loan repayment</a> aggregating to $55 million (around ₹408 crore) to JPMorgan Chase Bank. In a regulatory filing, M&amp;M highlighted that the South-Korea listed subsidiary SYMC has outstanding loans aggregating to $92 million (approximately ₹680 crore). These are three banks Ssangyong owes money to: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Lenders to Ssangyong </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pending loans </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JPMorgan Chase Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹408 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BNP Paribas </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> ₹68 crore </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of America </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹204 crore </td></tr></tbody></table> The South Korea-based automaker has been in the red for nearly three years and the pandemic only made it worse. It saw its losses deepen in the third quarter and reported the worst performance since the 2008 global financial crisis. In the July-September quarter it reported net loss of $89.1 million. This default comes after Mahindra’s decision to no longer inject money into its subsidiary. In April this year, M&amp;M’s board had rejected a proposal to inject any fresh equity into Ssangyong. The pain point: Ssangyong acquisition Mahindra acquired the loss-making Ssangyong in 2010. Despite several attempts, it has failed to turn its fortune around. M&amp;M holds nearly 75% in the Korean subsidiary now, and has since injected over $110 million in it. Mahindra has been looking for a potential buyer for SsangYong, after the loss making subsidiary took <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">a toll on its profit</a> this year. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/interview-home-recipes-that-are-set-for-a-7-million-ipo-mrs-bectors-food-is-no-cookie-cutter/articleshow/79721783.cms" data-type="tilCustomLink"> INTERVIEW: Home recipes that are set for a $73 million IPO⁠— Mrs Bector’s Food is no cookie cutter</a> <a href="https://www.businessinsider.in/thelife/personalities/news/facebook-ceo-mark-zuckerberg-and-reliance-industries-mukesh-ambani-spoke-but-had-no-chemistry/articleshow/79739547.cms" data-type="tilCustomLink">Zuckerberg spoke to Ambani but there was no chemistry — even with a multi-million dollar partnership between them</a>

M&M’s planned price hikes eclipse debt default by Ssangyong

<keyword id="19993913" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Mahindra &amp; Mahindra" meta.hostid="261" meta.entityid="Mahindra &amp; Mahindra">Mahindra &amp; Mahindra</keyword> on Thursday reported a 4 per cent increase in consolidated profit after tax (PAT) to Rs 2,754 crore for the March quarter, driven by strong performance of its automotive and farm sector segments. The company had posted a consolidated PAT of Rs 2,637 crore in the January-March quarter of the 2022-23 fiscal, <keyword id="19981454" type="General" weightage="20" keywordseo="mm" source="keywords">M&amp;M</keyword> said in a regulatory filing. <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">Revenue</keyword> increased to Rs 35,452 crore in the fourth quarter, registering a growth of 9 per cent, as compared to Rs 32,456 crore in the corresponding period a year ago, it added. For the year full year ended March 31, the company posted a consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> of Rs 11,269 crore as against Rs 9,025 crore in FY23, an increase of 25 per cent. Revenue rose 15 per cent to Rs 1,39,078 crore in the last fiscal as compared with Rs 1,21,362 crore in FY23. "It has been an excellent year with most of our businesses delivering a high level of performance. Auto continued its high growth trajectory, Farm gained share in a tough market and <keyword id="20085620" type="General" weightage="20" keywordseo="Mahindra-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Mahindra Finance" meta.hostid="261" meta.entityid="Mahindra Finance">Mahindra Finance</keyword> delivered on asset quality," M&amp;M Managing Director &amp; CEO Anish Shah said. TechM was a weak spot, the turnaround has commenced with the new organisation in place, he added. The company said its board has approved a dividend of Rs 21.10 per share of the face value of Rs 5 each. Shares of the company were trading flat at Rs 2,302.80 apiece on the BSE.

Mahindra Q4 net profit rises 4% to Rs 2,754 crore; Revenue at Rs 35,452 crore

<keyword id="9301251" type="General" weightage="20" keywordseo="Global-development-institution" source="Orion">Global development institution</keyword> IFC will invest Rs 600 crore in a new last-mile mobility (LMM) company, a wholly-owned subsidiary of <keyword id="6357096" type="General" weightage="20" keywordseo="Mahindra-Mahindra" source="Orion">Mahindra &amp; Mahindra</keyword> 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 &amp; 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 &amp; 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. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/back-to-square-one-nifty-circles-back-to-levels-last-seen-in-september-2021-markets-likely-to-end-2023-in-the-red/articleshow/98898424.cms">Back to Square One: Nifty circles back to levels last seen in September 2021, markets likely to end 2023 in the red</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/brent-crude-oil-prices-remain-under-pressure-on-tensions-that-risks-in-global-banking-sector-may-spark-a-recession-worldwide/articleshow/98862335.cms">Brent crude oil prices remain under pressure on tensions that risks in global banking sector may spark a recession worldwide</a>

You Searched For "Mahindra Mahindra" and got 11 results

Unknown facts about Anand Mahindra CEO of Mahindra & Mahindra

BI India Bureau

M&M enters Africa chasing $1bn revenue opportunity

BI India Bureau

Mahindra Heavy Engines doubles energy productivity

PTI

Anand Mahindra, the billionaire promoter of $21 billion Mahindra & Mahindra group set to take another course in life

Preeti Soni

The $1.6 billion Anand Mahindra straddles everything from big cars and tractors to tech and Twitter

Preeti Soni

Mahindra & Mahindra will assess its employees’ mood using its AI-powered bot

Prerna Sindwani

Mahindra to hire 20 brilliant minds in a bid to go digital

BI India Bureau

Mahindra sales rise 21% to 70,576 units in November

PTI

M&M’s planned price hikes eclipse debt default by Ssangyong

Navdeep Yadav

Mahindra Q4 net profit rises 4% to Rs 2,754 crore; Revenue at Rs 35,452 crore

PTI

IFC to invest Rs 600 cr in Mahindra & Mahindra's new last-mile EV firm

IANS

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