Mahindra & Mahindra: The Story Of “Rise”
- Thread Starter raj_5004
- Start date
Thread Starter
#107
Re: Mahindra - Rise.
Our tryst with Mahindra continues... bought the XUV5OO!
From Bolero to Scorpio to XUV... what next M&M?
Our tryst with Mahindra continues... bought the XUV5OO!
From Bolero to Scorpio to XUV... what next M&M?
Thread Starter
#109
Re: Mahindra - Rise.
I really hope so. I will return from UK by then!
I really hope so. I will return from UK by then!
Re: Mahindra – The Story of “Rise”.
Utility vehicle maker Mahindra & Mahindra, which is developing two new platforms in association with Korean subsidiary Ssangyong Motor Corporation (M&M), may bring to the Indian market a compact crossover utility vehicle (CUV) in 2015. Overall, the company would add on three to four completely new vehicles to its portfolio over the next three years.
Pawan Goenka, president (automotive and farm equipment sectors), M&M, said, “A new vehicle is being developed on the X100 platform. Since the project is being led by Ssangyong, they will have the first right to introduce it. It is expected to be launched in the first quarter of 2015.”
Goenka declined to share the specifications of the CUV. However, industry sources indicated it is likely to be powered by a 1.6-litre diesel engine, and would take on the likes of Renault Duster and Ford Ecosport.
In what was the largest outbound deal recorded in the domestic auto industry, M&M had acquired 70.03 per cent stake in SMC FOR Rs 2100 crore in November last year. It is jointly developing two new platforms with the Korean utility vehicle maker and is looking at leveraging SMC’s strong research and development capabilities to develop products to expand its portfolio for global markets.
Before Diwali this year, M&M would introduce in India the first product from Ssangyong portfolio Rexton, which will be priced upwards of Rs 20 lakh. The company has also scheduled for launch mini sports utility vehicle Quanto on September 20, of which it expects to sell 1500-2000 units in the initial months.
Goenka informed, “In developed markets UVs account for a quarter of passenger vehicle sales. The shift from smaller cars to compact vehicles is now happening in India. We want to be an end-to-end player.”
The UV segment currently accounts for 16-17 per cent of the PV industry in India. With the category recording growth of over 53 per cent till July this financial year, auto majors across the board are mulling product launches.
M&M is additionally considering commencing assembly operations for Mahindra products in Russia over the next two years. Goenka said, “We are in talks with a distributor in Russia and will finalise plans in six months. We will then need two years to start CKD operations.”
M&M's new vehicles by 2015
Utility vehicle maker Mahindra & Mahindra, which is developing two new platforms in association with Korean subsidiary Ssangyong Motor Corporation (M&M), may bring to the Indian market a compact crossover utility vehicle (CUV) in 2015. Overall, the company would add on three to four completely new vehicles to its portfolio over the next three years.
Pawan Goenka, president (automotive and farm equipment sectors), M&M, said, “A new vehicle is being developed on the X100 platform. Since the project is being led by Ssangyong, they will have the first right to introduce it. It is expected to be launched in the first quarter of 2015.”
Goenka declined to share the specifications of the CUV. However, industry sources indicated it is likely to be powered by a 1.6-litre diesel engine, and would take on the likes of Renault Duster and Ford Ecosport.
In what was the largest outbound deal recorded in the domestic auto industry, M&M had acquired 70.03 per cent stake in SMC FOR Rs 2100 crore in November last year. It is jointly developing two new platforms with the Korean utility vehicle maker and is looking at leveraging SMC’s strong research and development capabilities to develop products to expand its portfolio for global markets.
Before Diwali this year, M&M would introduce in India the first product from Ssangyong portfolio Rexton, which will be priced upwards of Rs 20 lakh. The company has also scheduled for launch mini sports utility vehicle Quanto on September 20, of which it expects to sell 1500-2000 units in the initial months.
Goenka informed, “In developed markets UVs account for a quarter of passenger vehicle sales. The shift from smaller cars to compact vehicles is now happening in India. We want to be an end-to-end player.”
The UV segment currently accounts for 16-17 per cent of the PV industry in India. With the category recording growth of over 53 per cent till July this financial year, auto majors across the board are mulling product launches.
M&M is additionally considering commencing assembly operations for Mahindra products in Russia over the next two years. Goenka said, “We are in talks with a distributor in Russia and will finalise plans in six months. We will then need two years to start CKD operations.”
M&M's new vehicles by 2015
Re: Mahindra – The Story of “Rise”.
Mahindra Sanyo Special Steels Limited JV Announcement
The Board of Directors of Mahindra Ugine Steel Company Limited (MUSCO) has announced the financial closure of the 51:49 Joint Venture with Sanyo Special Steel Co. Ltd. and Mitsui & Co. Ltd. The new Joint Venture company will be called Mahindra Sanyo Special Steel Private Limited.
MUSCO had approved the slump sale of its steel business into its 100% owned subsidiary, Navyug Special Steel Private Limited (Navyug Steel) in November 2011.
Following the board meeting of Navyug Steel, the allotment of shares has been completed against cash infusion by Sanyo of approximately Rs. 129 crore for their stake of 29%, while Mitsui paid approximately Rs. 89 crore for their 20% stake in Navyug Steel (JV Co). MUSCO holds the balance 51% of equity in the JV.
With financial, technical and operational inputs from Sanyo Special Steel Co. Ltd. and Mitsui & Co. Ltd., the JV expects to enhance both its current production from the existing level of 120,000 tons per annum, the value it adds to the steel and therefore the special applications which the JV can now address.
