Mahindra & Mahindra Ltd

Mahindra & Mahindra Limited (M&M) is the flagship company of the Mahindra Group, which consists of diverse business interests across the globe and aggregate revenues of around USD 19.4 billion. The co ... mpany's manufacturing facilities are located at Kandivali, Nashik, Igatpuri, Nagpur, Chakan, Zaheerabad, Jaipur, Rudrapur, Haridwar, Mohali and Pithampur. Mahindra & Mahindra Ltd was incorporated on October 2, 1945 with the name Mahindra & Mohammed Ltd. The Company was renamed as Mahindra & Mahindra Ltd in the year 1948. The steel trading business was commenced in association with suppliers in UK. In the year 1950, the company commenced the first business with Mitsubishi Corporation and 5000 tons of wagon building plates from Yawata Iron & Steel were supplied. In the year 1953 Otis Elevator Company (India) was established. A joint venture was made with Rubery Owen & Company Limited, UK and established a company under the name of Mahindra Owen. The company's Machine Tools Division was commenced its operations in the year 1958. In the year 1960, Mahindra Sintered Products Limited was established based on a joint venture with Bir Field (GKN Group, UK). In the year 1962, Mahindra Ugine Steel Company was established as a joint venture between the company and Ugine Kuhlmann, France. In the year 1963, International Tractor Company of India was established as a joint venture with International Harvester Company, USA. In the year 1965, the company entered into light commercial vehicles segment. They established Vickers Sperry of India Ltd, a joint venture with Sperry Rand Corporation, USA. In the year 1969, the company entered the world market with export of utility vehicles and spare parts. In the year 1977, International Tractor Company of India merged with the company and became its Tractor Division. In the year 1982, Mahindra brand of tractors were launched and also became the market leader in the Indian tractor market. In the year 1991, the company introduced commander range of vehicles in the market. Also, they established Mahindra Financial Services Ltd as a wholesale fund provider. In the year 1995, Mahindra Holding & Finance Limited became a subsidiary of the company to carry out business as an investment company. The company made a technical collaboration with Mitsubishi / Samcor to manufacture the Mitsubishi L300. In the year 1996, Mahindra Ford India Limited was established, a joint venture with Ford Motor Company, USA, to manufacture passenger cars. In the year 1999, the company acquired a major stake in Gujarat Tractors and renamed it Mahindra Gujarat Tractors Ltd. Also, Mahindra & Mahindra Financial Services Ltd became a subsidiary of the company. In the year 2000, the company set up their first satellite tractor plant at Rudrapur. They launched a new age tractor, Mahindra Arjun 605 DI (60 HP) in the market. Also, they launched Bolero GLX (a utility vehicle) in response to the needs of urban consumers. In the year 2001, the company launched Champion, a 3-wheeler diesel vehicle. They launched Mahindra MaXX, a multi-utility vehicle positioned with the caption 'Maximum Space, Maximum Comfort'. They made a tie up with Renault for Petrol Engines. In the year 2002, the company launched Scorpio, a new generation, world-class sports utility vehicle. In the year 2003, they launched Invader, a sporty open top vehicle and MaXX Pik Up. They set up second tractor assembly plant in USA. They ventured into Industrial engine business. Also, they launched India's first Turbo tractor, Mahindra Sarpanch 595 DI Super Turbo. In the year 2004, the company launched Bolero and Scorpio in Latin American, Middle East and South African markets. They signed an MoU to enter into joint venture with Jiangling Motor Company Group (JMCG) of China, to acquire tractor manufacturing assets from Jiangling Tractor Company, a subsidiary of Jiangling Motor Company Group. In the year 2005, the company acquired 51% stake in SAR Transmission Private Limited, a company engaged in manufacture of gears and transmission shafts. The company became the first Indian auto manufacturer to launch the Common Rail Diesel Engine (CRDe), offering it in the Scorpio. They acquired 80% stake in the joint venture with Jiangling Motors i.e. in Mahindra (China) Tractor Company. They established Mahindra Renault Ltd, a joint venture with Renault to manufacture and market Logan, a mid-sized sedan, in