Total inventory for M&M was worth around Rs 3,000 crore before the verdict and the company has been able to remove half of it at around a 15 percent discount, Pawan Goenka said.
The home-grown auto major, however, has not ruled out an electric SUV and may bring out a model in the next 3-4 years based on group firm Pininfarina's design inputs.
In an interaction with PTI, he said if all of the drop in automobile and tractor sales in November and December were to be attributed to junking of 500 and 1,000 rupee notes and not any other seasonal factor, the loss to the industry may be of the order of Rs 8,000 crore or 10 per cent of total revenue.
Sales momentum in the automobile industry, which was on a high after a good festive season in September and October last year, came to a halt when the ban on Rs 500 and Rs 1,000 notes was announced in early November, according to Goenka.
Mahindra & Mahindra is assessing the feasibility of a plan to drive in an electric sports car, much like Elon Musk-led Tesla, for which it is looking to couple Mahindra Electric‘s expertise in electric cars with the design capabilities of Italian Pininfarina.
Auto major Mahindra & Mahindra (M&M) today said it plans to invest Rs 1,500 crore at its Nashik and Igatpuri plants, along with ongoing expansion of Rs 4,500 crore at Chakan facility in Maharashtra for the next phase of expansion.
Homegrown auto major Mahindra & Mahindra today said it will invest Rs 1,500 crore at its Nasik and Igatpuri plants in Maharashtra for development of a new product codenamed 'U321'.
Pawan Goenka did show his dissapointment on one aspect, and that was the concept of Make in India. He says that although the topic of Make In India was very hot in India two years ago, the government's enthusiasm towards this initiative seems to have died down.
Speaking to CNBC-TV-18, Bharat Madan, Group Financial Controller of leading engineering conglomerate Escorts, said that a revival was witnessed in December as tractor sales beat estimates.
While demonetisation has hit the auto industry, Mahindra & Mahindra‘s captain Pawan Goenka made no bones about the segment returning to normalcy by the end of FY17. Alluding to a positive impact of monsoon and a faster-than-expected pickup in business, Goenka said demonetisation â€œis really just a short-term effectâ€.
What is being done is right, and needs to be done but it is not enough and a lot more needs to be done if India has to become a manufacturing nation, says Pawan Goenka, MD of Mahindra and Mahindra.
Spread on 11-acre plot with an additional 5 acres for future expansion, the warehouse aims to significantly reduce the order processing time for North India customers.
Mahindra and Mahindra today revamped its top deck by elevating Pawan Goenka as managing director while redesignating Anand Mahindra as executive chairman.
In the pre-budget meeting with the revenue department, the auto industry had sought clarity from the revenue department on the transitional issues before GST roll out.
The tax incidence will remain more or less the same under GST despite the cess, says Executive Director of M&M, Pawan Goenka. He along the management of several auto companies, discussed transitional issues on GST with Finance Minstry officials today
In a panel discussion on CNBC-TV18, representatives from India Inc listed their views and concerns on the likely impact the new tax regime brings on their business and industry.
The company has marked the entry level P2 variant of the vehicle for fleet owners but hasn't disclosed its price yet.
While it is reasonable to expect India will see high economic growth, private sector investments may take some time to kick in, says Mahindra & Mahindra‘s Executive Director Pawan Goenka.
Pawan Goenka, Executive Director, M&M, handed over the keys of the 'Mahindra Thar' to the two sportspersons at a felicitation ceremony held at the company's manufacturing plant in Kandivali here, said a media release.
In an interview to CNBC-TV18, the company‘s Executive Director Pawan Goenka said that M&M has initiated an internal study on two-wheeler business and a concrete decision will be released in next 6-8 weeks.
While automakers say Friday's apex court order lifting the ban on diesel vehicles is just temporary, law experts say the government should approach the Supreme Court than challenging the judiciary.
Pawan Goenka ED of M&M said it appears GST transition will be complex for the auto industry due to the lead time from manufacturing to final consumption and there is need to plan out the transition very carefully so there is fair clarity.
Homegrown auto major Mahindra & Mahindra is restructuring its two-wheeler business after the division failed to meet its expectations and has given voluntary retirement scheme to 250 workers as part of the process.
The new sporty KUV100, available in petrol and diesel, is the smallest vehicle in Mahindra South Africa's product range.
By signing up to 'EP100' campaign led by 'The Climate Group', the world's largest manufacturer of tractors has committed to doubling their energy productivity by 2030, a core requirement for any business signing on to the campaign.