“The Mahindra Group welcomes this JV which will create a strong value proposition and enable MUSCO to leverage Sanyo’s technical expertise and Mitsui’s international footprint. This new venture will help the company to emerge as one of the most profitable, high quality speciality steel producers in the coming years,” said Anand Mahindra, Chairman and Managing Director, Mahindra Group.
“Sanyo is looking forward to working with Mahindra & Mahindra, Mitsui & Co., and all the people of India to make this project a successful one. We consider the future of the special steel market in India to be bright and are happy to be given a chance to make our contribution toward the project. We would try our best to make Mahindra Sanyo Special Steel Pvt. Ltd. a successful entity by unlocking the value of this company and making it the best in India with respect to quality, productivity and customer satisfaction. In order to achieve these targets, we would work together with the shareholders, the board, the management and of course with the people who actually work on the scene.” said Y. Takeda, President and Representative Director, Sanyo Special Steel Co. Ltd.
“This joint venture is indeed a testament to our longstanding partnership with Mahindra & Mahindra Ltd. and Sanyo Special Steel Co. Ltd., which has been built through broadening cooperation and converging synergies. It also reflects our confidence in the Indian market where we believe the ongoing transformation presents real growth opportunities. This project aims to evolve strategies so as to make
Mahindra Sanyo Special Steel Pvt. Ltd. reputable both in terms of quality and service in India. Together with our partners, we shall match combined competencies with sustained efforts to make this vision a reality. With this additional platform, I am confident our relations will flourish and we will continue to seek new areas of cooperation.” said M. Takahashi, Executive Managing Officer, Iron & Steel Products Business Unit, Mitsui & Co. Ltd.
“Over the last 18 months that we have had the pleasure of working with Mitsui and Sanyo, we have developed a common vision of the future of our joint venture that leverages the strengths of all three partners and the opportunity to move up the value chain while addressing the growing needs of the Indian market for Speciality Steels,” said Hemant Luthra, Chairman, Mahindra Sanyo Special Steels Private Limited.
A dedicated team has been drawn from Sanyo to lead the manufacturing function and is supported by Mitsui which will contribute its marketing skills and Musco which will provide the general management skills to support the growth of the new JV. MUSCO, Sanyo and Mitsui will collectively utilize their brands, technologies and networks to meet customers’ needs through this joint venture.
The joint venture is expected to deliver its goal of operational excellence, improved productivity and enhancement of both cost and quality to international standards to enable it to achieve its full business potential.
Sanyo’s technical assistance will enable the JV to strengthen and differentiate its product portfolio with the introduction of new products for niche and emerging market segments in India like the oil & gas, power, engineering industries among others. This is expected to further strengthen the profitability position of the company
Mitsui will assist the JV in strengthening its sales and marketing footprints in the aforesaid niche and emerging segments as well as the existing alloy steel market in India and will help the JV to access global customers.
Through this JV, Sanyo expects to strengthen its global growth expectations by having a share of the growing special steel demand in India through the joint venture.
For Mitsui, this transaction is expected to strengthen its ties with the Mahindra Group which is one of Mitsui’s important business partners in India. Mahindra is one of the biggest business groups in India, with diversified operations across many business sectors like automobiles, tractors, IT, auto components, real estate, hospitality, non banking finance etc. Mitsui expects further opportunity for collaboration with the group across various business sectors where it is present.
Mahindra Sanyo Special Steels Limited JV Announcement | Motoroids
Mahindra Sanyo Special Steels Limited JV Announcement
The Board of Directors of Mahindra Ugine Steel Company Limited (MUSCO) has announced the financial closure of the 51:49 Joint Venture with Sanyo Special Steel Co. Ltd. and Mitsui & Co. Ltd. The new Joint Venture company will be called Mahindra Sanyo Special Steel Private Limited.
MUSCO had approved the slump sale of its steel business into its 100% owned subsidiary, Navyug Special Steel Private Limited (Navyug Steel) in November 2011.
Following the board meeting of Navyug Steel, the allotment of shares has been completed against cash infusion by Sanyo of approximately Rs. 129 crore for their stake of 29%, while Mitsui paid approximately Rs. 89 crore for their 20% stake in Navyug Steel (JV Co). MUSCO holds the balance 51% of equity in the JV.
With financial, technical and operational inputs from Sanyo Special Steel Co. Ltd. and Mitsui & Co. Ltd., the JV expects to enhance both its current production from the existing level of 120,000 tons per annum, the value it adds to the steel and therefore the special applications which the JV can now address.
“The Mahindra Group welcomes this JV which will create a strong value proposition and enable MUSCO to leverage Sanyo’s technical expertise and Mitsui’s international footprint. This new venture will help the company to emerge as one of the most profitable, high quality speciality steel producers in the coming years,” said Anand Mahindra, Chairman and Managing Director, Mahindra Group.
“Sanyo is looking forward to working with Mahindra & Mahindra, Mitsui & Co., and all the people of India to make this project a successful one. We consider the future of the special steel market in India to be bright and are happy to be given a chance to make our contribution toward the project. We would try our best to make Mahindra Sanyo Special Steel Pvt. Ltd. a successful entity by unlocking the value of this company and making it the best in India with respect to quality, productivity and customer satisfaction. In order to achieve these targets, we would work together with the shareholders, the board, the management and of course with the people who actually work on the scene.” said Y. Takeda, President and Representative Director, Sanyo Special Steel Co. Ltd.