India. Also, they established Mahindra International Ltd, a joint venture with International Truck and Engine Corporation to manufacture trucks & buses in India. In the year 2006, the company acquired the Stokes Group of UK, the largest automotive forgings company in the UK. They launched the Scorpio V-series. In July 2007, the company launched the Mahindra Pik-Up (double cab) in Chile. In November 1, 2007, a wholly owned affiliate of Navistar International Corporation signed a joint venture agreement with the company to produce diesel engines for medium and heavy commercial trucks and buses in India. In the year 2008, the company introduced FuelSmart system in Bolero and Scorpio SUVs. They entered into JV with TMI Pacific in Australia. In the year 2009, the company launched Xylo. Also, they launched New, Mighty Muscular Scorpio in the market. During the year 2009-10, the company hived off Mahindra Defence Systems Division into a wholly owned subsidiary, Mahindra Defence Land Systems Pvt Ltd (now rechristened as Defence Land Systems India Pvt Ltd) with effect from July 1, 2009. Also, the company signed a joint venture agreement on November 30, 2009 with BAE Systems Plc. to form a 74:26 Joint Venture for defence land systems products. The company divested 46.66% of the equity share capital in Mahindra Gears & Transmissions Pvt Ltd in favour of ICICI Venture Fund. As per the scheme of arrangement between the company and Mahindra Shubhlabh Services Ltd, the Agri Inputs Business of along with other common assets and liabilities of MSSL was de-merged and transferred into the company. During the year 2010-11, the company acquired Ssangyong Motor Company (SYMC), a premier manufacturer of sports utility vehicles and recreational vehicles in Korea. Also, the company acquired 38% of the paid-up equity share capital through a Preferential Allotment in EPC Industrie' Ltd (EPC), a company listed on the Bombay Stock Exchange Limited. In February, 2010, the company had launched Maxximo in a very competitive small 4-wheeler cargo segment (0.75 Ton). In June 2011, Bristlecone International AG became a subsidiary of the company. In 2012, the company entered the Kenyan passenger vehicles market with the launch of their utility vehicles, XUV500 and Scorpio. Other vehicles include pick-up range, Genio and Maxximo mini-truck. The company also signed an agreement with Telephonics Corporation to form a joint venture, named as Mahindra-Telephonics Integrated Systems Limited. In 2013, the company inked partnership with online shopping portal, Snapdeal.com to sell its two-wheeles on the site. The company launches new visual identity reflecting modernity and dynamism. The company launches the Verito Executive edition. The company unveils the new Maxximo Plus Mini-truck in Bengaluru and Chennai. The company expands dealership network across India. The company launches the new Bolero Maxi Truck Plus - The Perfectly Styled City Pick-up in Ahmedabad. During the year, Mahindra Two Wheelers wins 3 Awards at the CMO Asia - Manufacturing Excellence Awards 2013. Mahindra 2 Wheelers opens new dealership in Zirakpur, Punjab. In 2014, the company introduces 'Yoga Seats' in Quanto Compact SUV. During the year, the company signs MoU with Government of Bhutan to promote usage of Electric Vehicles in the country. Mahindra Defence Naval Systems Inaugurates new Chakan plant. Mahindra Integrated Business Solutions signs MoU with CARE Advisory. Mahindra Logistics acquires majority stake in LORDS Freight (India) Pvt. Ltd. In 2015, Mahindra & Mahindra Ltd, Mahindra Two Wheelers and Peugeot Motorcycles complete strategic partnership. Mahindra inaugurates its extended automotive manufacturing facility at Zaheerabad in Telangana. During the year under review, Mahindra & Mahindra & Mitsubishi Heavy Industries enter into Strategic Partnership in Agricultural Machinery. The company launches all new mini-truck 'Jeeto' small commercial vehicle landscape in India. During the year, the company has set up an Africa-focused business unit to maintain double-digit growth levels in the continent. The company launches its tough & stylish true blue SUV - TUV 300. Mahindra & Mahindra, Mitsubishi Agricultural Machinery and Mahindra announce Start of their Strategic partnership. Mahindra Introduces the All New Automatic Transmission of The New Age XUV500. Pininfarina S.p.A ('Pininfarina'), an automotive design and engineering services