History of Mahindra and Mahindra Ltd.
1945
- The Comp. was Incorporated & converted into Public Limited in 1955 at Mumbai. The Comp. Manufacture Jeep type vehicles, petrol industrial engines, industrial process control instruments & flow meters. Trading in steel & manufacture of professional grade electronic components. Jeeps are manufactured under a license & an agreement with Willys Motors Inc., Toledo, Ohio, U.S.A., for whom the Company also acts as exclusive distributors for whole of India for their entire range of vehicles including utility vans, cargo/personnel carriers & pick-up trucks.
1958
- The Comp. entered into an agreement with Birfield Ltd., to form Mahindra Sintered Products Private Limited for manufacture of a wide range of self lubricating bearings.
1968
- The Instrumentation and Electronics Division came into existence as a result of merger of wholly-owned subsidiary of Mahindra Engineering Co. Ltd., with the Comp. with effect from 1st April 1968. The activities of merged Comp. were being carried on in this division.
- The Comp. acquired the whole paid-up capital of Mahindra Electro-Chemicals Products limited Company.
- With effect from 1st April, the wholly owned subsidiary Mahindra Engineering Co. Ltd., was merged with the Company. International Tractor Comp. of India Ltd., was merged with the Comp. effective from 1st November 1977.
1970
- The name was changed from Mahindra Van Wijk and Visser limited to Mahindra & Mahindra limited This was merged with the Indian National Diesel Engine Co., Ltd., during 1977-78.
1977 - 74,
- 700-9.3% Pref. & 12,98,202 No. of Equity share allotted without payment in cash to shareholders of International Tractor Co. Ltd., on its merger in prop 1:1 Pref. & 2:3 Equity. 12,500-7.8% Pref. shares redeemed on 1.2.1979.
1978
- The Comp. started negotiation with Balania K. Zacharopoulos Ltd., Athens for jointly promoting a new Comp. in Greece for the manufacture of Jeep vehicles & trucks. Initially, it was proposed to assemble these vehicles mainly from CKD packs to be shipped from India.
1979
- 57,22,764 Bonus equity share issued in prop. 1:1.
1983
- 76,30,352 Bonus equity shares issued in prop. 2:3 in October 1984.
1984
- Mahindra Spicer limited [MSLs], was amalgamated with Mahindra and Mahindra limited [MMLs] with effect from 3rd April. Pursuant to the scheme of amalgamation of MSL with MML, the shareholders of MSL were allotted 1,88,166 equity shares of MML in the ratio of 1 equity share of MML for every 6 shares held in MSL.
- The Comp. entered into a collaboration agreement with Foramer S. A., an associate of Forasol S.A., for purchase of Ile d' Amsterdam an offshore drilling rig at a price U.S. $10.75 million. The Company arranged for a foreign currency loan through Bank of Baroda. In view of this purchase, the Comp. obtained a firm order from ONGC for drilling services for 2 years.
1985
- A letter of intent was obtained for manufacture of 50,000 lines of EPABX/PAXs in collaboration with OKL Electric Co. of Japan.
- The Comp. also signed a Memorandum of Understanding with the British Telecom p.l.c. of London under which the two companies were to jointly explore & develop opportunities in telecommunication and technical fields in India.
- MBT was made a subsidiary of Comp. with 60% holding & the remaining 40% was subscribed by foreign partners, the British Telecommunications p.l.c., U.K. [BTs] for provision of software engineers of MBT to work on various projects of BT in the U.K. MBT also decided to issue equity capital to the extent of Rs 4 crores out of which shares worth Rs 2.40 crores were to be offered to Mahindra & Mahindra Ltd., for subscription & the balance shares worth Rs 1.60 crores were to be offered to BT.
1987
- [17 monthss], approval from Government was received for the manufacture of Peugeot 504 pick-up vehicles in collaboration with Automobiles Peugeot of France.
- A new model M-595 tractor in the 50 H.P. range was introduced.
1988
- The Comp. acquired a off-shore drilling rig 'Ile d' Amsterdam' from Foramer S. A., France as on 1st March. A firm letter of intent was received for one land rig for drilling operations at Jwalamukhi, Himachal Pradesh against a tender from ONGC. The Comp. already entered into an agreement with Forasol S.A., for purchase of land rig and related equipment.