“This joint venture is indeed a testament to our longstanding partnership with Mahindra & Mahindra Ltd. and Sanyo Special Steel Co. Ltd., which has been built through broadening cooperation and converging synergies. It also reflects our confidence in the Indian market where we believe the ongoing transformation presents real growth opportunities. This project aims to evolve strategies so as to make
Mahindra Sanyo Special Steel Pvt. Ltd. reputable both in terms of quality and service in India. Together with our partners, we shall match combined competencies with sustained efforts to make this vision a reality. With this additional platform, I am confident our relations will flourish and we will continue to seek new areas of cooperation.” said M. Takahashi, Executive Managing Officer, Iron & Steel Products Business Unit, Mitsui & Co. Ltd.
“Over the last 18 months that we have had the pleasure of working with Mitsui and Sanyo, we have developed a common vision of the future of our joint venture that leverages the strengths of all three partners and the opportunity to move up the value chain while addressing the growing needs of the Indian market for Speciality Steels,” said Hemant Luthra, Chairman, Mahindra Sanyo Special Steels Private Limited.
A dedicated team has been drawn from Sanyo to lead the manufacturing function and is supported by Mitsui which will contribute its marketing skills and Musco which will provide the general management skills to support the growth of the new JV. MUSCO, Sanyo and Mitsui will collectively utilize their brands, technologies and networks to meet customers’ needs through this joint venture.
The joint venture is expected to deliver its goal of operational excellence, improved productivity and enhancement of both cost and quality to international standards to enable it to achieve its full business potential.
Sanyo’s technical assistance will enable the JV to strengthen and differentiate its product portfolio with the introduction of new products for niche and emerging market segments in India like the oil & gas, power, engineering industries among others. This is expected to further strengthen the profitability position of the company
Mitsui will assist the JV in strengthening its sales and marketing footprints in the aforesaid niche and emerging segments as well as the existing alloy steel market in India and will help the JV to access global customers.
Through this JV, Sanyo expects to strengthen its global growth expectations by having a share of the growing special steel demand in India through the joint venture.
For Mitsui, this transaction is expected to strengthen its ties with the Mahindra Group which is one of Mitsui’s important business partners in India. Mahindra is one of the biggest business groups in India, with diversified operations across many business sectors like automobiles, tractors, IT, auto components, real estate, hospitality, non banking finance etc. Mitsui expects further opportunity for collaboration with the group across various business sectors where it is present.
Mahindra Sanyo Special Steels Limited JV Announcement | Motoroids
Re: Mahindra – The Story of “Rise”.
Mahindra USA opens fourth North American tractor assembly and distribution facility in Bloomsburg Mahindra USA
The number one selling tractor brand in the world based on volume, recently opened its fourth North American assembly and distribution facility in Bloomsburg, PA. The Mahindra Authorized Distribution Center in Bloomsburg, PA will specialize in meeting the needs and demands for Mahindra’s new products – the revolutionary Mahindra Max series tractors and Mahindra’s compact tractors – both of which were developed primarily for this market. Not only will the new center provide the perfect distribution channel for Mahindra products, it will also provide dealers served by Bloomsburg with a competitive edge as they will be able to offer increased cost-savings and greater value to their customers (dealers). In addition, this distribution facility will also allow Mahindra to recruit new partners that will provide the best possible service and support to new customers as we continue to grow the Mahindra brand.
“The opening of this newest assembly and distribution center represents our commitment to growing our tractor business in North America. The new facility will provide support and service to Mahindra’s northeast United States and eastern Canadian dealers and partners. The center, to be operated in partnership with TPC Power Center, will also create a positive impact on the Bloomsburg and surrounding area’s economy,” said Dr. Pawan Goenka, President – Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd.
“The new facility is a validation of our commitment to the success of our dealer partners and customers. Mahindra and TPC have converted an empty warehouse on five acres into a fully-functional40,000 square foot facility that will employ up to 30 people in the operation as it moves into full production. Initially, the facility will assemble200 Mahindra tractors per month with the capacity to produce 500 per month,” said Ruzbeh Irani, Chief Executive - International Operations (Automobile and Farm Sectors), Mahindra & Mahindra Ltd. TPC owners were joined by key executives from Mahindra’s Automotive& Farm Sector, Mahindra USA, Mahindra Finance USA, Mitsubishi as well as area suppliers, partners and community leaders.
Mahindra USA opens fourth North American tractor assembly and distribution facility in Bloomsburg | WheelsUnplugged
Mahindra USA opens fourth North American tractor assembly and distribution facility in Bloomsburg Mahindra USA
The number one selling tractor brand in the world based on volume, recently opened its fourth North American assembly and distribution facility in Bloomsburg, PA. The Mahindra Authorized Distribution Center in Bloomsburg, PA will specialize in meeting the needs and demands for Mahindra’s new products – the revolutionary Mahindra Max series tractors and Mahindra’s compact tractors – both of which were developed primarily for this market. Not only will the new center provide the perfect distribution channel for Mahindra products, it will also provide dealers served by Bloomsburg with a competitive edge as they will be able to offer increased cost-savings and greater value to their customers (dealers). In addition, this distribution facility will also allow Mahindra to recruit new partners that will provide the best possible service and support to new customers as we continue to grow the Mahindra brand.
“The opening of this newest assembly and distribution center represents our commitment to growing our tractor business in North America. The new facility will provide support and service to Mahindra’s northeast United States and eastern Canadian dealers and partners. The center, to be operated in partnership with TPC Power Center, will also create a positive impact on the Bloomsburg and surrounding area’s economy,” said Dr. Pawan Goenka, President – Automotive and Farm Equipment Sectors, Mahindra & Mahindra Ltd.