company was acquired by the Mahindra group during the year under review. On 18 December 2015, M&M announced KUV100 (pronounced as KUV 1 double Oh') as the brand name of its compact sports utility vehicle codenamed S101. The company also unveiled an all new, world-class engine family named mFALCON, marking its entry into the ground up petrol space. On 17 February 2016, M&M announced that its young sports utility vehicle KUV100 has crossed 21,000 bookings in just a month post launch. On 8 March 2016, Ssangyong Motor announced the launch of an upgraded version of its sport utility vehicle Tivoli under the model name Tivoli Air in Seoul, South Korea. On 22 March 2016, the Agri Business vertical of M&M announced the launch of its branded milk under the Saboro brand. On 31 March 2016, M&M announced its foray into the global combine harvester business, by entering into a strategic partnership with Sampo Rosenlew, a combine harvester company based in Pori, Finland. Under the transaction, M&M will acquire a 35% equity stake in Sampo Rosenlew. The two companies will work in tandem to grow their combine harvester business globally. On 4 April 2016, M&M announced the launch of a new sports utility vehicle NuvoSport. On 5 April 2016, M&M announced the launch of Mahindra YUVO, a new age and superior technology range of tractors in the 30-45 HP category. On 15 April 2016, M&M announced its entry into the UK automotive market with the launch of the innovative e2o electric city car in London. On 25 April 2016, M&M announced the launch of the limited edition Scorpio Adventure variant. On 9 May 2016, M&M announced the introduction of the Automatic Transmission (AT) in the W6 FWD variant of its sports utility vehicle XUV500. On 12 May 2016, M&M announced the launch of a more powerful avatar of its sports utility vehicle TUV300 with the all new mHAWK100 engine. On 2 June 2016, M&M announced the launch of its innovative new eVerito - the all-electric, zero-emissions sedan. M&M said that the vehicle can be fast charged in 1 hour 45 minutes (0-80%) and a full charge lasts 110 kms. On 28 July 2016, M&M announced the launch of its first custom hiring centre for farm equipment under its TRRINGO initiative. TRRINGO, a unique and first-of-its-kind farm equipment aggregator service allows farmers to rent tractors and other mechanized farm equipment to complete their farming requirements without major investments. On 8 August 2016, M&M's 100% subsidiary Mahindra Agri Solutions announced the launch of 4 new varieties of branded pulses under its NuPro brand in Mumbai. On 11 August 2016, M&M announced that its small commercial vehicle Jeeto, the modular range of 8 mini-trucks, has garnered a market share of 20% within just a year of its launch. On 26 September 2016, M&M announced the introduction of DiGiSENSE, a revolutionary connected vehicle technology solution in its small commercial vehicles Jeeto and Imperio. DiGiSENSE technology will be available in the X7 16 (BS4) variant of Jeeto and SC VX & DC VX variants of Imperio. M&M said that the connected vehicle technology solution will enhance productivity of these vehicles, thereby opening up a whole new dimension to the experience of vehicle ownership. M&M became the first OEM in India to offer a cloud-based technology platform in the category of small commercial vehicles. On 27 September 2016, M&M announced the introduction of its new mild hybrid technology Intelli-Hybrid' on its sports utility vehicle Scorpio for Delhi and NCR. M&M said that the modern technology Intelli-Hybrid reduces fuel consumption by up to 7%. On 21 October 2016, M&M announced the national launch of its new electric CitySmart car, the e2oPlus'. On 25 October 2016, M&M unveiled plans to refocus its two wheeler business, to target premium niche segments. With the acquisition of Classic Legends, M&M aims to co-create a lifestyle mobility company with exciting and relevant partners across products & services, and enter into previously untapped segments using iconic brands like BSA and JAWA. On 21 November 2016, M&M announced the inauguration of its state of the art spare parts warehouse in Mahindra World City (MWC), Jaipur. As one of the largest, most modern warehouses in the country and the company's first in northern India, it will cater to the requirement of Mahindra customers in north and north western region of the country for both automotive and tractor spare parts. On 