Mahindra snubs rumour of splitting company into three: Report

Mahindra and Mahindra stated it has no plans to restructure the company into three verticals. This comes after a report that mentioned Mahindra was considering splitting the company into an electric vehicle, a tractor and a passenger vehicle business through a demerger process. According to a Reuters report, Mahindra said in a statement, “The company . ..considers it necessary to clarify to the stock exchanges that there are no plans to split the auto business of the company into three units."

File photo used for representational purpose only. (MINT_PRINT)
File photo used for representational purpose only.

The previous report by a publication mentioned that the Mahindra Group was under a restructuring process to divide the country into three separate divisions. It also stated that the Indian automaker was seeking funds for an electric vehicle unit and wanted to join it with Italian design house Automobili Pininfarina to form a separate company.

Also Read : Mahindra sees 25% rise in April sales on the back of robust demand for SUVs

Mahindra has recently released a teaser video of its upcoming SUV. Calling it the ‘big daddy of SUVs’, it is being guessed that the new SUV might be the 2022 Scorpio, given a codename Z101. Mahindra has also taken on board the Bollywood actor Amitabh Bachchan for the latest teaser. The teaser video showed an upgraded external design with dual-chamber full LED headlamps with sequential turn indicators on the car. The video also shows C-shaped LED DRLs and LED fog headlamps.

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Mahindra is also focusing on its electrification goals as it is getting ready to unveil the first of its three concept electric vehicles later this year. Mahindra Born Electric, the EV arm of the company, had revealed the concept EVs will come with a cockpit-style interior. The company had already shared the teaser video of these concept EVs back in February this year.

First Published Date: 08 May 2022, 12:35 PM IST
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