“The new facility is a validation of our commitment to the success of our dealer partners and customers. Mahindra and TPC have converted an empty warehouse on five acres into a fully-functional40,000 square foot facility that will employ up to 30 people in the operation as it moves into full production. Initially, the facility will assemble200 Mahindra tractors per month with the capacity to produce 500 per month,” said Ruzbeh Irani, Chief Executive - International Operations (Automobile and Farm Sectors), Mahindra & Mahindra Ltd. TPC owners were joined by key executives from Mahindra’s Automotive& Farm Sector, Mahindra USA, Mahindra Finance USA, Mitsubishi as well as area suppliers, partners and community leaders.
Mahindra USA opens fourth North American tractor assembly and distribution facility in Bloomsburg | WheelsUnplugged
Re: Mahindra – The Story of “Rise”.
Mahindra, European company discuss auto component stake
M&M is open to having cross holding of equity in the European company in return of selling of shares in Mahindra Systech.
Mahindra Systech, the component making division of the Rs 85,000-crore Mahindra & Mahindra (M&M) group is in talks with a large European automobile parts making firm for a strategic stake sale in this organisation.
The talks are being held parallel to M&M's plans of bringing the 16-odd auto component and engineering services companies under the umbrella company Mahindra Systech, making it an end-to-end solutions providers for vehicle manufacturers.
Hemant Luthra, president, Mahindra Systech, is confident of completing the integration process before the end of the financial year, especially after having got the 'strong backing from the senior management' last year for the plan.
"We couldn't implement it (integration) till we separated the steel and stampings business (but) we have done that now. We have an interest from a large European component company to make an investment in one Systech", added Luthra. Mahindra Ugine was into speciality steel and stampings business before it hived off steel business to Mahindra Sanyo Special Steel (formerly Navyug Special Steel).
At present, all its 16 companies involved in making gears, composites, castings, forgings, stamping, steel and ferrites and engineering services operating in India and Germany work under this umbrella organisation.
It is one of the biggest auto component making group in India along with Bharat Forge, Tata Auto Comp Systems and Motherson Sumi.
M&M is open to having cross holding of equity in the European company in return of selling of shares in Mahindra Systech. However, a lot will depend on the then prevailing situation in Europe.
"We are talking to them, many of suck kind of investments are binary, meaning they want to invest in us and we want to invest in them, we will have a share holding in them and they will have a share holding in us. Given what is happening in Europe may be their board of director might say no may be our board of directors might say no. So what we have decided to do is just go ahead and build Mahindra Systech as one company not wait for other investors to come in", added Luthra.
As of the last financial year, Mahindra Systech clocked revenues of Rs 4,500 crore, a growth of 29 per cent over the previous year. The bulk of its revenue comes from Germany, where it has two companies. Luthra claims growth this year will be certainly lower on account of the slowdown in the automotive sector but hopes to cross the Rs 5,000-crore turnover mark with a 20 per cent growth in bottom line.
By bringing all its companies under a common entity, it is aiming to contain expenses which otherwise are incurred over separate purchase, marketing and sales initiatives done the various companies.
It will also enable clients to have easier and faster access to the different companies within the group.
In addition to its recent foray into aerospace engineering and manufacturing, it has been supplying forged components to some of Europe's top automotive companies such as Daimler, Scania, Volkswagen and General Motors. The idea now, says Luthra, is to service a client on more than one aspect of the business.
"We have got the valuations done of the respective companies its not very complicated because Mahindra owns 51 per cent in all these companies. There are 16 companies now under five verticals - Gears, castings, forgings, stampings and composites. The only reason we got held up is because we thought we have these potential investors who are interested in one Systech. But the creation of Mahindra Systech is happening whether or not we have an investor", added Luthra.
Mahindra, European company discuss auto component stake
Mahindra, European company discuss auto component stake
M&M is open to having cross holding of equity in the European company in return of selling of shares in Mahindra Systech.
Mahindra Systech, the component making division of the Rs 85,000-crore Mahindra & Mahindra (M&M) group is in talks with a large European automobile parts making firm for a strategic stake sale in this organisation.
The talks are being held parallel to M&M's plans of bringing the 16-odd auto component and engineering services companies under the umbrella company Mahindra Systech, making it an end-to-end solutions providers for vehicle manufacturers.
Hemant Luthra, president, Mahindra Systech, is confident of completing the integration process before the end of the financial year, especially after having got the 'strong backing from the senior management' last year for the plan.
"We couldn't implement it (integration) till we separated the steel and stampings business (but) we have done that now. We have an interest from a large European component company to make an investment in one Systech", added Luthra. Mahindra Ugine was into speciality steel and stampings business before it hived off steel business to Mahindra Sanyo Special Steel (formerly Navyug Special Steel).
At present, all its 16 companies involved in making gears, composites, castings, forgings, stamping, steel and ferrites and engineering services operating in India and Germany work under this umbrella organisation.
It is one of the biggest auto component making group in India along with Bharat Forge, Tata Auto Comp Systems and Motherson Sumi.
M&M is open to having cross holding of equity in the European company in return of selling of shares in Mahindra Systech. However, a lot will depend on the then prevailing situation in Europe.
"We are talking to them, many of suck kind of investments are binary, meaning they want to invest in us and we want to invest in them, we will have a share holding in them and they will have a share holding in us. Given what is happening in Europe may be their board of director might say no may be our board of directors might say no. So what we have decided to do is just go ahead and build Mahindra Systech as one company not wait for other investors to come in", added Luthra.
As of the last financial year, Mahindra Systech clocked revenues of Rs 4,500 crore, a growth of 29 per cent over the previous year. The bulk of its revenue comes from Germany, where it has two companies. Luthra claims growth this year will be certainly lower on account of the slowdown in the automotive sector but hopes to cross the Rs 5,000-crore turnover mark with a 20 per cent growth in bottom line.