20 January 2017, M&M announced its foray into Turkey, through the acquisition of Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi (Hisarlar), a farm equipment company based in Turkey. Under the transaction, M&M will acquire a 75.1% equity stake in Hisarlar. Hisarlar clocked revenue of 208 million Turkish Lira in 2015. On 10 February 2017, M&M announced that it plans to make an investment of Rs 1500 crore at its Nasik and Igatpuri plants in Maharashtra. The project constitutes development and manufacture of its new product codenamed U321, covering joint investment at Nasik and Igatpuri. The investment in the Nasik plant will be towards manufacture of vehicles, while investment in the Igatpuri plant will be for manufacture and supply of engines. On 15 February 2017, Mahindra Truck & Bus Division (MTBD) announced the launch of Delhi-Mumbai Service Corridor to make service available at every 60 km across the industrial corridor. On 15 February 2017, M&M announced that it has introduced DiGiSENSE, a revolutionary connected vehicle technology solution in its leading tractor brand Arjun Novo. This will enhance productivity of the farmers using Arjun Novo and will also provide them with a new ownership experience, M&M said. On 16 February 2017, M&M announced the launch of 7 new products simultaneously under its Supro platform. The company launched 4 new variants of its stylish and spacious passenger carrier, namely Supro Minivan, Supro Minivan VX, Supro Minivan CNG and Supro School Van and 3 new variants of its modern load carrier, Supro Minitruck, Supro Minitruck CNG and Supro Cargo. On 5 April 2017, M&M announced the launch of new age, superior technology small tractor platform in the sub 25HP category under the brand JIVO. M&M said that JIVO is suitable for row crop and horticulture farming. On 19 April 2017, M&M announced the introduction of a host of innovative features in its sport utility vehicle XUV500. The new additions include Android Auto, Connected Apps, Ecosense & Emergency Call and are targeted towards meeting the evolving needs of a tech savvy consumer. On 18 May 2017, M&M and DIMO group announced the launch of the new range of tractors - Mahindra YUVO in Sri Lanka. On 24 May 2017, M&M announced a comprehensive roadmap to invest in globally competitive electric vehicles technology called EV 2.0. On 4 July 2017, M&M announced revised prices of its vehicles pursuant to the implementation of a nationwide Goods and Services Tax (GST). The prices of vehicles for end-customers on large UVs and SUVs were reduced by an average of 6.9% and those for small car segment were reduced by an average of 1.4%. End-customer prices were reduced by an average of 1.1% for small commercial vehicles and 0.5% for LCVs and HCVs. The prices for the end-customers of hybrid vehicles were raised marginally. On 13 July 2017, M&M announced the launch of the Jeeto Minivan, its stylish and comfortable passenger carrier developed on the successful Jeeto platform. On 29 July 2017, M&M announced its entry into two new businesses in the Kingdom of Bhutan with the debut of Truck & Bus, and Construction Equipment businesses. The company will set up these two new businesses in partnership with M/s Singye Agencies, its long-standing partner in Bhutan for more than 25 years. On 24 August 2017, M&M's wholly-owned subsidiary Mahindra Agri Solutions Limited (MASL) announced the launch of an advanced insecticide under the brand name Tromph. The molecule belongs to 3rd Generation technology and is a leading solution for key pests across the world. M&M showcased a full range of its mobility solutions - from 2 wheelers and personal vehicles to small, medium and heavy commercial vehicles, buses and a range of construction equipment at the 11th edition of Nepal Automobile Dealers' Association (NADA) Auto Show 2016 in Kathmandu from 29 August 2017 to 3 September 2016. On 8 September 2017, M&M announced the launch of the e-Alfa Mini, its zero emission, all new electric rickshaw for passenger movement. The vehicle was priced at Rs 1.12 lacs (ex-showroom Delhi). On 18 September 2017, M&M and Ford Motor Company announced that they have agreed to explore a strategic alliance designed to leverage the benefits of Ford's global reach and expertise and M&M's scale in India and successful operating model. Mobility, electrification and product development are key areas of potential cooperation between the two auto