Mahindra Ebsco 1

Mahindra & Mahindra Limited

Company Profile

Publication Date: 21 May 2010

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Mahindra & Mahindra Limited

TABLE OF CONTENTS

Company Overview..............................................................................................4

Key Facts...............................................................................................................4

Business Description...........................................................................................5

History...................................................................................................................7

Key Employees...................................................................................................12

Key Employee Biographies................................................................................13

Major Products and Services............................................................................21

Top Competitors.................................................................................................22

Locations and Subsidiaries...............................................................................23


Mahindra & Mahindra LimitedTABLE OF CONTENTS

COMPANY OVERVIEW

Mahindra & Mahindra is engaged in manufacturing and marketing utility vehicles and tractors, andprovides financial services, tourism, infrastructure development, trade and logistics, and informationtechnology services. The company operates in India, Italy, Malaysia, Germany, China, Mauritius,Singapore, South Africa, the UK, the US, Thailand, Australia, Cyprus and Sharjah. It is headquarteredin Mumbai, India and employs around 16,094 people.

The company recorded revenues of INR189,864.5 million (approximately $4,142.8 million) in thefiscal year ended March 2009, an increase of 7.8% over 2008. The company's operating profit wasINR30,806.7 million (approximately $672.2 million) in fiscal 2009, a decrease of 9.1% compared to2008. Its net profit was INR14,054.1 million (approximately $306.7 million) in fiscal 2009, a decreaseof 10.5% compared to 2008.

KEY FACTS

Mahindra & Mahindra LimitedHead OfficeMahindra TowersG.M. Bhosale MargWorliMumbai 400 018IND

91 22 22021031Phone

91 22 22875485Fax

http://www.mahindra.comWeb Address

189,864.5Revenue / turnover(INR Mn)

MarchFinancial Year End

16,094Employees

500520Bombay StockExchange Ticker

MHIDLondon StockExchange Ticker


Mahindra & Mahindra LimitedCompany Overview

BUSINESS DESCRIPTION

Mahindra & Mahindra (M&M), through its subsidiaries, manufactures and markets utility vehiclesand tractors, and provides financial services, tourism, infrastructure development, trade and logistics,and information technology services. The company operates through eight segments includingautomotive, farm equipment, IT (information technology) services, financial services, infrastructure,hospitality, Systech and others.

The automotive segment comprises of sales of automobiles, spare parts and related services. Itproduces and markets utility vehicles and light commercial vehicles, including three-wheelers. Thecompany exports its products to several regions including Europe, Africa, South America, SouthAsia and the Middle East.

The company’s farm equipment segment is engaged in the sale of tractors, spare parts and relatedservices. It sells a range of tractors that include Bhoomiputra, Shaan, Sarpanch and Arjun Ultra-1.

The IT services comprises of services rendered for IT and telecom. It provides a range of servicesthat are focused on the supply chain, including strategy and process consulting, systemsimplementation and business process outsourcing, to the companies globally.

M&M’s financial services segment comprises of services relating to financing, leasing and hirepurchase of automobiles and tractors. It provides finance to the utility vehicles, tractors and cars inthe rural and semi-urban sector. The company offers direct insurance broking services for retail andcorporate customers with a range of plans for life and non-life insurance segments. The non-lifeinsurance product category includes personal, industrial, commercial, social and liability products.In addition, it provides housing finance services.

The infrastructure is engaged in operating commercial complexes, project management anddevelopment. The segment offers services related to real estate, special economic zones,infrastructure development, project engineering consultancy and design.

The company’s hospitality segment comprises of sale of Timeshare.

The systech segment comprises of automotive components and other related products and services.It provides design and engineering services, CAD and CAE services to the automotive domain,aerospace and general engineering.

M&M’s others segment includes logistics, after-market, two wheelers, and investment. Theafter-market Sector focuses on the pre-owned vehicles, servicing, spares and the financial instrumentsand exchange platforms. The business units in the after-market sector includes Mahindra SparesBusiness, Mahindra First Choice Wheels that purchase and sale of pre-owned vehicles, and MahindraFirst Choice Services Ltd that involves in multi-brand service chain. The company’s two wheelersector is engaged in designing and marketing a range of scooters and motorcycles for the Indian


Mahindra & Mahindra LimitedBusiness Description

and global markets. In addition, the company offers special services including information securityand de-risking strategies for the India's defense and security forces.

The company’s partners manages a diversified portfolio of businesses including steel and steelrelated services, logistics services, retail, fiberglass power-boat and catamaran manufacturing, andsupplier of material handling equipment and systems.

M&M operates through its subsidiaries including Mahindra Graphic Research Design, MahindraOverseas Investment Company (Mauritius), Mahindra USA, Plexion Technologies, MahindraEngineering Services (Europe), Mahindra & Mahindra South Africa (Proprietary), Heritage Bird (M),Mahindra Automotive Australia, Mahindra Yueda (Yancheng) Tractor Company, and Mahindra GearsCyprus.