By bringing all its companies under a common entity, it is aiming to contain expenses which otherwise are incurred over separate purchase, marketing and sales initiatives done the various companies.
It will also enable clients to have easier and faster access to the different companies within the group.
In addition to its recent foray into aerospace engineering and manufacturing, it has been supplying forged components to some of Europe's top automotive companies such as Daimler, Scania, Volkswagen and General Motors. The idea now, says Luthra, is to service a client on more than one aspect of the business.
"We have got the valuations done of the respective companies its not very complicated because Mahindra owns 51 per cent in all these companies. There are 16 companies now under five verticals - Gears, castings, forgings, stampings and composites. The only reason we got held up is because we thought we have these potential investors who are interested in one Systech. But the creation of Mahindra Systech is happening whether or not we have an investor", added Luthra.
Mahindra, European company discuss auto component stake
Re: Mahindra – The Story of “Rise”.
Off Topic, I have been part of Mahindra Rise till 4th Sep and it was really nice experience to be part of Mahindra Group though they are not doing great in IT :)
Off Topic, I have been part of Mahindra Rise till 4th Sep and it was really nice experience to be part of Mahindra Group though they are not doing great in IT :)
Re: Mahindra – The Story of “Rise”.
Mahindra XUV500 embarks on a Eurotrip
Right from day one, the Mahindra XUV500 was touted to be a global SUV and the Maharashtra-based UV specialist was overwhelmed by the response the XUV500 received in the domestic market.
With oceans of orders, Mahindra was occupied in getting the production capacity issues sorted out. Now, having done that, the company is taking their ‘World SUV’ to where it should go – the World.
After South Africa and Australia, the XUV’s latest stop is Italy.
Mr. Anand Mahindra, Chairman of M&M, was present in Rome this week to introduce the XUV500 to the media ahead of its European launch which is expected to take place in Spain.
The European XUV500 will be powered by the same 2.2 litre mHawk engine producing 140 bhp via a 6-speed manual gearbox. A high power version of this diesel motor is on the cards for future. An automatic transmission and a petrol engine for the European markets are under development as well.
The interior of the LHD version stays the same. The equipment and safety features also remain unchanged, as the car was ‘Europe ready’ since the beginning.
Speaking on the occasion, a visibly excited Mr. Mahindra told the European media: “Europe has always been an important market for the Mahindra Group. I am convinced that it will continue to have an important role in the growth of our brand and our strategy of global growth.”
M&M already sells its tractors and commercial UV’s in European countries like Italy, Spain, France, Greece, Serbia, Croatia, Hungary, Bulgaria, Macedonia and Slovakia.
Read more: Mahindra XUV500 embarks on a Eurotrip
Mahindra XUV500 embarks on a Eurotrip
Right from day one, the Mahindra XUV500 was touted to be a global SUV and the Maharashtra-based UV specialist was overwhelmed by the response the XUV500 received in the domestic market.
With oceans of orders, Mahindra was occupied in getting the production capacity issues sorted out. Now, having done that, the company is taking their ‘World SUV’ to where it should go – the World.
After South Africa and Australia, the XUV’s latest stop is Italy.
Mr. Anand Mahindra, Chairman of M&M, was present in Rome this week to introduce the XUV500 to the media ahead of its European launch which is expected to take place in Spain.
The European XUV500 will be powered by the same 2.2 litre mHawk engine producing 140 bhp via a 6-speed manual gearbox. A high power version of this diesel motor is on the cards for future. An automatic transmission and a petrol engine for the European markets are under development as well.
The interior of the LHD version stays the same. The equipment and safety features also remain unchanged, as the car was ‘Europe ready’ since the beginning.
Speaking on the occasion, a visibly excited Mr. Mahindra told the European media: “Europe has always been an important market for the Mahindra Group. I am convinced that it will continue to have an important role in the growth of our brand and our strategy of global growth.”
M&M already sells its tractors and commercial UV’s in European countries like Italy, Spain, France, Greece, Serbia, Croatia, Hungary, Bulgaria, Macedonia and Slovakia.
Read more: Mahindra XUV500 embarks on a Eurotrip
Re: Mahindra – The Story of “Rise”.
Mahindra & Mahindra claims victory over its estranged US distributor Global Vehicles
Auto major Mahindra & Mahindra has claimed victory in legal proceedings in England over its estranged US distributor Global Vehicles.
"Mahindra can now report that it has prevailed in all aspects of the English proceedings...All of GV's attempts to attack the arbitration award have failed. In addition GV now faces substantial costs liabilities," the company said in a statement on its website.
"The arbitration award may now be enforced as a Judgment of the English Court and in over 130 jurisdictions worldwide, including the United States," it added.
Comments from GV could not be obtained as emailed queries to the company remained unanswered.
Stating that the English proceedings "are at an end", M&M further said: "...at a hearing on September 5 the English Court dismissed GV's request that arbitration award not be converted into a court judgment."
The company also said at a hearing on July 27, the English Court had asked GV to pay security in respect of its challenge to the arbitration award by August 13 2012.
"GV failed to do so and its challenge was therefore dismissed," M&M claimed.
Earlier in an order on July 9, the English Court concluded that the appeal was "wholly without merit" and awarded costs in Mahindra's favour, it added.
M&M said over the past four months various proceedings have been pending in England as to the correctness and finality of the arbitration award.
In March this year, M&M had said an international arbitration panel in London ruled in its favour, which included an award of costs of over $2 million against GV.