1989
- During the year improved versions of CJ 500 range of jeeps & FJ range of LCVs were introduced. Also a sporty model of jeep was introduce which was well received by target audience.
- During September, the Comp. acquired the automotive pressing unit at Kanhe from Guest Keen Williams, limited for a gross consideration of Rs 28.75 crores. The unit has an installed capacity of 10,000 tonnes per annum.
1990
- The Automotive division faced adverse market conditions resulting in a drastic reduction in production & sales of vehicles. The Automotive division introduced a direct injection diesel engine, the MDI 2500 A engine on the CJ 500 vehicles. A new fuel efficient 10 seater vehicle having a direct injection diesel engine was introduced.
- A letter of intent was obtained from ONGC for extension of the contract for a further period of one year. However, on Acc. of certain procedural delays ONGC dehired the rig & it remained non-operational for about 160 days. However, the Comp. received a contract from ONGC for a much higher day rate & the rig was rendering service to ONGC with effect from 9th November.
- The Comp. issued 48,16,012-12.5% fully convertible debentures of Rs 110 each with a provision to apply, instead, for 58,86,236 fully convertible zero interest bonds of Rs 90 each. An option was given to apply for a combination of debentures & bonds subject to an aggregate value of Rs 52,97,61,320. These debentures/bonds were offered on rights basis to the then existing equity shareholders in the ratio of one debenture for every four equity shares held. The issue was fully subscribed. Additional bonds/debentures were issued to retain the over-subscription to the extent of 15% of issue which is equivalent to 7,22,401 debentures of Rs 110 each.
- Through another letter of offer, two blocks consisting of 8,64,049 debentures each were offered to Mahindra Companies & International Finance Corporation, Washington, respectively with an option to apply for bonds subject to the aggregate value of Rs 9,50,45,390 for each block. The issue was fully subscribed. Additional bonds/debentures were issued to retain the over-subscription to the extent of 15% of the issue which is equivalent to 1,29,607 debentures of Rs 110 each for each block.
- The employees [including Indian working directorss]/workers of the Company were also offered on an equitable basis 2,40,801 debentures of Rs 110 each with a provision to apply for bonds within the aggregate limit of issue. The issue was under subscribed. Only 16,750 debentures & 68,250 bonds were allotted. The balance debentures/bonds were allowed to lapse.
- As on 1st April, 49,90,354 debentures & 26,20,371 bonds were allotted.
- As on 1st May, the Comp. allotted on private placement basis 14% redeemable non-convertible debentures for a total value of Rs 20 crores to UTI, LIC, ICICI, Army Group Insurance Fund & GIC & its subsidiaries. These debentures are redeemable in full at a premium of 5% on 1st May 1997.
1991
- New replacement kits for series of diesel engines, the XDP 4.90 were successfully launched in order to replace petrol engines in passenger cars & create new demands for series of diesel engines manufactured by Company.
- During the second half of year, the Comp. introduced the new range of `Commander' vehicles which were well received in the market. A new model on the anvil was a five door ten seater vehicle 'Armada' with a factory built body for which dies were imported from Japan.
- To meet the changing needs of market, the Comp. introduced a new model 225 DI [25HPs] tractor.
- Another 8,64,049 zero interest fully convertible bonds of Rs 90 each for a total value of 9,50,45,390 were allotted to Peugeot India Holding, France, a subsidiary of Automobiles Peugeot, France as on 18th January.
- As per the terms of issue, a portion of Rs 55 of each debenture was converted into one equity share of Rs 10 at a premium of Rs 45 per share & a portion of Rs 45 each bond was converted into one equity share of Rs 10 at a premium of Rs 35 per share an on 1st April.
- Accordingly, the Comp. allotted 49,90,354 equity shares on conversion of debentures & 34,84,420 equity shares on conversion of bonds. The balance amount of each bond & debenture was to be converted as per the same terms given above at the end of 18 months from the date of allotment.
- In order to meet the long term working capital requirements, the Company issued in January 1991, 14% redeemable non-convertible debentures aggregating Rs 25 crores to Infrastructure Leasing and Financial Services, limited on a private placement basis. The debenture are redeemable in full at premium of 5% on 8th January, 1998.
1992
- It was proposed to launch a new LCV with a much larger platform, imported driving comfort & better styling.
