
HISTORY
Overview
Launch
The Mahindra Group shares and identifies with India's destiny, like few others can.
A microcosm of India, Mahindra took birth with the country, shared its dream and aspirations and experienced the inevitable troughs and crests in the journey towards its goals. And both continue to march on the path to progress and global recognition and achievement.
THE VISION
Mahindra & Mahindra took birth when K.C. Mahindra visited USA as Chairman of the India Supply Mission. There, he met Barney Roos, inventor of the rugged 'general purpose vehicle' or Jeep and had a flash of inspiration: wouldn't a vehicle that had proved its invincibility on the battlefields of World War II be ideal for India's rugged terrain and its kutcha rural roads?
THE ESTABLISHMENT
Swift action followed thought. The Mahindra brothers joined hands with a distinguished gentleman called Ghulam Mohammed. On October 2nd, 1945, Mahindra & Mohammed was set up as a franchise for assembling jeeps from Willys, USA. Two years later, India became an independent nation and Mahindra & Mohammed became Mahindra & Mahindra.
THE MILESTONES
Since then, Mahindra & Mahindra has grown steadily in size and stature and evolved into a Group that occupies a premier position in almost all key sectors of the economy. The Group's history is studded with milestones. Each one taking the Group forward.
Mumbai, July 30, 2008: Acquisition of KMCL
Mahindra & Mahindra Ltd. (M&M), India's leading automotive companies, announced that its Board of Directors approved the acquisition of business assets of Pune-based Kinetic Motor Company Ltd. (KMCL). The acquisition was done through a New Company to be formed. (New Co.). The consideration for the acquisition is a sum of Rs.110 crores (subject to closing due diligence) plus 20 percent stake to KMCL in the New Co. M&M holds the balance 80 per cent of the equity.
The deal enabled Mahindra to design and market a range of scooters, value engineered motorcycles and high-end motorcycles for the Indian and global markets, helping it establish a robust, end-to-end two-wheeler business in every segment of the industry.
The acquisition of business assets of KMCL is a defining moment in the history of Mahindra as it gives us an opportunity to emerge as a full range player with a presence in almost every segment of the automobile industry.