Mahindra & Mahindra LimitedBusiness Description

HISTORY

Mahindra & Mahindra (M&M) was incorporated in 1945 as Mahindra & Mohammed.

In 1948, Mahindra & Mohammed was renamed as Mahindra & Mahindra Limited. In the followingyear, the company commenced jeep assembly.

The company established Otis Elevator Company (India) in 1953. In the following year, M&M wastechnically and financially collaborated with Willys Overland Corporation to assemble Jeep-typevehicles.

M&M shares were listed on the Bombay Stock Exchange in 1956. The company's Mahindra Owenwas established as a joint venture with Rubery Owen & Company Limited, the UK in 1957. In thefollowing year, the company commenced the operations of machine tools division.

In 1960, M&M entered a joint venture with Bir Field (GKN Group, UK) and established MahindraSintered Products Limited.

The company established Mahindra Ugine Steel Company, a joint venture with Ugine Kuhlmann,France in 1962. In the following year, International Tractor Company of India was established as ajoint venture with International Harvester Company, the US.

In 1965, M&M established Vickers Sperry of India Limited, a joint venture with Sperry RandCorporation, the US.

The company's instrumentation and electronics division came into existence in 1968. In the sameyear, the company also acquired the whole paid-up capital of Mahindra Electro-Chemicals Productscompany.

International Tractor Company of India merged with M&M to form its tractor division in 1977. Laterin 1982, the company established Siro Plast Limited.

In 1984, Mahindra Hellenic Auto Industries S.A. was established as a joint venture in Greece toassemble and market utility vehicles in Europe. In the following year, M&M signed a memorandumof understanding with British Telecom under which the two companies jointly explored and developedopportunities in telecommunication and technical fields in India.

The company's Tech Mahindra was established as a joint venture with British TelecommunicationsPlc, the UK in 1986. In the following year, the company acquired International Instruments Limited.

In 1989, M&M acquired the automotive pressing unit at Kanhe from Guest Keen Williams.


Mahindra & Mahindra LimitedHistory

The company established Mahindra Financial Services Limited, a wholesale fund provider in 1991.In the following year, M&M merged diverse activities of steel, machine tools and graphics intointertrade division.

In 1993, M&M incorporated Mahindra British Telecom International Inc, the US, a wholly ownedsubsidiary of Mahindra British Telecom. In the same year, Mahindra Steel Service Centre Limitedwas established in association with Mitsubishi Corporation and Nissho Iwai Corporation of Japan.The company's Mahindra Acres Consulting Engineers Limited was established as a joint venturewith Acres International Limited (Canada) to provide multidisciplinary engineering consultancyservices in 1993. In the same year, M&M launched Armada range of vehicles.

The company established Mahindra Realty & Infrastructure Developers Limited and Mahindra USAInc. in 1994. In the same year, M&M established EAC Graphics (India) Limited in collaboration withThe East Asiatic Company Limited A/S, Denmark. In 1994, Mahindra Allwyn Nissan Limited wasmerged with the company.

In 1995, Mahindra Holding & Finance Limited became a subsidiary of M&M to carry out businessas an investment company. In the same year, the company entered into technical collaboration withMitsubishi / Samcor to manufacture the Mitsubishi L300.

Mahindra Ford India Limited was established as a joint venture with Ford Motor Company, USA, tomanufacture passenger cars in 1996. In the same year, the company established Mahindra Holidays& Resorts India Limited and Mahindra Consulting.

In 1997, M&M set up an engineering and product development center at Thane. In the same year,the company set up a joint venture with Mondragon of Spain in the area of iron foundry. In 1997,M&M inaugurated the Mahindra United World College of India. In the same year, the companyestablished Mahindra World City Developers Limited, to set up integrated townships.

The company launched Bijlee, a battery-operated, a 3-wheeler in 1999. In the same year, MahindraNetwork Services launched online vehicle website in India. In 1999, M&M acquired a major stakein Gujarat Tractors and renamed it as Mahindra Gujarat Tractors Limited. In the same year, Mahindra& Mahindra Financial Services Limited became a subsidiary of M&M.

Mahindra Logisoft Business Solutions Limited and Mahindra Intertrade Limited were established in1999. In the same year, M&M signed an agreement with Plasan Sasa of Israel for the design anddevelopment of armored (bullet proof) solutions on the company's utility vehicles designed for useby Indian security forces.

In 2000, M&M and French carmaker Renault signed an agreement to explore the possibility of usingRenault petrol engines for M&M's Scorpio SUV vehicle. In the same year, the company establishedMahindra Auto Specialities Limited. In 2000, M&M set up the satellite tractor plant at Rudrapur andalso launched a tractor, Mahindra Arjun 605 DI (60 HP) and Bolero GLX, a utility vehicle.



The company launched Mahindra Arjun, a tractor; Champion, a 3-wheeler diesel vehicle; andMahindra MaXX, a multi-utility vehicle in 2001. In the same year, M&M was tied up with Renault forPetrol Engines. In 2001, the company established Mahindra Special Services Group; MahindraInfrastructure Developers Limited and Mahindra Lifespaces Developers Limited. In the followingyear, M&M launched the Scorpio SUV.