M&M and GV had entered into an agreement on September 28, 2006, according to which the latter became the sole distributor of the Indian company's motor vehicles in the US.
The auto major had planned to enter the utility vehicles market in the US around 2008-09 but ran into problems GV dragging it to court over delay in launch of pick-up truck based on the Scorpio platform. The case was then referred to the arbitration panel in London.
In June this year, a group of automobile dealers in the US had filed a lawsuit against M&M, accusing fraud, misrepresentation and conspiracy that the Indian firm denied.
Mahindra & Mahindra claims victory over its estranged US distributor Global Vehicles - The Economic Times
Mahindra & Mahindra claims victory over its estranged US distributor Global Vehicles
Auto major Mahindra & Mahindra has claimed victory in legal proceedings in England over its estranged US distributor Global Vehicles.
"Mahindra can now report that it has prevailed in all aspects of the English proceedings...All of GV's attempts to attack the arbitration award have failed. In addition GV now faces substantial costs liabilities," the company said in a statement on its website.
"The arbitration award may now be enforced as a Judgment of the English Court and in over 130 jurisdictions worldwide, including the United States," it added.
Comments from GV could not be obtained as emailed queries to the company remained unanswered.
Stating that the English proceedings "are at an end", M&M further said: "...at a hearing on September 5 the English Court dismissed GV's request that arbitration award not be converted into a court judgment."
The company also said at a hearing on July 27, the English Court had asked GV to pay security in respect of its challenge to the arbitration award by August 13 2012.
"GV failed to do so and its challenge was therefore dismissed," M&M claimed.
Earlier in an order on July 9, the English Court concluded that the appeal was "wholly without merit" and awarded costs in Mahindra's favour, it added.
M&M said over the past four months various proceedings have been pending in England as to the correctness and finality of the arbitration award.
In March this year, M&M had said an international arbitration panel in London ruled in its favour, which included an award of costs of over $2 million against GV.
M&M and GV had entered into an agreement on September 28, 2006, according to which the latter became the sole distributor of the Indian company's motor vehicles in the US.
The auto major had planned to enter the utility vehicles market in the US around 2008-09 but ran into problems GV dragging it to court over delay in launch of pick-up truck based on the Scorpio platform. The case was then referred to the arbitration panel in London.
In June this year, a group of automobile dealers in the US had filed a lawsuit against M&M, accusing fraud, misrepresentation and conspiracy that the Indian firm denied.
Mahindra & Mahindra claims victory over its estranged US distributor Global Vehicles - The Economic Times
Re: Mahindra – The Story of “Rise”.
Mahindra sets up technical centre in Troy, to hire 25 engineers
Mahindra is betting big on the American market. The company, on Wednesday, opened a new technical centre in Troy, Michigan. The first technical centre in the US will initially employ 25 engineers, and the headcount will be doubled in future, according to a company statement.
“It will serve as a base for Mahindra to address the engineering demand for our automotive & farm engineering requirements together with our global development center in India. We will now be able to offer 24x7 engineering services to our global customers. The Troy Center is the latest addition to our ‘neural network’ of innovation which also comprises of our other research facilities in India, US, China and Korea,” said Rajan Wadhera, Chief Executive (technology, product development and sourcing, automotive & farm equipment sectors), Mahindra Group.
The company also has plans to scale up the centre in due course, and the company will establish a dedicated recruiting department in the US office for this, according to the statement. “We currently have a workforce of about 100 in North America with over 60 per cent comprising US nationals hired locally. Hence, wherever we are located, our priority is to contribute to the local community and economy,” said Prashant Kamat, CEO Mahindra Engineering.
The Mahindra Group already has sizeable presence in the north American market in sectors including information technology, tractors and aerospace through companies -- Mahindra USA that sells tractors, Mahindra Satyam, Tech Mahindra and Bristlecone operat in the information technology sector, and GippsAERO that manufactures aircrafts for Mahindra Aerospace.
Mahindra Satyam and Tech Mahindra together have 24 offices in America. American operations contribute 51 per cent to Mahindra Satyam’s annual revenue and 33 per cent to Tech Mahindra during fiscal year 2012, according to a company statement.
The $15.4-billion Mahindra Group employs more than 144,000 people with operations in over 100 countries.
Mahindra sets up technical centre in Troy, to hire 25 engineers
Mahindra sets up technical centre in Troy, to hire 25 engineers
Mahindra is betting big on the American market. The company, on Wednesday, opened a new technical centre in Troy, Michigan. The first technical centre in the US will initially employ 25 engineers, and the headcount will be doubled in future, according to a company statement.
“It will serve as a base for Mahindra to address the engineering demand for our automotive & farm engineering requirements together with our global development center in India. We will now be able to offer 24x7 engineering services to our global customers. The Troy Center is the latest addition to our ‘neural network’ of innovation which also comprises of our other research facilities in India, US, China and Korea,” said Rajan Wadhera, Chief Executive (technology, product development and sourcing, automotive & farm equipment sectors), Mahindra Group.
The company also has plans to scale up the centre in due course, and the company will establish a dedicated recruiting department in the US office for this, according to the statement. “We currently have a workforce of about 100 in North America with over 60 per cent comprising US nationals hired locally. Hence, wherever we are located, our priority is to contribute to the local community and economy,” said Prashant Kamat, CEO Mahindra Engineering.
The Mahindra Group already has sizeable presence in the north American market in sectors including information technology, tractors and aerospace through companies -- Mahindra USA that sells tractors, Mahindra Satyam, Tech Mahindra and Bristlecone operat in the information technology sector, and GippsAERO that manufactures aircrafts for Mahindra Aerospace.
