No plans to split auto business into 3 units, clarifies MM

Stocks

There were reports in the media that M&M has started a restructuring process to split its core automobiles business like the electric vehicle (EV), tractor and passenger vehicle (PV) businesses into three separate entities through a demerger procedure.

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Mahindra & Mahindra Ltd on May 6 issued a statement, rejecting media reports that said the company is likely to split its auto business into three units.

“Considering there are some speculation in the media, the Company on its own once again considers it necessary to clarify to the Stock Exchanges that there are no plans to split the auto business of the Company¬†into 3 units,” the company said in a statement.

“The Company has complied with and continues to comply with the relevant disclosure norms under the Listing Regulations, it further added.

The media report said that M&M has started a restructuring process to split its core automobiles business, such as the electric vehicle (EV), tractor and passenger vehicle (PV) businesses into three separate entities through a demerger procedure.

The report, citing sources, also stated that the Mahindra Group is also seeking funds for the EV unit and will club it with Italian design house Automobili Pininfarina to form a separate company.

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