- The Comp. issued 72,42,719 - 14.5% secured Non-convertible redeemable debentures of Rs 100 each with a detachable warrant attached to each debenture entitling the holder thereof to apply for 1 equity share of Rs 10 each at a premium of Rs 20 per share in the ratio 1 debenture: 5 equity shares held, on the expiry of six months & 36 months from the date of allotment of debentures.
- Another 3,62,136 non-convertible debentures with detachable warrants were also offered to employees on an equitable basis. Only 2,20,300 debentures taken up.
- 76,04,855 oridinary shares of Rs 10 each at a premium of Rs 20 per share were to be issued to those exercising the rights attached to the warrants between 6 months & 36 months from the date of allotment of debentures. The debentures were to be redeemed not earlier than the end of 7th year but not later than the end of 10th year from the date of allotment of debentures.
1993
- The Automotive division undertook to introduce a wide range of products such as mini bus, MM Deluxe, Armada deluxe, Cabking pick-up, CL-Classic and a single/double Cab pick-up etc.
- Mahindra Nissan Allwyn limited [MNLs] was amalgamated with Mahindra & Mahindra limited [MMLs] with effect from 1st November. Pursuant to the scheme of amalgamation, the shareholders of MNAL were allotted 9,73,200 equity shares of MML in the ratio of 1 equity share of MML for every 25 shares held in MNAL. With the merger modern automotive plant owned MNAL became a Unit of Company automotive division.
- The Comp. issued 100,47,043 Global depository receipts valued at US $ 74.75 million. Each GDR was issued at a market price of US $7.44 and was supported by equal number of underlying shares. Accordingly 1,00,47,043 shares were allotted at a premium of Rs 22.50 per share.
1994
- During the year a new Comp. Mahindra USA Inc. had been established in Texas, U.S.A. with the objective of increasing tractor sales in U.S.
- 9,73,200 shares allotted to the erstwhile sharehodlers of MNAL 11,14,682 shares allotted against the detachable warrants. 35,85,874 shares allotted to Ford Motor Comp. USA, at a premium of Rs 370 per shares. 28,00,000 shares allotted to the promoter group.
1995
- A New LCV model-cabking DI 3150 - with a payload of 2.5 tonnes, a 5-speed transmission & high quality components was launched. Also, a sporty 4-wheel drive vehicle Mahindra Classic with modern fitments such as Vacuum assisted brakes, disc brakes in front, wire wheels and bull bar was launched for domestic market. In addition, a new commander 5-Door Hard Top vehicle, primarily targeted for semi-urban & rural transportation was introduced.
- Two new models - 365 DI & 585 - DI were also launched in 30-35 HP and 45-50 HP segments respectively.
- The Comp. entered into a joint venture agreement with Ford Motor Company USA [Fords] for promotion of new Comp. for manufacture and marketing of Ford range of passenger & other vehicles. The Company has an equity participation of Rs 160 crores each by Ford and the Company.
- 22,71,322 No. of Equity shares allotted in conversion of warrants. 407,17,489 bonus equity shares issued in proportion 2:3.
- The tractor division received the ISO 9001 certification from TUV of Germany.
1996
- The Comp. proposed to introduce the `Armada Grand' with XD3 diesel engine, 5 speed BA 10 transmission with air-conditioning & power steering as standard features. New models like, soft top & FRP versions of CL/MM 550 models, comfortable 8 seater Armada with Disc Brakes & an optional factory fitted air conditioner, Commander 650 DI on a longer wheel base & MM 540/550 XDB models with the powerful 2.5 lines XD3 engine & the all-synchromesh 5 speed BA 10 transmission were launched during the year.
- During July, the Comp. offered US $100,00,000-5% convertible note during July 9, 2001 came into GDRs each representing one share at a cover sum price of US $11.955 per GDR. Till date 15,73,830 shares issued.
1997
- The Zaheerabad plant & R&D division were awarded Iso 9002 & ISO 9001 certification respectively. With the technology received from Fuji Technica, Japan the Comp. undertook to manufacture dies for vehicle bodies in the new Die Shop. During the year, 7 new models to cater to different nice markets were introduced.
- New products viz. 275 DI TU upgrades B-275 model with increased power and 585-C, 585 DI model with constant mesh transmission for ease operation were introduced.
