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New Delhi, Feb 7 () Realty firm Mahindra Lifespaces on Friday announced the resignation of its MD and CEO Sangeeta Prasad. She became the company's managing director (MD) and chief executive officer (CEO) in October 2018, following the resignation of Anita Arjundas as MD. Sangeeta joined the Mahindra group in 2008 as chief operating officer of Mahindra World City Developers Ltd and was promoted in 2013 as CEO of the Integrated cities and Industrial clusters business. In a regulatory filing, the company informed that the board has "noted the resignation submitted by Sangeeta Prasad from the position of the managing director and chief executive officer and also as a director of the company which shall take effect from the close of business hours as on June 30, 2020". Prasad has resigned to pursue other interests, it added. The Nomination &amp; Remuneration Committee of the board will immediately initiate the process of finding a successor, the filing said. Anand Mahindra, chairman of Mahindra Group, said: "Her leadership has propelled the cities business and has helped chart the strategic way forward for the residential segment. As a member of the Group Executive Board (GEB) and the co-chair of the Group Diversity Council, Sangeeta has helped drive group-wide initiatives. I wish her the best in her new endeavours." Arun Nanda, chairman, Mahindra Lifespace Developers, said: "...I am certain what she has instituted will take the company towards a successful future. I wish her all the best in the journey that she embarks upon." Prasad said her journey with Mahindra Group had been an extremely fulfilling journey and it enabled her to create a footprint beyond the real estate sector. Established in 1994, Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development business of the USD 20.7 billion Mahindra group. The company's development footprint spans 25.3 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development or management at its integrated developments or industrial clusters across four locations. MJH SHWSHW

Sangeeta Prasad resigns as MD, CEO of Mahindra Lifespaces

There has been no stopping <keyword id="156418" type="PERSON" weightage="20" keywordseo="Pawan-Goenka">Pawan Goenka</keyword>, the young boy whose family moved to Kolkata from Harpalpur in Madhya Pradesh. He studied at a Hindi medium school and did engineering from IIT Kanpur and went for a PhD at Cornell University in the UK. After over two decades in Mahindra &amp; Mahindra, Goenka has risen through the ranks and has been appointed as the MD and CEO, as the company’s billionaire promoter <keyword id="46425" type="PERSON" weightage="20" keywordseo="Anand-Mahindra">Anand Mahindra</keyword> himself became a non-executive chairman. Ever since, he has been headhunted by the best of the best like AT&amp;T – was hired by General Motors. But Goenka had spotted an ad in a newspaper by Mahindra &amp; Mahindra in Detroit who called auto professionals back home. An interview was fixed.

Pawan Goenka nearly missed the job at M&M ⁠— today he is the MD & CEO

<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

A recent firing at <keyword id="43217" type="CITY" weightage="100" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> has stepped up the fear among mid-senior techies about instability in the industry where handing over of pink slips is no longer a hush-hush phenomenon. The phone call recording that went viral last week has an HR staff asking an associate to put down his papers by the next day morning, failing to which would make the employer send termination letter. In the age of internet, the recorded clip on <keyword id="881139" type="COMPANY" weightage="20" keywordseo="SoundCloud">SoundCloud</keyword> has gone viral and Tech Mahindra has received enough digital hatred for such weak HR policy. The case has reached the upper management to a level when <keyword id="46425" type="PERSON" weightage="100" keywordseo="Anand-Mahindra">Anand Mahindra</keyword>, Chairman and <keyword id="4741088" type="UNKNOWN" weightage="20" keywordseo="md-of-mahindra-group">MD of Mahindra Group</keyword> has apologised for sacking in this manner and assured no such instances in future. In an open social media post, he wrote, “"I want to add my personal apology. Our core value is to preserve the dignity of the individual and we'll ensure this does not happen in future.” CP <keyword id="45924" type="PERSON" weightage="20" keywordseo="Gurnani">Gurnani</keyword>, managing director at Tech Mahindra, tweeted, "I deeply regret the way the HR rep &amp; employee discussion was done. We have taken the right steps to ensure it doesn't repeat in the future.” Here’s the recorded clip of the conversation &lt;iframe width="100%" height="166" scrolling="no" frameborder="no" src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/tracks/331810449&amp;amp;color=ff5500"&gt;&lt;/iframe&gt; Though Tech Mahindra has issued a statement regretting the manner of the exit interview, it said "alignment, of the workforce will carry on. We continue to implement strategies to implement the changing demands of business in the current global economic environment and align our workforce with the business objectives, strategic priorities of the organisations, and requirements of our clients.”

