ROAD RUN­NER

M&M | ES­TAB­LISHED IN 1945

India Today - - STATES - —M.G. Arun

THE ORI­GIN

Start­ing life as a steel trad­ing com­pany in Lud­hi­ana in 1945, M&M was then Mahin­dra & Mo­hammed—the com­pany had been founded by broth­ers K.C. and J.C. Mahin­dra and their part­ner, Ma­lik Ghu­lam Mo­hammed. But af­ter In­dia be­came in­de­pen­dent, Ghu­lam Mo­hammed em­i­grated to Pak­istan, be­com­ing that coun­try’s first fi­nance min­is­ter. Soon af­ter, in 1948, the com­pany was re­named Mahin­dra & Mahin­dra.

STEP­PING STONE

Mahin­dra & Mahin­dra’s growth story is closely linked to the de­vel­op­ment of In­dia’s own au­to­mo­tive in­dus­try, es­pe­cially when it comes to the multi-util­ity (MUV) and sports util­ity ve­hi­cle (SUV) seg­ments. The com­pany then saw a busi­ness op­por­tu­nity in the larger MUV seg­ment, even­tu­ally ex­pand­ing into the man­u­fac­ture and sale of such ve­hi­cles. This phase of its busi­ness ac­tiv­ity be­gan with M&M gain­ing the li­cence to as­sem­ble the Willys Jeep in In­dia in 1947. Soon es­tab­lished as the fore­most Jeep man­u­fac­turer in In­dia, the com­pany lever­aged its ex­pe­ri­ence with ve­hi­cles of this class and be­gan to man­u­fac­ture light com­mer­cial ve­hi­cles (LCVs) and agri­cul­tural trac­tors. Over the past few years, M&M has also taken a keen in­ter­est in new in­dus­tries and in for­eign mar­kets. In In­dia, it en­tered the two-wheeler seg­ment by tak­ing over Ki­netic Mo­tors. M&M also has a con­trol­ling stake in the REVA Elec­tric Car Com­pany, and in 2011, ac­quired South Korea’s SsangYong Mo­tor Com­pany. In 2010–11, the com­pany also made a foray into the mi­cro drip ir­ri­ga­tion sec­tor with the takeover of EPC In­dus­tries in Nashik. Mean­while, the $19 bil­lion Mahin­dra Group, of which M&M is one part, also has com­mer­cial in­ter­ests in aero­space, auto com­po­nents, de­fence, fi­nan­cial ser­vices, IT and hospi­tal­ity.

LEAD­ING ROLE

The cur­rent chair­man of the Mahin­dra Group, Anand Mahin­dra, has also served on the board of In­dia’s Na­tional Stock Ex­change and the World Bank Group’s ad­vi­sory board for do­ing busi­ness. M&M is cur­rently led by man­ag­ing di­rec­tor Pawan Goenka, who first joined the group as gen­eral man­ager for R&D. Dur­ing this time, he was closely in­volved in the de­vel­op­ment of the Scorpio, In­dia’s first in­dige­nously built sub­ur­ban util­ity ve­hi­cle.

UMESH GOSWAMI

ON TOP Anand Mahin­dra, chair­man, M&M

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