- M&M is setting up an engineering & product development centre at Thane to strengthen its technology & designing capacities.
- M&M is setting up a joint venture with Mondragon Corporation of Spain in the area of iron foundry. The joint venture agreement was signed in Spain by M-M at an Indo-Spain joint business council meeting organised by the Federation of Indian Chambers of Commerce & Industry & the Association of Chambers of Commerce & Industry of India.
- M&M is entering into a 50:50 joint venture with the $8 billion Case of the US for manufacturing high horse power tractors.
- The M&M-Sealand joint venture is considering introducing a Ro-Ro [Roll-on, Roll-offs] railway service in India.
- The Mahindra group has tied up with Sega Enterprises Ltd and Mitsubishi Corporation of Japan to form a joint venture [JVs] in India to develop & launch Sega branded family entertainment centres.
- M&M has signed an agreement with Chemoleums Ltd under which M&M will use a special quality of Chemoleums lubricating oil, Mahindra Singlestar, for its tractors.
- M&M has signed a wage agreement with its union at its automotive plant at Kandivali, evolving a Mahindra Production System [MPSs] which is an amalgamation of latest work measurement techniques & Toyota Production Systems.
1998
- A joint venture Comp. is being promoted by Mahindra & Mahindra Limited, Infrastructure Leasing & Financial Services & Tamil Nadu Industrial Development Corporation to set up an industrial park near Chennai to attract auto ancillary units & all categories of non-polluting industries.
- Utility vehicle manufacturer, Mahindra & Mahindra [M&Ms] on May 27 signed a productivity & capacity linked wage agreement with its union [Bharatiya Kamghar Senas] at its tractor plant at Kandivali.
- M&M has signed new productivity agreements with its workers at the Kandivli [Mumbais], Nashik & Zaheerabad [Andhra Pradeshs] plants.
- Mahindra Ford is likely to sign a MoU with the government to import auto kits.
- Mercedes-Benz India Ltd & Mahindra Ford India Ltd have signed a MoU with the Directorate-General of Foreign Trade [DGFTs], under the new MoU policy for car manufacturing in the country.
- Danish Comp. Maersk, Mahindra and Mahindra & the Tamil Nadu Industrial Development Corporation [Tidcos] propose to establish a joint venture to develop Colachel on western coast of south Tamil Nadu into a hub port.
- Mahindra and Mahindra [M&Ms] is all set to float a 50:50 joint venture company with the Punjab state government for setting up a hi-tech agro-commodity exchange in the state.
1999
- M&M has set up a new Comp. - Mahindra Auto Specialities Ltd - for bullet-proofing passenger vehicles & providing specialised services. M&M has signed an MoU with Plasan Sasa of Israel for design and development of armoured [bullet proofs] solutions on M&M utility vehicles for use by Indian security forces.
- The Mahindra and Mahindra group & the TVS group have floated a joint venture to provide software solutions to the automobile sector.
- Mahindra & Mahindra [M&Ms] is working towards introducing a slew of models in India from the Mitsubishi stables, including its famed Pajero brand of multi-utility vehicles [MUVss] & jeeps.
- Mahindra and Mahindra Ltd [M&Ms] has created a tier-IT structure under Mahindra Holdings and Financial Ltd whereby individual subsidiaries will tap the capital market depending upon their need for cash.
- Utility vehicle major, Mahindra & Mahindra [M&Ms], is entering the Rs 1,000-crore three-wheeler market for first time. The company will launch its first three-wheeler a diesel-driven eight seater within 8-10 months from now.
2000
- The Comp. will be launching its first CNG-powered utility vehicle in Delhi.
- The Comp. consequent to disciplinary action taken by Management against certain workmen & Union representative, the workmen of Kandivli Plant of Tractor Division of Comp. initially stopped work & thereafter resorted to illegal strike on 11th January.
- The Comp. proposes to make a call for redeeming Bonds of value US $25.378 million out of current outstanding of US $27.866 million.
- The Comp. tie-up with Citibank for a channel financing agreement for their dealers.
- Mahindra and Mahindra launched its eight seater Marshal DI Deluxe 2000 in Western Maharashtra.
- Mahindra Auto Specialisites Ltd, a wholly-owned subsidiary of the company delivery of first 'Neticle' [net-vehicles] - brand named Quadro - in India.