Tech Mahindra fires employee giving 24-hour notice; Anand Mahindra apologises

<ul><li><keyword id="6357149" type="COMPANY" weightage="20" keywordseo="hdfc-bank">HDFC Bank</keyword>’s <keyword id="6406769" type="ORGANIZATION" weightage="20" keywordseo="aditya-puri">Aditya Puri</keyword> and Amitabh Chaudhry of Axis Bank are one of the highest paid Indian CEOs in the banking and finance industry. </li><li>HDFC is one of the only two banks ranking in the list of the most valued Indian brands at $4.8 billion, according to Forbes Magazine. </li><li>Following them are Uday Kotak of Kotak Mahindra Bank and ICICI Bank’s former MD and CEO among the top paid employees in the private sector banks.</li></ul>HDFC Bank’s Aditya Puri and Amitabh Chaudhry of Axis Bank are one of the highest paid Indian CEOs in the banking and finance industry. Following them are Uday Kotak of Kotak Mahindra Bank and ICICI Bank’s former MD and CEO among the top paid employees in the private sector banks. The rankings are based on the monthly remuneration of the employees, as per the company’s annual report released this year. <div type="Slideshow" msid="70657329" hostid="261" title="India' highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list" firstImageMsid="70657331" slideCount="7"></div>

India's highest paid bank chiefs -- HDFC Bank's Aditya Puri tops the list

<ul><li>Canada-based global investment firm <keyword id="172205" type="COMPANY" weightage="20" keywordseo="Manulife">Manulife</keyword> forms a 51:49 partnership with <keyword id="6428152" type="UNKNOWN" weightage="20" keywordseo="mahindra-finance">Mahindra Finance</keyword>. </li><li>Manulife will invest $35 million for 49% stake in the JV. </li><li>Mahindra Finance stock tumbled nearly 3% after the announcement. </li><li>Mahindra Finance does not rule out the possibility of entering general insurance.</li></ul>Mahindra Finance on Thursday announced a joint venture with Canadian fund Manulife, with its subsidiary Mahindra Asset Management Company. The 51:49 joint venture aims to expand the depth and breadth of fund offerings and retail fund penetration in India. Manulife will invest $35 million for 49% stake in the JV, which would value the Mahindra AMC at about $71 million. The investment from Manulife will go into the asset management company, not Mahindra Finance, according to Ramesh Iyer, Vice Chairman and Managing Director, Mahindra Finance. "General insurance is an opportunity we are looking at," he added. The mutual fund business in India is a crowded place and the top few players control a lion's share of the market. "Even if we double our market share from the current 4%, the business will grow substantially," Ashutosh Bishnoi, MD and CEO of Mahindra AMC said, adding that the company is looking to create new segment of investors, and not looking to snatch from other players. "Our desire is to become a top tier mutual fund in India," said Michael Dommermuth,head of Manulife AMC in Asia. The firm has $849 billion funds under management globally. About 28% of Mahindra AMC's retail assets are outside the top 30 cities in India. Of the ₹5000 crores, nearly ₹3000 crores are institutional investments.

Global financial services major Manulife enters India in a joint venture with Mahindra Finance