The company launched Invader, a multi purpose convertible SUV; MaXX Pik Up, turbo tractor andMahindra Sarpanch 595 DI super turbo in 2003. In the same year, M&M entered into industrial enginebusiness and established Mahindra Engineering Services. In 2003, the alliance was formed betweenMahindra Defence and Lockheed Martin Information Systems, the UK, for defence products.

In 2004, Systech (formerly known as MSAT) was established by the company to develop componentsand provide engineering services. In the same year, the company signed MoU to enter into jointventure with Jiangling Motor Company Group (JMCG) of China, to acquire tractor manufacturingassets from Jiangling Tractor Company, a subsidiary of Jiangling Motor Company Group.

The company launched its Australian operations, Mahindra Australia in 2005. In the same year, thecompany and Renault signed a joint venture agreement to produce Logan, developed by Renaultin the Indian market. In 2005, M&M signed a joint venture with International Truck & Engine tomanufacture trucks and buses in India. In the same year, M&M acquired 88% of Plexion Technologies(India), a JP Morgan company.

In 2005, the company acquired 51% stake in SAR Transmission Private Limited, a company engagedin manufacture of gears and transmission shafts. In the same year, M&M acquired 80% stake in thejoint venture with Jiangling Motors i.e. in Mahindra (China) Tractor Company. Mahindra RenaultLimited, a joint venture with Renault to manufacture and market Logan, a mid-sized sedan, in Indiaand Mahindra International Limited, a joint venture with International Truck and Engine Corporationto manufacture trucks & buses in India were established in 2005.

M&M acquired Stokes Group, an automotive forging company in 2006. In the same year, the companyacquired, Texas-based Axes Technologies, a telecom solutions provider; DGP Hinoday IndustriesLimited (Hinoday); Plexion Technologies (India) Ltd; the Stokes Group, the automotive forgingscompany in the UK; and Jeco Holding AG, a forging company of Germany. In the same year, M&Mlaunched, New Scorpio; Scorpio Hybrid; Scorpio and Bolero in Kenya; Scorpio Pik in South Africa;ZEST.

M&M entered into a joint venture with an American auto major International Truck & Engine Corp.to manufacture trucks and buses in India in 2006. In the same year, Motorola and Tech Mahindra,the company's subsidiary entered into an agreement, to bring content to the customer throughCanvasM. Mahindra Finance and Maruti Udyog, entered into an agreement for rural auto financingin 2006.

The company's Tech Mahindra (TechM) partnered with Microsoft’s Connected Services Sandboxin 2007. In the same year, the company signed an agreement for the design and development of



the general aviation aircraft between National Aerospace Laboratories, Council of Scientific andIndustrial Research, Government of India.

In 2007, the company signed a deal to acquire a 43.3% stake in Punjab Tractors Ltd. In the sameyear, Tech Mahindra and Sun Microsystems India formed a strategic alliance to rollout of IPTVservices to the Indian and Asia Pacific markets. In 2007, M&M and its joint venture company, MahindraRenault, launched its Logan brand sedan in India. Mahindra launched the Scorpio V-series in 2007.

Tech Mahindra and TAZZ Networks, Inc, formed a partnership, to help service providers acceleratethe IP services in 2007. In the same year, M&M through its subsidiary, Mahindra Forgings GlobalLimited based in Mauritius acquired 90.47% stake in Schoneweiss & Co. GmbH., a company in theforgings sector in Germany.

M&M, through an Italian subsidiary, Mahindra Graphic Research, and Design (MGRD), acquiredAuto Designing Co., G.R. Grafica Ricerca Design (GRD), an Italian auto designing, feasibility andstyling company based out of Turin, Italy in 2008. In same year, a consortium of M&M and ICICIVenture Funds Managements signed a definitive agreement agreeing to acquire 100% stake inMetalcastello S.p.A, an Italian independent gear manufacturer.

In 2008, the company formed a new business vertical called after-market sector comprising MahindraFirst Choice Services (Multi-brand service chain); Mahindra First Choice (for purchase and sale ofpre-owned vehicles); and Mahindra Spares Business (for both Mahindra and non-Mahindra spares)business units.

The company launched its Mahindra Pik Up Double Cab in Paraguay, in partnership with the RiederGroup in 2008. In the same year, M&M signed an agreement with Engines Engineering S.p.A. toacquire 100% stake in Engines Engineering S.r.l, a legal entity which was formed transferring thebusiness of Engines Engineering S.p.A. In the same year, M&M entered into a joint venture withTMI Pacific in Australia. The company changed Project Ingenio to Mahindra XYLO in 2008. In thesame year, Mahindra Holidays signed MoU with Kerala Government for promotion of Homestays.