majors. Teams from both companies will collaborate and work together for a period of up to three years. Any further strategic cooperation between the two companies will be decided at the end of that period. On 19 September 2017, M&M announced the national launch of its new electric CitySmart car, the e2oPlus' in Nepal. On the same day, M&M's farm equipment division showcased its first ever driverless tractor developed at Mahindra Research Valley in Chennai. At that time, M&M said it would commercially launch driverless tractors from early 2018 in a phased manner. On 20 September 2017, M&M announced its second foray into Turkey through the acquisition of Erkunt Traktor Sanayii A.S. (Erkunt), the 4th largest tractor brand in Turkey. Erkunt clocked revenue of USD 88 million for calendar year 2016 and it sold around 4,700 tractors during that period. M&M will also acquire a foundry unit, Erkunt Sanayi A.S., which is a full service provider, from castings to machining. The foundry unit had revenue of USD 47 million during 2016. On 22 September 2017, M&M announced the launch of its first assembly plant in Sonargaon, near Dhaka in Bangladesh. The company has set up its CKD (completely knocked down) assembly plant, in partnership with Rangs Motors Ltd. On 25 September 2017, M&M announced the launch of the luxurious high-end T10' variant of its SUV TUV300. On 28 September 2017, M&M announced its plan to deliver 50 units of the eSupro Passenger van to the Himachal Road Transport Corporation (HRTC). As part of HRTC's Ride with Pride' initiative, the battery powered, all electric, zero emission Mahindra eSupro passenger vans will be used for public transportation in the state of Himachal Pradesh. On 3 October 2017, M&M's construction equipment division announced its foray into the road construction segment with the launch of its first Motor Grader - the Mahindra RoadMaster G75. On 4 October 2017, M&M announced the launch of a new W9 variant of its SUV XUV500. On 10 October 2017, M&M announced the launch of updated version of its SUV KUV100 under the name KUV100 NXT. On 12 October 2017, M&M announced the launch of updated version of Mahindra Pik Up vehicle in South Africa. The Board of Directors of M&M at its meeting held on 10 November 2017 recommended issue of bonus equity shares in proportion of 1:1. On 14 November 2017, M&M's automotive division announced the launch of 6 variants of its sports utility vehicle (SUV) Scorpio with higher power and torque, new 6-speed transmission, enhanced performance, imposing styling and luxurious comfort. It was priced at Rs 9.97 lakh (ex-showroom Delhi, for S3 variant). On 14 November 2017, M&M announced a licencing agreement with the Dewulf group for manufacture and marketing of potato planting equipment in India. Under the aegis of this agreement, M&M will work with the Dewulf Group to bring its potato planting technology to the Indian market. Dewulf is the world's foremost full-liner in potato and root crop machinery. On 15 November 2017, M&M announced the launch of the all new automatic version of the New Age XUV500 in Dubai in two variants, namely the W8 FWD and the W10 AWD. On 20 November 2017, M&M announced the opening of a new North American headquarters and manufacturing operation in Metro Detroit, the first such new OEM facility in Southeast Michigan in over 25 years. M&M will manufacture new off-highway vehicles at the new facility. On 24 November 2017, M&M announced that it will collaborate with Uber, the global transportation technology company, to explore the deployment of electric vehicles (EVs) on the Uber platform in several cities across India. M&M's electric vehicles on the Uber platform will include the e2oPlus hatch and the eVerito sedan. On 5 December 2017, M&M announced the introduction of petrol variant of its premium SUV, the XUV500 priced at Rs 15.49 lacs (ex-showroom Delhi). On 14 December 2017, M&M announced that it plans to increase prices of its passenger and commercial vehicles by up to 3% with effect from 1 January 2018. The price hike is due to increase in commodity prices, M&M said. On 30 January 2018, M&M's Farm Equipment unit announced the acquisition of a 26% equity stake in M.I.T.R.A. Agro Equipments Pvt Ltd (MITRA), a Maharashtra-based AgTech company which designs and manufactures proprietary sprayers for horticulture crops. M&M will acquire 26% equity stake in MITRA through a fresh infusion of capital