<ul><li><keyword id="81680" type="COMPANY" weightage="20" keywordseo="MM-Financial-Services">M&amp;M Financial Services</keyword> is hitting the market with a ₹3,089 crore rights issue, today.</li><li>Business Insider caught up with the Vice Chairman and Managing Director <keyword id="284481" type="PERSON" weightage="20" keywordseo="Ramesh-Iyer">Ramesh Iyer</keyword> in an exclusive chat and posed the following questions. </li></ul>M&amp;M Financial Services, a non-banking finance company with a market capitalisation of ₹15,000 crore (over $2 billion), is hitting the market with a ₹3,089 crore rights issue. Existing shareholders will get rights to buy additional shares in the company at a cost of ₹50 a piece, a discount to the current market rate of a little less than ₹130. This kind of fundraising is usually undertaken to shore up capital and increase the net worth of the company. <div type="image" title="M&amp;amp;M share fin" msid="77212373" hostid="261"></div> However, this says a lot about what the company believes are the prospects in the near term. Business Insider caught up with the Vice Chairman and Managing Director Ramesh Iyer in an exclusive chat and posed the following questions. You can watch the entire interview here. <div type="twitter" handle="BiIndia" handlename="Business Insider India🇮🇳" image="http://pbs.twimg.com/profile_images/1232926719016718336/sfffJHNV_normal.jpg" favoritecount="6" retweetcount="0" status="#HangoutwithBI | @BiIndia's @iyer_sriram in conversation with @ramesh_md, VC &amp; MD of @MahindraFin as investors prep… https://t.co/bQBjcyl9k7" createdat="1595842176000" id="1287681535068344321"></div> These are the edited transcripts of the interview. What do you make of the market reaction that the stocks have been tumbling down for the past few days? Why aren't investors excited about this? So, I am not too sure the market going down has anything to do with the Rights (issue). I think there is mixed news coming around on what's happening in rural (areas), how the market is panning out, if there's going to be a next moratorium, right? And, if the moratorium was not to be there, how do the NPA’s and the industries start to perform? So, I think it's all at the back of the performance and not anything to do with the Rights Issue. What is the goal of the rights issue? So clearly it boosts the capital base but the overall money is about ₹3,100 crore, which is at the current level equal to one-months disbursement. So, don't look at it from a cash flow perspective, look it from a cash boost perspective. Straight away from the 15-17% capital adequacy you go to 19-20% adequacy level, which gives you phenomenal leverage capital and gives you room space for growth in future. And, for some reason, you know the market conditions turn negative because of COVID. And (if) COVID turns much larger than anybody imagines, then it also addresses your insolvency issues and you remain absolutely strong. So it's a stitch in time or preparing for the worst and aiming for the best? I think when we discussed the need for capital and Rights Issue as a format in April, obviously, we thought we should prepare for the worst. Because you know the lockdown has just begun and nobody had a clue on how long it will stretch and the moratorium got announced, and you know everything is going negative, no sales happening. That's why everyone wanted to be prepared for the future. As came May and June, and then we started seeing the phenomenal revival of the rural market. The pitch turned to that if things are getting better, you will have a phenomenal opportunity of taking the growth of 35% (YoY), and that, again, will need capital. So you are gunning or 35% growth again this year? Not this year, this year is out of the question. I think nobody will talk about growth this year. I think everybody should look at … if it's beginning to happen. If you look at March volumes, it will be at 50-60% of the previous year. Because you have already lost a quarter without doing much in the market. And, July and August are not going to be kind of very aggressive. Anything that will happen will happen post-October. Any growth anyone is taking is I guess 2021, 2022, 2023 kind of a story. I think FY21 is gone, you will have much smaller volumes, and all of ourselves will fight to keep ourselves afloat. Let's talk about cost-cutting and the changes you are making? Cost of funds has definitely come down as you said. And, you know, even pre-COVID, if you look at our Q2, Q3 last year also. We have said that we will also focus on various cost initiatives, and we look at line item wise. For a company like ours, we will not have only one line item completely cut by, and that will save a lot of costs. So are you shutting down branches? No, we are not. So what we are actually doing is we have looked at each line. For example, we looked at the branch rent rationalising. So we renegotiated rent, we have moved to new places and all kinds of stuff. The second is all the peripherals attached to the branch like securities or weather BPO services, below the line advertising and funding exercises, the travelling and conveyance expenses. So if you use a little more technology and digital, you will be able to bring down conveyance cost. On the people front, our belief has been very different and very strong. We think that if at all you are talking of people cost that should be the last to look at but can't be the starting point. We have cumulatively 2 million customers from whom we have to recover money. So you need people for that, you may not grow that year, but you need people for what you have done already. And, branches are on that also. Each branch will have 3000-4000 customers to manage. You can't just shut a branch looking at some few thousand rupee cost. Once the market revives, some of those expenses will return. But our own understanding is that at least about 20% of the expenses come down from the previous year, even if things were to return to absolute normalcy. Your NPAs level is around 10%. Is that correct and if that is correct, where do you see this by the end of March? So two things have happened while the gross has been a little higher than March, but the net has been lower than March. So we have taken a little aggressive position based on the geographies and based on certain product behaviours and segments, there have been some higher provisions. So as we progress you the next six months, which is normally the good six months, we would not see a decline in the gross NPA, and we will maintain our stance on aggressive provisions. And, we will have