In 2008, M&M acquired majority stake in a tractor company in China. In the same year, MahindraRenault launched the Logan Edge.The company and ICICI Venture consortium signed an agreementto acquire Metalcastello S.P.A. in 2008. In the same year, Mahindra Lifespaces signed MOU to setup a SEZ in Sri Lanka. M&M acquired Italian design house, GRD Italy in 2008.

In January 2009, Mahindra Holidays and Resorts India (MHRIL), a leisure hospitality provider andpart of the Mahindra Group of Companies, added Casa Deep Woods, Masinagudi to its chain ofZest resorts. In the same month, M&M launched the Xylo. In January 2009, Mahindra Holidaysacquired Casa Deep Woods, Masinagudi (Tamil Nadu).

State Bank of India signed an agreement with Mahindra World City (Jaipur) to establish its NorthIndia hub in the Domestic Tariff Area of Mahindra World City, Jaipur in February 2009.



In March 2009, the company signed a memorandum of understanding (MoU) with Bank of Barodafor vehicle finance. In the same month, M&M launched Mighty Muscular Scorpio.

The company's Mahindra Retail launched its flagship Mom and Me store in April 2009. In the samemonth, Tech Mahindra, a subsidiary of the company, acquired a controlling stake in Satyam ComputerServices Ltd. In July 2009, M&M launched Bolero MaxiTruck with Micro Hybrid technology.

Tech Mahindra launched an IOT Lab to offer Test Services to Telecom Service Providers (TSPs),Telecom Equipment Manufacturers (TEMs) and Independent Software Vendors (ISVs) in August2009. The company signed an MoU with Bank of Rajasthan for vehicle finance in September 2009.In the same month, Mahindra Two Wheelers Ltd. launched two scooters: Mahindra Rodeo andMahindra Duro.

In November 2009, M&M and BAE Systems signed an agreement to create a land systems focused,joint venture defence company, in India. In the same month, Mahindra Lifespace Developers launched'Aqualily', a residential community developed within the Mahindra World City in Chennai.The companyentered into two aerospace deals with two Australian companies, Aerostaff Australia and GippslandAeronautics in December 2009.

M&M launched the Scorpio Automatic in Egypt in January 2010. In the same month, M&M launchedMaxximo, the mini-truck.

In February 2010, Mahindra Steel Service Centre Ltd., a joint venture between Mahindra IntertradeLtd. and Metal One Corporation, Japan, inaugurated a electrical steel processing plant at Mandideep,Bhopal. In the same month, M&M and Mitsubishi Agriculture Machinery Company Co. Ltd. Japansigned a license agreement for the transfer of agricultural machinery technology, to providemechanization for crop specific solutions.

M&M inaugurated its auto manufacturing plant in Chakan in Maharashtra in March 2010. In the samemonth, Mahindra FirstChoice Wheels Ltd launched the national 24x7 roadside assistance programmein association with MyTVS.



KEY EMPLOYEES

CompensationBoardJob TitleName

21274000 INRExecutive BoardVice Chairman and ManagingDirector

Anand G Mahindra

15047000 INRExecutive BoardExecutive Director and Group ChiefFinancial Officer

Bharat Narotam Doshi

Non Executive BoardChairmanKeshub Mahindra

Non Executive BoardDirectorArun Kumar Nanda

Non Executive BoardDirectorDeepak Shantilal Parekh

Non Executive BoardDirectorNadir Burjorji Godrej

Non Executive BoardDirectorM M Murugappan

Non Executive BoardDirectorNarayanan Vaghul

Non Executive BoardDirectorAshok Sekhar Ganguly

Non Executive BoardDirectorR K Kulkarni

Non Executive BoardDirectorAnupam Pradip Puri

Non Executive BoardDirectorArun Kanti Dasgupta

Senior ManagementPresident, Farm Equipment SectorAnjanikumar Choudhari

Senior ManagementPresident, Human Resources AfterMarket and Corporate Services

Rajeev Dubey

Senior ManagementPresident, Automotive Sector andFarm Equipment Sectors

Pawan Goenka

Senior ManagementPresident, Systems andTechonologies Sector

Hemant Luthra

Senior ManagementPresident, Two-Wheeler SectorAnoop Mathur

Senior ManagementPresident, Information TechnologySector

Ulhas N Yargop

Senior ManagementPresident, Finance, Legal andFinancial Services Sector

Uday Y Phadke

Senior ManagementCompany SecretaryNarayan Shankar

Senior ManagementManaging Director, MahindraLifespace Developers and Chief

Anita Arjundas

Executive Officer, Real EstateSector

Senior ManagementChief Executive Officer, MahindraSatyam

C P Gurnani


Mahindra & Mahindra LimitedKey Employees

KEY EMPLOYEE BIOGRAPHIES

Anand G Mahindra

Board: Executive BoardJob Title: Vice Chairman and Managing DirectorSince: 2003

Mr. Mahindra has been the Vice Chairman and Managing Director at Mahindra & Mahindra since2003. He joined Mahindra Ugine Steel Company Limited (MUSCO), the producer of speciality steels,as Executive Assistant to the Finance Director. In 1989, Mr. Mahindra was appointed as the Presidentand Deputy Managing Director of the company. In 1991, he was appointed as the Deputy ManagingDirector at Mahindra & Mahindra Limited. Mr. Mahindra was a Co-Promoter at Kotak MahindraFinance Limited, which in 2003 was converted into a bank. He is the Co-Founder of the HarvardBusiness School Association of India, an association dedicated to the promotion of professionalmanagement in India. Mr. Mahindra is the Past President from 2003 to 2004 of the Confederationof Indian Industry and has also been the President of the Automotive Research Association of India(ARAI).