into the company. As a part of a series of initiatives under its digital transformation strategy, M&M on 31 January 2018 announced an industry first initiative in the automotive retail space with the launch of its 'Bring the Showroom Home', a portable, mobile based, interactive Virtual Reality experience. On 2 February 2018, Mahindra First Choice Wheels (MFCWL), a diversified used vehicle automotive services provider, announced that it has raised a new round of $15 million (Rs 100 crore). The entire investment is in the form of primary capital and will be used to fund its growth over the next 18 months and values the company at $250 million pre money and $265 million post money. In the Financial Year 2018-19, the company sold 607,548 vehicles (a growth of 10.8% in comparison to the previous year) and 330,436 tractors (a growth of 3.4% overthe previous year). In FY19, the company launched three next generation products in the UV segment; the Marazzo, Alturas G4 and XUV300. During the fiscal 2019, the company maintained the leadership position in the domestic tractor market for the 36th consecutive year, with a market share of 40.2%. During the FY2019, Mahindra Susten Bangladesh Private Limited, Mahindra Knowledge Park Mohali Limited, Blitz 18-371 GmbH, Ssangyong Australia Pty Limited, Mahindra Summit Agriscience Limited, Mahindra Automotive Mauritius Limited, Mahindra Top Greenhouses Private Limited, Passeport Sante SL, PT Mahindra Accelo Steel Indonesia, Harkey Acquisition, L.L.C., USA, MSPE Urja S.R.L. and Mahindra Armored Vehicles Jordan, LLC. became subsidiaries of M&M. During the year 2019, Merakisan Private Limited, Gipp Aero Investments Pty Ltd, Aerostaff Australia Pty. Ltd, Mahindra Sanyo Special Steel Private Limited and Kiinteist¶ Oy Himoksen Thti 2, Finland ceased to be subsidiaries of M&M. During 2019, Mahindra Ideal Lanka (Private) Limited and Mahindra Sanyo Special Steel Private Limited became Associates of M&M. In the Financial Year 2019-20, the company sold 471,141 vehicles (a decline of 22.5% in comparison to the previous year) and 298,927 tractors (a decline of 8.6% over the previous year). Mahindra pursued an aggressive product expansion strategy even as the industry slowed down in FY20. The company launched a brand-new range of BS6 ready buses with patented Mahindra FuelSmart Technology to save fuel. For the FY2020, the company implemented various projects towards Energy Conservation, to the tune of Rs. 29.3 crores (Rs. 9.3 crores as CAPEX and Rs. 20 crores through the OPEX route). These projects include Energy efficient AC's, compressor heat recovery, energy efficient motors, pumps and many more energy conservation initiatives. During the fiscal 2020, Mahindra Finance CSR Foundation, Merakisan Private Limited, Mahindra Bangladesh Private Limited, MSPL International DMCC, Meru Travel Solutions Private Limited, Meru Mobility Tech Private Limited, V-Link Automotive Services Private Limited, V-Link Fleet Solutions Private Limited and Fifth Gear Ventures Limited became subsidiaries of M&M. Further in 2020, Orizonte Business Solutions Limited, Mahindra International UK Ltd, Mahindra Defence Naval Systems Limited, ¤re Villas 1 AB, ¤re Villas 2 AB and Cleansolar Renewable Energy Private Limited ceased to be subsidiaries of M&M. Subsequent to the year end, Graphic Research Design s.r.l. and Divine Solren Private Limited ceased to be subsidiaries of M&M. During the FY2020, Mahindra First Choice Wheels Limited ('MFCWL'), a board controlled subsidiary of Mahindra Holdings Limited ('MHL'), which is, in turn a wholly owned subsidiary of M&M, acquired 100% of the equity share capital of Fifth Gear Ventures Limited ('FGVL'), for a consideration of around Rs. 30.45 crores discharged by MFCWL by way of cash and shares of MFCWL aggregating around 0.75% of MFCWL's fully diluted share capital. During the year 2020-21, Sampo Rosenlew Oy ceased to be an Associate and became a Subsidiary of the Company. Further, Martial Solren Private Limited, The Birmingham Small Arms Company Limited, BSA Corporation Limited and B.S.A. Motor Cycles Limited became Subsidiaries of the Company. During the year 2020-21, Graphic Research Design s.r.l., Divine Solren Private Limited, Mahindra Trucks and Buses Limited, Mahindra Automobile Distributor Private Limited, Mahindra First Choice Services Limited and Auto Digitech Private Limited ceased to be Subsidiaries of the Company. The National