a very close look at understanding what's happening in the market. And, if we start seeing things are not improving as we think, then we may take higher provision, whichever is necessary. COVID is now spreading beyond cities, is that something you are taking into account yet? I think it is important to look at rural from a very different perspective. We are seeing UP, we are seeing cases, we are seeing Bihar, we are seeing cases. But is it concentrated at one place, no, unlike major cities where it is concentrated in numbers. In rural it's a very wide number like in some villages 2 cases and in some other villages some few cases, so it does not affect the overall economic activity of that place. So even as we speak and we are also seeing this number going up in different cities, but that's not affecting the local activity completely, because it's not concentrated and the activities are spread across like farming, that is not going to be affected even if some cases are there. What has been the trend like for M&amp;M Financial Services? In June more than 40% of the people who opted for the moratorium have actually repaid their instalments. My understanding is you will see from the fourth quarter, i.e. January onwards or maybe for October, you will start seeing good trends but Jan onwards one can start seeing the infra cash flow coming in. And that should do good for the rural. What have your collection trends been like? From April to May, it was double of April. April was a disaster at 14-15%. It went to 25% or 30 in May. And went up to upwards of 77% in June. And, July good news is that as we see our numbers. It is equal or better than our June number. It's holding up very well. Does that seem like a level that's going to continue for some time? I think July-August enrols no major activity even in normal time, when monsoon is around the economic activity comes down. The real test will be what happens in the third quarter— post the monsoon. How does the festival season pan out - when the activity begins to happen. And when the monsoon ends, what's the outcome of the monsoon? Is the yield likely to be good? I think the third quarter will be the test, and you will start seeing post-November money will start coming in, stretching till February. What happens if the government goes for another lockdown and another moratorium ? What at least we see from a retail customer perspective is not all of them need a 90-day moratorium. Some of them need a restructuring of the loan because they need a smaller EMI because their income has shrunk and they are not able to repay so much, Some of them want a much extended period of debit. Some of them want a shorter moratorium; maybe a 1-month moratorium because let's take a farmer, he may say my money is going to come in November, right, so please give me 30 or a 45-day moratorium, not a 90 day because I don't want to bear that interest. So, if you were to take it this way then my point of view would be— restructuring would be a good approach where an institution can look at each customer and segment and then look at what is required. For example, a heavy commercial vehicle operator, 90 days may be insufficient because he may start earning only post-January or whenever because currently, he has no volumes to carry, Right? So, now you have given 90 days, he will consume that 90 days, and again he is going to be not able to pay it, once he opens up in January. So, if you put all of this together at least at the retail level, our understanding is if you give a restructuring which is a responsibility of the company to see to whom you want to give and what kind of a restructuring you want to give and put in place an approved process by which you will be monitoring it. But that is a risk, right? But then, there is enough ring-fencing, they have said that freeze the accounts as of February 29, and they should be standard account on that. There should not be more than two instalments outstanding on that day, they should not already be an NPA account, so there is a very clear ring-fencing which has happened. It is then ultimately the responsibility of the organisation - whom do you give what kind of restructuring and what kind of a time frame. So, you know that's what the ask is, or a request is that if it can be considered on a restructuring basis with responsibility. Have you made any change in the term of the assets whom you were lending to, in a post COVID scenario? Not because of post-COVID, I think it's an outcome of an absolute volume for each product. If April was no sales month. May saw more tractors sales and less vehicle sales and June continued that way. If you look at the monthly disbursement. I think 45-50% of the disbursement went to tractors. And, the balance went to other vehicles. But on an overall, where the book is concerned, one month doesn't tell the balance. What is your current mix like? So about 17-18% is tractor, another 25% would be <keyword id="45224" type="DOMAIN" weightage="20" keywordseo="Mahindra">Mahindra</keyword> auto parts. Then cars about 28%, then pre-owned vehicles about 10% and then small commercial vehicles and commercial vehicles all together will be 8-10%. I think SME has dropped to around 1-2%. Is it a concern on heavy reliance on the automotive sector because of the trouble that the sector is going through? I think that's not the right thing. It is divided between urban and rural again. I think what you don't see is an auto demand. It's not an urban phenomenon. If you talk to any OEM (original equipment makers e.g car manufacturers), they are all talking of rural revival. Dealerships have improved. Actually, the real constraint for the auto current is supply. They are not able to make vehicles available to the dealership while there is sufficient demand for small cars, pickups, small three-wheelers, this kind of product. And the inventory levels at the dealerships is at its lowest. I think if they can make sufficient vehicles available, I think there is enough demand. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-sees-sharp-slowdown-in-all-verticals-except-media-and-entertainment/articleshow/77197985.cms" data-type="tilCustomLink">Tech Mahindra sees sharp slowdown in all verticals except media and entertainment</a> <a href="https://www.businessinsider.in/india/news/escorts-earnings-only-show-that-calling-a-rural-recovery-right-now-would-be-pompous-all-eyes-will-now-be-on-mm/articleshow/77200867.cms" data-type="tilCustomLink">Escorts earnings only show that calling a rural recovery right now would be pompous⁠— all eyes will now be on M&amp;M</a>