Mr. Mahindra is a Director at The National Stock Exchange of India Limited appointed under the'Public Representatives' category. He is the Founder Chairman of the Mumbai Festival, which waslaunched in 2005. Mr. Mahindra is the Co-Chairman of the International Council of the Asia Society,New York and Co-President of The Euro India Centre. Currently, he serves as a Member of theorganizations including Harvard Business School-Asia-Pacific Advisory Board; Harvard BusinessSchool - Member of the Board of Dean's Advisors; Harvard University Asia Centre-AdvisoryCommittee; Harvard Business School-Advisory Council of the Initiative on Corporate Governance;Harvard Business School India Research Centre Society-Founder Member and Asia BusinessCouncil. Mr. Mahindra also serves as a Member of International Enterprise Singapore-2nd IndiaAdvisory Panel; Microsoft India-Advisory Board; National Sports Development Fund (NSDF),Government of India-Council and Executive Committee; The Nehru Centre, Mumbai-ExecutiveCommittee; National Council of Applied Economic Research; and National Institute of BankManagement, Pune-Governing Board. He graduated from Harvard College, Cambridge,Massachusetts, Magna cum Laude (Honors). In 1981, he secured an MBA degree from the HarvardBusiness School, Boston, Massachusetts.

Bharat Narotam Doshi

Board: Executive BoardJob Title: Executive Director and Group Chief Financial OfficerSince: 2007

Mr. Doshi has been an Executive Director and Group Chief Financial Officer at Mahindra & Mahindrasince 2007. He joined the company in 1973, as an Executive. Mr. Doshi served as Executive Vice


Mahindra & Mahindra LimitedKey Employee Biographies

President of Corporate Affairs at the company from 1991 to 1992. He joined the Board of the companyas Executive Director in charge of finance and accounts, corporate affairs and information technologyin 1992. He has been the President of the Trade and Financial Services sector from 1994 to 2007.Mr. Doshi serves as the Chairman at Mahindra Steel Service Centre and a Director of manycompanies. He is the Vice Chairman at Mahindra & Mahindra Financial Services Limited and Chairmanat Mahindra Intertrade Limited and Mahindra Steel Service Centre Limited. Mr. Doshi is Director ofmany companies such as Tech Mahindra Limited, Mahindra Holdings & Finance Limited, MahindraInternational Limited, Mahindra Rural Housing Finance Limited, Mahindra USA Incorporated,Bristlecone Limited and Mahindra (China) Tractor Company Limited. He was also a Director on theBoard at Ford affiliate in India from 1997 to 2005.

Mr. Doshi is an Independent Director at Franklin Templeton Trustee Services Private Limited, NSE.ITLimited and Godrej Consumer Products Limited. He is a Trustee of the Mahindra Foundation andthe K.C. Mahindra Education Trust. Mr. Doshi is also on the Board of Governors of the MahindraUnited World College of India and the Indian Institute of Management, Kozhikode. He was a Memberof the Managing Committee of Bombay Chamber of Commerce & Industry from 2005 to 2007. Hewas a Member of the High Powered Expert Committee constituted by the Ministry of Finance,Government of India, on Making Mumbai an International Financial Centre and is a Member of theSEBI (Securities and Exchange Board of India) Committee on Disclosures and Accounting Standards(SCODA). He is a Fellow Member of the Institute of Chartered Accountants of India and the Instituteof Company Secretaries of India and has a Master's Degree in Law from the University of Bombay.Mr. Doshi has participated in the Program for Management Development (PMD) at Harvard BusinessSchool.

Keshub Mahindra

Board: Non Executive BoardJob Title: Chairman

Mr. Mahindra serves as the Chairman at Mahindra & Mahindra. He was appointed by the Governmentof India to serve the Committees including the Sachar Commission on Company Law & MRTP,Central Advisory Council of Industries and others. Mr. Mahindra is on the Board of Directors of theorganizations such as the Chairman at Mahindra Ugine Steel Co Limited; Chairman at the Board ofGovernors of Mahindra United World College of India; Vice Chairman at Housing DevelopmentFinance Corp; Chairman at Kema Services (International) Private; Chairman at Tech MahindraFoundation; Chairman at Mahindra Holdings; and a Director at Bombay Burmah Trading CorporationLimited, The Bombay Dyeing & Manufacturing Co Limited, United World Colleges (International),UK, and Indian Institute for Human Settlements. He serves as a Member of the organizations andcommittees including Prime Minister's Council on Trade and Industry, New Delhi; Apex AdvisoryCouncil at ASSOCHAM; Founder Member at Indo-Hellenic Friendship League; Founder Member ofGoverning Council at Integrated Research and Action for Development (IRADe) New Delhi; Presidentat Centre for Research in Rural and Industrial Development Society, Chandigarh; and the Chairmanof Governing Body at Centre for Research in Rural and Industrial Development, Chandigarh.