Company Law Tribunal has approved the Scheme of Merger by Absorption of Mahindra Trucks and Buses Limited and Mahindra Automobile Distributor Private Limited with Mahindra Two Wheelers Limited vide its order dated 30th June, 2020. The Appointed Date of the Scheme is 1st April, 2019 and the Scheme is effective from 31st July, 2020. Pursuant to the Scheme becoming effective, Mahindra Trucks and Buses Limited and Mahindra Automobile Distributor Private Limited ceased to be subsidiaries of the Company. During the year 2020-21, Mahindra Holdings Limited (MHL), a 100% subsidiary of the Company divested its 100% stake in Mahindra First Choice Services Limited (MFCS) and Auto Digitech Private Limited (ADPL) to TVS Automobile Solutions Private Limited (TASL) for a consideration of Rs. 35 crores. Accordingly, both MFCS and ADPL ceased to be subsidiaries of the Company. During the year 2020-21, the Company increased its shareholding in Carnot Technologies Private Limited, from 22.9% to 48.05% on a fully diluted basis, for an aggregate consideration of Rs. 12 crores comprising of primary infusion in the Company of Rs. 3 crores and secondary purchase from its shareholders of Rs. 9 crores. During the year 2020-21, the Company's voting rights in Sampo increased from 49.04% to 79.13%, through conversion of Compulsorily Convertible Preference Shares, acquisition of shares from other shareholders, and primary infusion of capital in Sampo, with a total incremental outlay of Euro 8.5 million (approximately Rs. 72.9 crores). On account of the increase in stake, Sampo ceased to be an Associate and became a Subsidiary of the Company. In January 2021, Company increased its stake in Meru to 43.20% by way of a primary investment of Rs. 15 crores in Meru and in May'21, it acquired the balance stake from the erstwhile shareholders of Meru for Rs. 97 crores. Meru also redeemed its preference shares held by its then shareholder through proceeds of fresh issue on rights basis which was subscribed by Company for Rs. 3 lacs. Post the above transactions, Meru became now a wholly owned subsidiary of the Company. During the year 2021-22, the All New Mahindra-XUV700 was launched on August 14, 2021. The Company through its subsidiary, Classic Legends Private Limited had reintroduced the iconic brand Jawa' to the Indian market in the Financial Year 2019, with the launch of new range of JAWA motorcycles, 'Jawa and Jawa Forty-Two'. A new addition to portfolio, 'Yezdi' was launched in the Financial Year 2021-22. It launched Non-Fungible Tokens (NFTs) and with the release of its first tranche of tokens, Company became the first Indian automotive original equipment manufacturer to enter the universe of NFTs. It launched Bolero Neo in July, 2021. In July 2021, the new range of Supro Profit Trucks was unveiled. During the year 2021-22, Carnot Technologies Private Limited ceased to be an Associate and became a Subsidiary of the Company. Further, Mahindra Solarize Private Limited, Mahindra Ideal Finance Limited and Bristlecone Internacional Costa Rica Limited became Subsidiaries of the Company. During the year 2021-22, Mahindra Vehicle Manufacturers Limited, Hisarlar Makina Sanayi ve Ticaret Anonim Sirketi, Hisarlar Ithalat Ihracat Pazarlama Anonim Sirketi, Mahindra Publications Limited, MSPE Urja S.R.L., Mahindra Susten Bangladesh Private Limited and Suomen Vapaa-aikakiinteistöt Oy LKV ceased to be Subsidiaries of the Company. ReNew Sunlight Energy Private Limited became an Associate of the Company. During the year 2022, Company increased its shareholding in M.I.T.R.A. Agro Equipments Private Limited (MITRA), from 39.02% to 47.33% on a fully diluted basis, for an aggregate consideration of around Rs. 7 crores. It increased its shareholding in Carnot Technologies Private Limited from 48.05% to 68.97% on a fully diluted basis, for an aggregate consideration of Rs. 14 crores comprising of primary infusion in the company of Rs. 2.5 crores and secondary purchase from its shareholders of Rs. 11.5 crores. The Board of Directors of the Company at its Meeting held on 29th May, 2019, approved Scheme of Merger by Absorption of Mahindra Vehicle Manufacturers Limited, a wholly owned subsidiary of the Company (MVML) with the Company and their respective shareholders, which became effective from 1st July, 2021 post receipt of approvals from Directorate of Industries, Maharashtra Industrial Development Corporation and National