EXCLUSIVE: M&M Financial Managing Director gets candid about the rights issue, the bleak prospects for this year and why there should be no more loan moratorium

New Delhi, May 15 () Realty firm Mahindra Lifespace Developers on Friday said it has appointed Arvind Subramanian as Managing Director and Chief Executive Officer of the company with effect from July 1. The board approved the decision in its meeting on Thursday. He will succeed Sangeeta Prasad who resigned on February 7 this year. She had worked with the Mahindra group for over 11 years. Arvind joined the company as Chief Executive Officer of Mahindra Happinest, the affordable housing business, in September 2018. Arun Nanda, Chairman, Mahindra Lifespaces Developers said, the company is poised for strong growth in a rapidly consolidating market. At Happinest, Subramanian has demonstrated his ability to imagine and engineer a new future for the sector, for the company and for our customers. Subramanian has over 23 years of experience, starting his professional career with the Tata Administrative Service, the central management cadre of the Tata Group. He spent close to 15 years with the Boston Consulting Group (BCG) where he was a Partner and Managing Director. Prior to joining the Mahindra Group, Subramanian was Regional CEO at a leading real estate developer. He holds an MBA degree from the Indian Institute of Management, Ahmedabad, and a BTech degree from Indian Institute of Technology, Madras. Established in 1994, Mahindra Lifespace Developers is the real estate and infrastructure development business of the USD 20.7 billion Mahindra Group. MJH ANSANS

Mahindra Lifespace appoints Arvind Subramanian as MD, CEO

<keyword id="19970523" type="General" weightage="20" keywordseo="mahindra-group" source="keywords">Mahindra Group</keyword> and global institutional investor <keyword id="20194556" type="General" weightage="20" keywordseo="ontario-teachers" source="keywords">Ontario Teachers</keyword>' Pension Plan Board have co-sponsored an infrastructure investment trust (InvIT) holding assets of 1.54 GW in the <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> space in India. The InvIT, Sustainable Energy Infra Trust (<keyword id="20197897" type="General" weightage="100" keywordseo="SEIT" source="Orion">SEIT</keyword>), 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 <keyword id="19970521" type="General" weightage="20" keywordseo="mahindra-susten" source="keywords">Mahindra Susten</keyword> 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 future pipeline of renewable energy assets. Mahindra Susten and SEIT, as a part of their growth strategy, have entered into a Right Of First Offer (ROFO) arrangement, in compliance with InvIT Regulations, whereby renewable energy assets developed by Mahindra Susten will be offered for sale to SEIT. Both Mahindra Group and Ontario Teachers' had committed to invest up to Rs 3,050 crore and Rs 3,550 crore respectively into Mahindra Susten and SEIT. Anish Shah, Group CEO &amp; MD, Mahindra Group, said, "Mahindra Susten has ambitious plans to achieve 5X growth in the next five years and will contribute to both the Groups' and the nation's green energy goals. "The renewable energy sector will continue to grow and attract investments and we are excited about both Susten's and SEIT's role in developing the right ecosystem." Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of usd 249.8 billion as at June 30, 2023.

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

New Delhi, Jan 27 () Realty firm Mahindra Lifespace Developers Ltd reported a 91 per cent decline in net profit to Rs 1.81 crore for the quarter ended December.
Its net profit stood at Rs 20.58 crore in the year ago period, the company said in a regulatory filing.
Total income also fell to Rs 85 crore during the third quarter of 2019-20 from Rs 
137.37 crore in the corresponding period of the previous year. 
Mahindra Lifespace MD and CEO Sangeeta Prasad said, "we are delighted with the successful launch of Happinest Kalyan, which strengthens the hypothesis that a right product with right location is always attractive."
The company plans to launch new projects in Mumbai and Pune this quarter, she added.
"The subdued investment sentiments in the economy has adversely impacted industrial land lease volumes," Prasad said.
On operational front, Mahindra Lifespace achieved sales of Rs 196 crore (0.26 million sq ft) in residential business (excluding cancellation at Luminare).
The company's development footprint spans 25.3 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5,000
acres of ongoing and forthcoming projects under development/management at its integrated developments/industrial clusters across four locations. 
 Mahindra Lifespace Developers is the real estate and infrastructure development
business of the Mahindra Group. MJH RUJ
RUJ