Mr. Mahindra also serves as the President Emeritus at Employers' Federation of India; DeputyChairman and Trustee at Employers’ Federation of India, Social and Labour Research (SOLAR)Foundation; and President of the Governing Council at University of Pennsylvania Institute for theAdvanced Study of India, New Delhi. He has held positions such as President of Bombay Chamberof Commerce and Industry from 1966 to 1967; President at ASSOCHAM from 1969 to 1970; Presidentat Indo-American Society from 1991 to 1992; President at M.V.I.R.D.C. World Trade Centre from1978 to 1995; and Chairman at Indian Institute of Management, Ahmedabad from 1975 to 1985. Mr.Mahindra served as the Chairman at Housing and Urban Development Corp from 1971 to 1975;Member at the Foundation Board of International Management Institute, Geneva from 1984 to 1989;Member of Business Advisory Council of International Finance Corporation, Washington from 1986to 1996; Member of International Council-Asia Society, New York from 1983 to 1997; Chairman ofIndia Nominating Committee 'Single Nation Programme'-Eisenhower Exchange Fellowships, the USfrom 1998 to 2005. He also serves on many business and government committees. Mr. Mahindrais a BSc graduate from Wharton, University of Pennsylvania, the US.

Arun Kumar Nanda

Board: Non Executive BoardJob Title: DirectorSince: 2010

Mr. Nanda has been a Director at Mahindra & Mahindra since April 2010. He has been at the MahindraGroup for more than 30 years. Mr. Nanda joined the Mahindra group as a Management Accountantat Machinery Manufacturers Corporation in 1973. He joined the Board at Mahindra & Mahindra asExecutive Director in 1992. Mr. Nanda served various areas such as property development,construction, leisure and lifetime holidays, infrastructure privatization projects and engineeringconsultancy. He serves as the President at the Indo-French Chamber of Commerce, a Member atthe Council of EU Chambers of Commerce in India, a Member of the governing board of theIndo-American Society, and a Member at the Governing Board of Bombay First. Mr. Nanda servesas the Chairman at Mahindra Holidays & Resorts (India) Limited, Owens Corning (India) Limited,PSL Erickson Limited, Mahindra Construction Company Limited, Mahindra Acres Consulting EngineersLimited, Mahindra Infrastructure Developers Limited and the Vice-Chairman of Mahindra LifespacesDevelopers Limited and Mahindra World City (Developers) Limited. He serves on the Board ofDirectors at Mahindra Holdings & Finance Limited, Mahindra Intertrade Limited, Mahindra WorldCity (Jaipur) Limited, Mahindra (China) Tractor Company Limited, ABN AMRO Asset Management(India) Limited, Mahindra Holidays and Resorts USA and Mahindra Water Utilities Limited. Mr. Nandais a Member of the Advisory Board for Asia Pacific in Barco Company Limited. He is a Graduate inCommerce, a fellow member of the Institute of Chartered Accountants of India (FCA) and a fellowmember of the Institute of Company Secretaries of India (FCS). Mr. Nanda has a Degree in Lawfrom the University of Calcutta. He has also participated in Senior Executive Programme at theLondon Business School.

Deepak Shantilal Parekh

Board: Non Executive Board



Job Title: DirectorSince: 1990

Mr. Parekh has been a Director at Mahindra & Mahindra since 1990. He has been the Chairman atHDFC, the housing finance institution in India with financial intermediaries in various fields such asbanking, consumer finance, credit ratings and real estate since 1993. Mr. Parekh has been a Memberof various committees set up by the Government of India. He is a Fellow of the Institute of CharteredAccountants (England and Wales).

Nadir Burjorji Godrej


Mr. Godrej has been a Director at Mahindra & Mahindra since 1992. He has been a Director ofseveral Godrej companies since 1977. He has developed the animal feed, agricultural inputs andchemicals business of Godrej Soaps and other associated companies and has been active inresearch. Mr. Godrej holds a Bachelor degree in Chemical Engineering from the MassachusettsInstitute of Technology, an MS in Chemical Engineering from Stanford University and has obtainedan MBA from the Harvard Business School.

M M Murugappan


Mr. Murugappan has been a Director at Mahindra & Mahindra since 1992. He serves as a Memberof the Supervisory Board of the Murugappa Group of companies, responsible for technology andresearch. Mr. Murugappan holds a Bachelor of Technology degree in Chemical Engineering fromthe University of Madras and a Master of Science in Chemical Engineering from the University ofMichigan.