Mahindra Satyam and Tech Mahindra together have 24 offices in America. American operations contribute 51 per cent to Mahindra Satyam’s annual revenue and 33 per cent to Tech Mahindra during fiscal year 2012, according to a company statement.
The $15.4-billion Mahindra Group employs more than 144,000 people with operations in over 100 countries.
Mahindra sets up technical centre in Troy, to hire 25 engineers
Re: Mahindra – The Story of “Rise”.
Mahindra sets up technical centre in Troy, to hire 25 engineers
Mahindra is betting big on the American market. The company, on Wednesday, opened a new technical centre in Troy, Michigan. The first technical centre in the US will initially employ 25 engineers, and the headcount will be doubled in future, according to a company statement.
“It will serve as a base for Mahindra to address the engineering demand for our automotive & farm engineering requirements together with our global development center in India. We will now be able to offer 24x7 engineering services to our global customers. The Troy Center is the latest addition to our ‘neural network’ of innovation which also comprises of our other research facilities in India, US, China and Korea,” said Rajan Wadhera, Chief Executive (technology, product development and sourcing, automotive & farm equipment sectors), Mahindra Group.
The company also has plans to scale up the centre in due course, and the company will establish a dedicated recruiting department in the US office for this, according to the statement. “We currently have a workforce of about 100 in North America with over 60 per cent comprising US nationals hired locally. Hence, wherever we are located, our priority is to contribute to the local community and economy,” said Prashant Kamat, CEO Mahindra Engineering.
The Mahindra Group already has sizeable presence in the north American market in sectors including information technology, tractors and aerospace through companies -- Mahindra USA that sells tractors, Mahindra Satyam, Tech Mahindra and Bristlecone operat in the information technology sector, and GippsAERO that manufactures aircrafts for Mahindra Aerospace.
Mahindra Satyam and Tech Mahindra together have 24 offices in America. American operations contribute 51 per cent to Mahindra Satyam’s annual revenue and 33 per cent to Tech Mahindra during fiscal year 2012, according to a company statement.
The $15.4-billion Mahindra Group employs more than 144,000 people with operations in over 100 countries.
Mahindra sets up technical centre in Troy, to hire 25 engineers
Mahindra sets up technical centre in Troy, to hire 25 engineers
Mahindra is betting big on the American market. The company, on Wednesday, opened a new technical centre in Troy, Michigan. The first technical centre in the US will initially employ 25 engineers, and the headcount will be doubled in future, according to a company statement.
“It will serve as a base for Mahindra to address the engineering demand for our automotive & farm engineering requirements together with our global development center in India. We will now be able to offer 24x7 engineering services to our global customers. The Troy Center is the latest addition to our ‘neural network’ of innovation which also comprises of our other research facilities in India, US, China and Korea,” said Rajan Wadhera, Chief Executive (technology, product development and sourcing, automotive & farm equipment sectors), Mahindra Group.
The company also has plans to scale up the centre in due course, and the company will establish a dedicated recruiting department in the US office for this, according to the statement. “We currently have a workforce of about 100 in North America with over 60 per cent comprising US nationals hired locally. Hence, wherever we are located, our priority is to contribute to the local community and economy,” said Prashant Kamat, CEO Mahindra Engineering.
The Mahindra Group already has sizeable presence in the north American market in sectors including information technology, tractors and aerospace through companies -- Mahindra USA that sells tractors, Mahindra Satyam, Tech Mahindra and Bristlecone operat in the information technology sector, and GippsAERO that manufactures aircrafts for Mahindra Aerospace.
Mahindra Satyam and Tech Mahindra together have 24 offices in America. American operations contribute 51 per cent to Mahindra Satyam’s annual revenue and 33 per cent to Tech Mahindra during fiscal year 2012, according to a company statement.
The $15.4-billion Mahindra Group employs more than 144,000 people with operations in over 100 countries.
Mahindra sets up technical centre in Troy, to hire 25 engineers
Re: Mahindra – The Story of “Rise”.
In Conversation: Anand Mahindra on M&M's automotive aspirations
ADIL JAL DARUKHANAWALA: Mahindra came in with its Scorpio based products in the year 2004 onwards in Europe but somehow the effort didn’t meet with the desired results. It is now poised to make the decisive leap as a manufacturer of consequence from India on European roads. I’m sure that you have learned from your first foray and are better prepared for Europe this time.
ANAND MAHINDRA: I like to think so Adil and we would not make such a leap to use the phrase that you used without being confident that we are going to be much better at what we do this time around. First and foremost we have a superior product. We have a product that I think European consumers will be hard pressed to say it does not match up to the best they can choose from the global manufacturers. And as we have seen in India, there has been a very positive response to the feature-packed nature of the XUV. I think people are going to be very pleasantly surprised by the value that they get from the XUV here. Secondly, I believe our network is maturing here and our subsidiary in Europe has been through many transitions, has been through a steep learning curve and even though the climate right now in all of Europe can hardly be termed as a very positive and robust one, perhaps this is a sweet spot at which a very feature-packed value-for-money product will find broad acceptance.
AJD: So is this also a certain manifestation of the ‘Mahindra Rise’ philosophy for Europe?
AM: I would like to think so. Interestingly we are here as you know for meeting press all across Europe in a pre-launch kind of activity and we thought a lot about what is the right positioning and we said well, the rise positioning which is at the core of everything Mahindra does, in fact is probably the most appropriate way to strike a chord within the hearts of the consumer here. People have been very bemused, very depressed by the economic climate but I think they see hope or they want to see hope in the future and that is what ‘Rise’ is all about – it’s about never say die, it’s about phoenix, it’s about revival. So I think and I hope that will strike the right note here.