Mahindra Lifespace Q3 profit down 91% at Rs 1.8 cr

New Delhi, Mar 11 () Cricketer Ajinkya Rahane has invested in Mahindra group-backed organic products startup MeraKisan to pick up a minority stake.Ajinkya, who is vice-captain of the Indian Test Cricket team, has invested and will own equity in MeraKisan and would also be its brand ambassador, Mahindra group said in a statement.Founded in 2016, MeraKisan Pvt Ltd is an associate of Mahindra Agri Solutions Ltd, a wholly owned subsidiary of Mahindra and Mahindra. It is a prominent leader in the organic food industry closely working with organic farmers, assuring certified, nutritious and healthy organic food. When contacted, Ashok Sharma, MD &amp; CEO- Mahindra Agri Solutions, said Rahane will have a minority stake in the company but did not disclose the amount invested by the cricketer. Sharma said MeraKisan is posting a revenue of Rs 2-3 crore per month and is growing very fast. He said the company currently sells more than 130 products. The start-up is expected to contribute 5-7 per cent of Mahindra Agri Solutions by 2024-25, he said. "MeraKisan is a 2-3 year old company with a focus on organic food. The company works with over 7,000 farmers, helping them with certification, technical support and initial handholding. "The start-up has witnessed robust growth since its inception and we expect it to contribute 5-7 per cent of the total revenue of Mahindra Agri Solutions by FY25," Sharma told . The company is growing at 40 per cent annually and is expected to have a revenue of Rs 1,300 crore in FY20, he added. On Rahane's association, he said, "We are delighted to welcome Ajinkya to the Mahindra family, he is a role model for the new generation and a passionate supporter of the Indian farming community." Rahane said: "I strongly believe that organic food contributes to overall wellness, and this partnership is significant as we share a common goal. Further, I am excited to be part of a journey which delivers sustainable prosperity for our farmers through organic farming methods". MJH SM MJH MRMR

Cricketer Rahane picks up minority stake in organic food startup

New Delhi, May 10 () IT company Tech Mahindra expects 5G rollout, demand for home connectivity and digitisation will drive business growth in the coming days, senior officials of the company said.The company expects short term setbacks for businesses due to coronavirus pandemic, however, telecom clients will support the business growth. "There will be some headwinds, and those headwinds will be common to everybody, but company continues to innovate, continues to leverage every of my acquisition and certain businesses where the expansion is likely to happen faster, for example, digital, for example, healthcare, we are doing a double click or a double drilling," Tech Mahindra MD and CEO CP Gurnani said in an investors call.According to the details uploaded on the company's website, 93 per cent employees in the company's IT team and around 85 per cent in the business process services were working from home after the lockdown was announced.Tech Mahindra CEO for Network Services Manish Vyas said that major service providers continue to remain focused on investment in network expansion and 5G services."The new workspace is clearly shifting more towards the home and that is something telcos, particularly the large ones who have been incumbents, they are all going to be looking at that product mix and all looking at digitisation and strengthening the product mix with home as the new access of growth," Vyas said.He said that a lot of discussions are going on telecom players towards digitisation of homes.During the lockdown, most of the employees across businesses are working from home.IT major TCS has already announced plans to allow 75 per cent of employees to work from home by 2025.Tech Mahindra in the quarter ended March 31, 2020 reported 29 per cent dip in the March quarter consolidated net profit at Rs 803.9 crore owing to narrowing of margins due to factors including a surge in COVID-19 related costs.For the 2019-20 financial year, the Mahindra group company reported 6.15 per cent decline in net profit at Rs 4,033 crore. In December quarter, the profit stood at Rs 1,145.9 crore.Gurnani said that the company continued to book businesses in March and teams both in the US and India were very active and they booked some good businesses."We are confident that the company is in a war mode, our teams are warriors and we will fight and we will fight back," he said. PRS BALBALBAL

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