Company Law Tribunal, Mumbai Bench (NCLT). The Appointed Date of the Scheme was 1st April, 2019. Upon the Scheme being effective, the Merger by Absorption of MVML with the Company was completed. During the year 2021-22, Meru Travel Solutions Private Limited (MTSPL), a wholly owned subsidiary of the Company had agreed to sell its entire 100% equity stake in MTSPL's 3 wholly owned subsidiaries viz; 1) Meru Mobility Tech Private Limited (MMTPL) for consideration of Rs. 21.4 crores, 2) V-Link Fleet Solutions Private Limited (VFSPL) for consideration of Rs. 1,205 and 3) V-Link Automotive Services Private Limited (VASPL) for consideration of Rs. 29.1 crores, to Mahindra Logistics Limited (MLL) and the Company had also agreed to sell its entire 100% equity stake in MTSPL to MLL for consideration of Rs. 50.4 crores. Subsequent to the year end, MTSPL, MMTPL, VFSPL and VASPL have become wholly owned subsidiaries of MLL. During the year 2021-22, Mahindra Overseas Investment Company (Mauritius) Limited, a wholly owned subsidiary of the Company (MOICML) and Erkunt Traktor Sanayi A.S., a wholly owned subsidiary of MOICML and that of the Company, divested its entire stake aggregating 94.3% of the paid-up equity share capital of Hisarlar, to two Turkish individuals for an aggregate consideration of Turkish Lira 6.6 million (equivalent to approximately Rs. 5.6 crores) and consequently, Hisarlar's agri-machinery business, along with certain relevant assets were transferred to Erkunt. The Board of Directors of Company at its Meeting held on 28th May, 2021 approved the Scheme of Merger by Absorption of Mahindra Engineering and Chemical Products Limited (MECPL), Retail Initiative Holdings Limited (RIHL) and Mahindra Retail Limited (MRL) (Transferor Companies), direct/indirect wholly owned subsidiaries of the Company, with the Company and their respective Shareholders, which got approved by the National Company Law Tribunal, Mumbai Bench at its hearing held on 24th March, 2022, and the Scheme became effective from 29th April, 2022. The Appointed Date of the Scheme was 1st April, 2021 and the entire assets and liabilities of MECPL, RIHL and MRL were transferred to and recorded by Company with effect from the Appointed Date. Accordingly, the Merger by Absorption of MECPL, RIHL and MRL with the Company stands completed. The Board of Directors of the Company at its Meeting held on 28th May, 2021, approved the Scheme of Merger by Absorption of Mahindra Electric Mobility Limited (MEML) with the Company and their respective shareholders and fixed the Appointed Date of the Scheme, 1st April, 2021 or such other date as may be directed or approved by the National Company Law Tribunal (NCLT) or any other appropriate authority. On completion of the merger, the entire assets and liabilities of MEML wase transferred to and recorded by the Company. Mahindra Engineering and Chemical Products Limited (MECPL), a wholly owned subsidiary of the Company, which got merged with the Company with effect from 29th April, 2022, has sold its entire stake aggregating 49% of the paid-up Equity Share Capital of Mahindra Tsubaki Conveyor Systems Private Limited (MTC) on 21st February, 2022 for a consideration of Rs. 58.89 crores to Tsubakimoto Bulk Systems Corp., (TBS) headquartered in Osaka, Japan, a wholly owned subsidiary of Tsubakimoto Chain Co., Japan, a public listed company on the Tokyo Stock Exchange. Pursuant to this transaction, the shareholding of MECPL in MTC became Nil' and MTC had ceased to be an associate of MECPL with effect from 21st February, 2022. ReNew Sunlight Energy Private Limited (RSEPL) became an Associate of the Company on 6th July, 2021. Subsequent to the year end, the Company has agreed to sell 34,75,264 Equity Shares of Rs.10 each held by the Company in Mahindra Sanyo Special Steel Private Limited (MSSSPL) constituting 22.81% of the Paid-up Capital of MSSSPL to Sanyo Special Steel Co., Ltd. Following the sale, the Company's holding in MSSSPL would become Nil' and MSSSPL cease to be an Associate of the Company. In April 2022, Mahindra Fresh Fruits Distribution Holding Company (Europe) B.V. (MFFD) sold its entire stake aggregating 83.09% of the paid-up Equity Share Capital held in OFD Holding B.V. (OFD), a subsidiary of MFFD which in turn is a subsidiary of Mahindra Agri Solutions Limited and that of the Company, for a consideration of EUR 5.1 million (equivalent to Rs. 42.2 crores). Read More