Narayanan Vaghul


Mr. Vaghul has been a Director at Mahindra & Mahindra since 1996. He serves as the Chairman atICICI Bank. Mr.Vaghul joined ICICI in 1985. He has over 45 years experience in the banking industry.Mr. Vaghul has been the Chairman of several committees and task forces constituted by theGovernment and Reserve Bank of India. He is a Graduate from Madras University.



Ashok Sekhar Ganguly


Mr. Ganguly has been a Director at Mahindra & Mahindra since 1997. He started as a ResearchScientist at Unilever and served as the Chairman at Hindustan Lever from 1980 to 1990 and aMember of Unilever's main Board from 1990 to 1997. Mr. Ganguly has been a Member of severalgovernment committees, including the Science Advisory Committee to the Prime Minister of India.He is a graduate from Bombay University and has obtained MS and PhD degrees from the Universityof Illinois, the US.

R K Kulkarni


Mr. Kulkarni has been a Director at Mahindra & Mahindra since 1977. He serves as an Advocateand a Solicitor. Mr. Kulkarni serves as a Senior Partner at Khaitan & Company. He has been inpractice for over thirty years and has vast experience in the legal field, with particular emphasis oncorporate law and legislation related to securities. Mr. Kulkarni holds a Masters in Law from theUniversity of Bombay.

Anupam Pradip Puri


Mr. Puri has been a Director at Mahindra & Mahindra since 2001. He served McKinsey & Company,a management consulting firm. Mr. Puri has also been associated with several states and localgovernments in India and abroad on the issue of promoting economic development. He hasparticipated in the re-organization of several multilateral agencies, including the OPEC secretariat,Asian Development Bank, the World Bank and others. Mr. Puri holds a BA in Economics from DelhiUniversity and MA and MPhil Degrees in Economics from Oxford University.

Arun Kanti Dasgupta

Board: Non Executive BoardJob Title: Director



Mr. Dasgupta serves as a Director at Mahindra & Mahindra. He served at Life Insurance Corporationof India (LIC) as Senior Divisional Manager of Guwahati and Karnal Divisions; Deputy GeneralManager at LIC (International) Bahrain; Regional Manager (Marketing), Western Zone, Mumbai;Chief Executive Officer at LIC Housing Finance, Mumbai; Zonal Manager, Central Zone, Bhopal andExecutive Director of SBU-International Operations/Corporate Communications. Mr. Dasgupta servesas the Managing Director at Life Insurance Corporation of India. He also serves as a Director atAsean Brown Boveri (ABB), LIC (Nepal), LIC (Mauritius) Offshore, Saudi Indian Company for Co-op.Insurance, LIC Pension Fund Limited and Grasim Industries. He is a Science Graduate from DibrugarhUniversity and also holds PGDBM from Punjab University.

Anjanikumar Choudhari

Board: Senior ManagementJob Title: President, Farm Equipment SectorSince: 2005

Mr. Choudhari has been the President of Farm Equipment Sector at Mahindra & Mahindra since2005. He joined the Mahindra & Mahindra Group in 1999 as the Senior Advisor of InfrastructureDevelopment Sector. Mr. Choudhari served as an Executive Vice President for Human Resourcesand Corporate Services and joined the Management Board in 2000. He served as the ExecutiveVice Chairman at Bristlecone, the US. Mr. Choudhari serves as the Chairman at Mahindra USA;Mahindra (China) Tractor Co and also serves on the Board at Mahindra & Mahindra South Africa(Pty). He serves on the Board at Mahindra Gujarat Tractors, Swaraj Engines, Mahindra & MahindraFinancial Services and serves as the Chairman at Punjab Tractors, Swaraj Automotives and MahindraShubhlabh Services. Mr. Choudhari worked for 30 years at Hindustan Lever Limited in India and atUnilever in China. He graduated in Mathematics and Statistics. Mr. Choudhari holds Masters inManagement Studies from the Jamnalal Bajaj Institute, Mumbai. He serves as a Member of theGroup Management Board of the company.

Rajeev Dubey

Board: Senior ManagementJob Title: President, Human Resources After Market and Corporate Services

Mr. Dubey serves as the President of Human Resources, After-Market and Corporate Services atMahindra & Mahindra. He serves as a Member of the Group Management Board. Mr. Dubey is theChairman at Mahindra Insurance Brokers and Mahindra First Choice Services. He serves on theBoards of several Group companies including Mahindra Ugine Steel, Mahindra Intertrade, MahindraFirst Choice and Mahindra Retail. Mr. Dubey serves as the Chairman of the CSR Council andSustainability Council of the Group, and a Member of the Corporate Governance Cell. He joinedMahindra & Mahindra in 2004, after working for 29 years in the Tata Group, of which seven yearswere as Managing Director and Chief Executive Officer.