- The Comp. has launched its new generation tractors Arjun 605 DI at the Kandivali plant.
- The Comp. & French car maker Renault have signed an agreement to explore the possibility of using Renault petrol engines for M&M's planned Scorpio utility vehicle.
- The Comp. has launched a fresh voluntary scheme for employees in its tractor division. The Scheme will open on June 8 & will continue till July 31.
- The Comp. is set to launch its 2.5-litre multi-utility vehicle, Bolero.
- The Comp. launched the 39 HP & 40 HP models of its `Bhoomi Putra' range of tractors.
- The Comp. has entered into a technical alliance with Austrian engine manufacturer AVL list GmbH for production of light commercial vehicles of 3.5 tonne capacity.
- M&M will launch the LCV under the `Loadking' name in January next year.
- M&M has launched its first 60 HP class tractor Arjun 605 DI here, will from now roll out a new mode very six months.
- The Comp. the utility vehicle market leader, launch of its latest UV, the Bolero GLX.
- The Comp. will launch Scorpio, its urban utility vehicle, by the end of year.
- The Comp. has launched the first of its new series of 'Horizin Tractors', the Mahindra 'Arjun 605 DI' in Andhra Pradesh.
- The Comp. launched diesel version of Bolero in a short time.
- Mahindra and Mahindra is to go for a expansion, keeping pace with its plans for introduction of new models, including the Scorpio.
- Mahindra and Mahindra is likely to introduce agricultural related implement & equipment in the near fugure.
- Mahindra & Mahindra Limited [M&Ms] launched yet another range of new generation tractors to grab a large share of an emerging mature market.
- The Comp. has launched its fourth portal business with an investment of $1 million.
- Mahindra Intertrade, subsidiary of Mahindra and Mahindra, has launched a steel trading portal, steelmartindia.com.
- Fitch Ratings India has assigned `Ind AAA' rating to the proposed five-year Rs 100-crore non-convertible debenture programme of the company.
- The Board has approved an ESOS & decided to allot 55,24,219 No. of equity shares to the Mahindra and Mahindra Employee Stock Option Trust.
2001
- The Comp. has set up a farm extension services division called Mahindra Shubh Labh, which will pioneer the building of chain of one-stop shops offering a comprehensive range of farm-gate services.
- Mahindra Intertrade, the largest non-automotive Comp. of the Mahindra and Mahindra group, has entered into a distribution alliance with Lego.
- Mr. Anand G. Mahindra has been appointed as Vice-Chairman and Managing Director.
- Mahindra and Mahindra is set to launch three new variants of its utility vehicle Bolero to boost its presence in the urban segment.
- The strike at the company Nashik automotive plant which began on March 4, has been called off with effect from 8th March.
- Credit Rating & Information Services of India limited has revised the rating assigned to the company long-term debentures to `AA+' to `AAA'.
- Mahindra and Mahindra has tied up with French auto giant Renault for sourcing petrol engines for its premium utility vehicle Scorpio which would be launched later this year.
-The price of Mahindra and Mahindra Ltd [M&Ms] shares hit a 92-month low on the Bombay Stock Exchange [BSEs] on june 14 fuelled by market apprehensions of steep fall in the company sales in May 2001
- Mahindra and Mahindra launched the premium version of its 7 seater multi-utility vehicle, Bolero GLX.
2002
-Mahindra and Mahindra Ltd has informed BSE that ICICI Bank Ltd has withdrawn the nomination of Mr Inder Chand Jain as their Nominee Director from the Board of M& M with immediate effect.Consequently Mr Inder Chand Jain ceases to be a Director of Mahindra and Mahindra Ltd with immediate effect.
-Mahindra and Mahindra Ltd has informed BSE that Mr. David Friedman [currently the Alternate Director to Mr.Lewis W. K. Booths] has been appointed as a Director of Comp. w.e.f. October 30, 2002 in the vacancy caused by cessation of Directorship of Mr. Lewis W.K. Booth. Mr. V.K. Chanana has been appointed as a Nominee Director of UTI w.e.f. October 30, 2002 in place of Mr. Sanjiv Kapoor whose nomination has since been withdrawn by UTI.
2003
-Unleashes MaXX Pik Up utility vehicle - Signed an agreement with Canara Bank . Where in, Canara Bank will provide loan to those farmers who are willing to buy Mahindra tractors & other farm implements.