AJD: You have your own wholly owned subsidiary here in Europe and it’s striking that earlier when you went across to countries like France, Spain, everything still happened from Italy. So again to go back to the stint in World War II, the allies started their move back into Europe from Sicily onwards, so Italy is the stepping stone for you once again for Europe?
AM: Oh, that’s a nice snippet of history that you have given me and I will probably use that at some point in my discussion with journalists, but yes, you have to have a staging point. Why Italy? It becomes a little difficult to find exactly the right reason; we found the right partner here initially, the Morphetta family and they had the belief in our products. To some extent it was accidental, a good meeting of minds, accidental in the sense that the geography wasn’t chosen specifically because of market size or logistical reasons but when you find the right partner I think it means much more than the other criteria. So yes, Italy is our staging point, it is our home ground, if you will.
AJD: Will it be just a single model portfolio for Europe? Can you sustain your second thrust with just a single model? And yes I am not bringing in SsangYong into the picture here because it has its own identity and well established distribution channel in Europe.
AM: Well, you know earlier, in fact it wasn’t even the Scorpio. The Goa, as it was known in Europe, that was the real bread and butter of Mahindra Europe, it was the pick-up truck and very gradually people have begun to accept it as a part of the landscape. Constantly on twitter I am getting people who send me photographs of the pick-ups that they have seen in Europe, Italy and France and all sorts of locations. So very quietly that product has been gaining reputation as a very sturdy and reliable product. Now I think therefore the XUV will come in as an up to date modern recreational SUV which can add to the portfolio of the pick-ups we have. And as you know that there are many products of ours which now can drive global initiatives and that could be the Genio also as you know is a modern day pick-up. So I don’t think we are a one product company and as we go further yes, there are synergies with SsangYong and of course we have a strong new pipeline that is also coming up all of which will be global products.
For rest of the interview follow the link In Conversation: Anand Mahindra on M&M's automotive aspirations Page - 1| ZigWheels.com
In Conversation: Anand Mahindra on M&M's automotive aspirations
ADIL JAL DARUKHANAWALA: Mahindra came in with its Scorpio based products in the year 2004 onwards in Europe but somehow the effort didn’t meet with the desired results. It is now poised to make the decisive leap as a manufacturer of consequence from India on European roads. I’m sure that you have learned from your first foray and are better prepared for Europe this time.
ANAND MAHINDRA: I like to think so Adil and we would not make such a leap to use the phrase that you used without being confident that we are going to be much better at what we do this time around. First and foremost we have a superior product. We have a product that I think European consumers will be hard pressed to say it does not match up to the best they can choose from the global manufacturers. And as we have seen in India, there has been a very positive response to the feature-packed nature of the XUV. I think people are going to be very pleasantly surprised by the value that they get from the XUV here. Secondly, I believe our network is maturing here and our subsidiary in Europe has been through many transitions, has been through a steep learning curve and even though the climate right now in all of Europe can hardly be termed as a very positive and robust one, perhaps this is a sweet spot at which a very feature-packed value-for-money product will find broad acceptance.
AJD: So is this also a certain manifestation of the ‘Mahindra Rise’ philosophy for Europe?
AM: I would like to think so. Interestingly we are here as you know for meeting press all across Europe in a pre-launch kind of activity and we thought a lot about what is the right positioning and we said well, the rise positioning which is at the core of everything Mahindra does, in fact is probably the most appropriate way to strike a chord within the hearts of the consumer here. People have been very bemused, very depressed by the economic climate but I think they see hope or they want to see hope in the future and that is what ‘Rise’ is all about – it’s about never say die, it’s about phoenix, it’s about revival. So I think and I hope that will strike the right note here.
AJD: You have your own wholly owned subsidiary here in Europe and it’s striking that earlier when you went across to countries like France, Spain, everything still happened from Italy. So again to go back to the stint in World War II, the allies started their move back into Europe from Sicily onwards, so Italy is the stepping stone for you once again for Europe?
AM: Oh, that’s a nice snippet of history that you have given me and I will probably use that at some point in my discussion with journalists, but yes, you have to have a staging point. Why Italy? It becomes a little difficult to find exactly the right reason; we found the right partner here initially, the Morphetta family and they had the belief in our products. To some extent it was accidental, a good meeting of minds, accidental in the sense that the geography wasn’t chosen specifically because of market size or logistical reasons but when you find the right partner I think it means much more than the other criteria. So yes, Italy is our staging point, it is our home ground, if you will.
AJD: Will it be just a single model portfolio for Europe? Can you sustain your second thrust with just a single model? And yes I am not bringing in SsangYong into the picture here because it has its own identity and well established distribution channel in Europe.
AM: Well, you know earlier, in fact it wasn’t even the Scorpio. The Goa, as it was known in Europe, that was the real bread and butter of Mahindra Europe, it was the pick-up truck and very gradually people have begun to accept it as a part of the landscape. Constantly on twitter I am getting people who send me photographs of the pick-ups that they have seen in Europe, Italy and France and all sorts of locations. So very quietly that product has been gaining reputation as a very sturdy and reliable product. Now I think therefore the XUV will come in as an up to date modern recreational SUV which can add to the portfolio of the pick-ups we have. And as you know that there are many products of ours which now can drive global initiatives and that could be the Genio also as you know is a modern day pick-up. So I don’t think we are a one product company and as we go further yes, there are synergies with SsangYong and of course we have a strong new pipeline that is also coming up all of which will be global products.
For rest of the interview follow the link In Conversation: Anand Mahindra on M&M's automotive aspirations Page - 1| ZigWheels.com