M&M to enter new business, list auto, EV units and step up overseas presence

Anish Shah, the Managing Director and CEO of the Mahindra Group

Auto major Mahindra & Mahindra (M&M) is set to enter its next phase of expansion, which will include entering a new business, and step-up overseas presence, managing director and chief executive officer Anish Shah has told the Economic Times.

"We will potentially look at one new area (new industry) beyond our current footprint,” Shah said as he laid out the expansion blueprint.

Spelling out the multipronged agenda, Shah said the tech-to-tractor company was looking at getting into an unidentified new business, list the auto recycling and electric vehicle (EV) units and expand overseas presence of the auto and farm businesses.

Speaking of the auto and farm business, Shah said the company would look at capitalising on its market leadership and maintaining the growth trajectory.

The company aimed to expand the auto business abroad in a phased manner, riding on the domestic success of utility vehicles like the Thar, XUV700 and Scorpion, the managing director said.

M&M would target Australia, South Africa and Chile with a plan to gain 15 percent market share and also Nepal, Bangladesh and Sri Lanka in the first phase, Shah said.

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“As we see success in that, we will then move to phase two and then phase three. So, what we want to do is, do less but do it very well and then go to the next step after that,” ET reported Shah as saying.

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The listing of subsidiaries such as Mahindra Electric Automobile Ltd (MEAL) and Mahindra Accelo, the group’s recycling business for the energy and mobility sector, is also on the cards, Shah said.

Accelo would be first to go for an initial public offering (IPO), Shah said, without indicating a time frame. MEAL will be listed either in 2030 or later.