- Mahindra & Mahindra Ltd on December 24th showcased its new products, Bolero XL & Bolero XLS, for prospective customers in Karnataka.
2004
-Mahindra and Mahindra delisting of shares from DSE
-M&M launches two variants of Bolero utility vehicle in TN
-The former managing director of Rallis India, Mr Rajeev Dubey, is joining Mahindra and Mahindra Ltd [M&Ms] as Executive Vice-President [Human Resources and Corporate Servicess]. Mr Dubey has previously held senior positions at Tata Steel & was the managing director of Tata Metaliks.
-Auto giant Mahindra & Mahindra has launched its latest variants of Bolero XL range here on January 19, 2004, thus heralding its launch across the State.
-M&M enters into agreement for acquiring majority stake in US based Bristlecone Inc
-Mahindra and Mahindra Ltd has informed that the equity shares of Comp. have been delisted from Pune Stock Exchange Ltd w.e.f. January 16, 2004.
-M&M unveils innovation matrix to enhance performance
-Mahindra Special becomes M&M new IT unit
-Equity shares delisted from Madras Stock Exchange
- tied up with an Iran-based Comp. Barchinkar for localising M&M tractors in the Iran market
- Mahindra Tractors in accord with Castrol
-M&M rolls out India first turbo tractor
-Mahindra and Mahindra Ltd has informed that HSBC Global Investment Fund has acquired 3,99,825 equity shares of Comp. through market on May 17
-- Andhra Bank has announced that it has joined hands with Mahindra Tractors for financing the distribution of tractors through the bank branches across the country
-Mahindra and Mahindra [M&Ms] has forayed into the Latin American markets through the opening of an assembly line in Uruguay
-Mahindra and Mahindra Ltd [M&Ms] on announced its foray into the South African automobile market
-Hemant Luthra to head M&M new MSAT Sector
-Dena Bank inks MoU with M&M for tractor loans
2005
- Mahindra and Mahindra tractors' top dealer in the US has become the largest tractor dealer in the US, muscling past dealers of John Deer, New Holland & Kubota.
-M&M forays into Australian tractor market on February 14, 2005.
-Mahindra and Mahindra Ltd [M&Ms] launches its Common Rail Diesel Engine [CRDEes] fitted-Scorpio, which conforms to BS III emission norms on February 22, 2005,
-Mahindra and Mahindra executes JV Agreement with Renault
-Scorpio unveiled in Malaysia on May 4, 2005
-M&M, Renault ink MoU to set up Rs 550 crore car manufacturing plant in Nasik
-M&M introduces new pick-up vehicle on July 6, 2005
-Mahindra unveils 3-wheeler cargo carrier Champion Alfa model
-Mahindra and Mahindra inks a JV with International Truck and Engine Corporation, USA
-Mahindra and Mahindra enters into agreement with Plexion Technologies, Mauritius
-M&M has signed a memorandum of understanding with the Saigal family of Pakistan for exporting tractors to that country..
2006
-M&M unleashes Scorpio Pik-Up in South Africa
-M&M unveils three-wheeler car
-M&M Hingna unit enters into new new wage agreement
- Mahindra and Mahindra Ltd on Oct 11,2006 signed a agreement with ITMCo [Iran Tractor Manufacturing Cos] to sell tractors in Iran. The agreement was signed in Tehran.
-Mahindra and Mahindra [M&Ms] & French automaker Renault have joined hands yet again to establish a greenfield passenger car manufacturing plant in India within five years.
- Mahindra and Mahindra inks deal with Global Vehicles USA Inc
2007
- Mahindra and Mahindra acquires a leading German Forging Comp. Schoneweiss and Co. GmbH.
- Mahindra unveils new Bolero in Gujarat.
-Mahindra & Mahindra [M&Ms] has launched the line of sports utility vehicles [SUVs] & pick up trucks that it plans to begin selling in the United States starting from 2009.
- M&M unveils Mahindra Pik-Up in Australia.
-The latest product from Mahindra Defence Systems, the Axe FAV is an extreme offroading multi terrain defence purpose vehicle.
2008
-Mahindra and Mahindra acquires renowned Italian design house, GRD Italy.
2009
- Mahindra and Mahindra unveiled its fourth generation Scorpio at an unbeatable price.