Pawan Goenka



Board: Senior ManagementJob Title: President, Automotive Sector and Farm Equipment SectorsSince: 2005

Mr. Goenka has been the President of Automotive Sector at Mahindra & Mahindra since 2005. Heserves as a Member of the Group Management Board. Mr. Goenka joined the Mahindra Group in1993 as General Manager Research and Development, after a successful career spanning 14 yearsat General Motors, the US. He served as the Executive Vice President of Product Development in2001 and Chief Operating Officer of the Automotive Sector in 2003. Mr. Goenka is a Member of theSIAM Executive Council and Chairman of the Committee at Frontier Technologies. He serves asthe President at SAE India and Chairman of the Management Board. Mr. Goenka serves as VicePresident of the ARAI Governing Council. Mr. Goenka is a Mechanical Engineer with a BTech fromthe Indian Institute of Technology, Kanpur, and a PhD from Cornell University, the US.

Hemant Luthra

Board: Senior ManagementJob Title: President, Systems and Techonologies Sector

Mr. Luthra serves as the President of Systems and Techonologies Sector at Mahindra & Mahindra.He joined as Executive Vice President of Corporate Strategy in 2001. Mr. Luthra serves on severalBoards and the Chairman of some the subsidiaries. He has 35 years of experience in operations,finance, business development and private equity. Mr. Luthra started his career at IBM in India. Heserved Thapar Group, a conglomerate with interest in paper, chemicals and engineering. Mr. Luthraserved as the Group Chief Financial Officer and then as the Chief Operating Officer of the group'sflagship company BILT. He served on the Board of several joint ventures of the Group at Dupont,Mitsubishi, OKI and served as Chairman of the JV at Maersk Shipping. Mr. Luthra later joined theEssar Group as the Chief Executive Officer of their Telecom business. He served Enron India asChief Executive Officer of their Broad Band business. Mr. Luthra is a Graduate of the Indian Instituteof Technology, Delhi.

Anoop Mathur

Board: Senior ManagementJob Title: President, Two-Wheeler SectorSince: 2009

Mr. Mathur has been the President of Two-Wheeler Sector at Mahindra & Mahindra since April 2009.He joined the Mahindra group in 2007 as Senior Advisor in the Office of Vice Chairman and ManagingDirector. Mr. Mathur serves on the Boards at Mahindra Two-Wheeler, Mahindra Shubhlabh Services,Bristlecone, the US and Mahindra China Tractor Company, China. He also serves as a Member ofthe Remuneration Committee at Bristlecone, the US. Mr. Mathur was Executive Director of Technologyand Exports and Member of the Management Committee at Hindustan Lever (HLL) since 1999 priorto joining M&M. He served as the Executive Chairman and Chief Executive Officer at Hind Lever



Chemicals. Mr. Mathur served as an Executive Director of Chemicals, Agri and Specialities, HindustanLever and Technical Director at Unilever, South Africa. He holds a BTech degree in ChemicalEngineering from I.I.T. Kanpur and started his career at Hindustan Lever as a Management Trainee.Mr. Mathur went on to hold senior positions in operations, strategic planning, global strategic alliances,domestic and international marketing, supply chain and product, and technology development. Hehas done the Advanced Management Programme of the Wharton Business School, the US and theAdvanced Supply Chain Programme of Princeton University, the US.



MAJOR PRODUCTS AND SERVICES

Mahindra & Mahindra is a manufacturer and distributor of a range of utility vehicles and farm equipment. The company's key products and services include the following:

Products:

Utility vehicles Light commercial vehiclesTractorsSpare parts Automotive components Scooters Motorcycles

Services:

IT (Information Technology) and telecom services Financial services Infrastructure development servicesHospitality servicesDesign and engineering servicesComputer aided design (CAD) and computer aided engineering (CAE) services Information security services


Mahindra & Mahindra LimitedMajor Products and Services

TOP COMPETITORS

The following companies are the major competitors of Mahindra & Mahindra Limited

Bajaj Auto LimitedEscorts LimitedMRF LimitedAshok LeylandTata Motors LimitedMaruti Suzuki India LimitedCEAT Ltd.


Mahindra & Mahindra LimitedTop Competitors

LOCATIONS AND SUBSIDIARIESHead Office

Mahindra & Mahindra LimitedMahindra TowersG.M. Bhosale MargWorliMumbai 400 018INDP:91 22 22021031F:91 22 22875485http://www.mahindra.com

Other Locations and Subsidiaries

Mahindra Overseas Investment Company(Mauritius) Limited

Mahindra Graphic Research Design s.r.l.ITA

MUS

Plexion Technologies GmbHMahindra USA IncDEUUSA

Mahindra & Mahindra South Africa(Proprietary) Limited

Mahindra Engineering Services (Europe)Limited

ZAFGBR

Mahindra Automotive Australia Pty. LimitedHeritage Bird (M) SDN. BHD.AUSMYS

Mahindra Gears Cyprus LimitedMahindra Yueda (Yancheng) TractorCompany Limited CYPCHN


Mahindra & Mahindra LimitedLocations and Subsidiaries

Documents

Mahindra Ebsco 1