Mahindra & Mahindra Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 28, 2008, inter alia, has recommended a Dividend of 115% aggregating Rs 11.50 per Ordinary (Equity) Share of the face value of Rs 10 each.
The 62nd Annual General Meeting of the Company will be held on July 30, 2008.
Mahindra & Mahindra Ltd has announced the following results for the quarter & year ended March 31, 2008:
The Unaudited results for the Quarter ended March 31, 2008
The Company has posted a net profit from ordinarily activities after tax of Rs 2211.00 million for the quarter ended March 31, 2008 as compared to Rs 2552.30 million for the quarter ended March 31, 2007. Total Income has increased from Rs 27588.30 million for the quarter ended March 31, 2007 to Rs 31754.50 million for the quarter ended March 31, 2008.
The Audited results for the Year ended March 31, 2008
The Company has posted a net profit from ordinarily activities after tax of Rs 11033.70 million for the year ended March 31, 2008 as compared to Rs 10875.80 million for the year ended March 31, 2007. Total Income has increased from Rs 102212.40 million for the year ended March 31, 2007 to Rs 116716.40 million for the year ended March 31, 2008.
The Consolidated results are as follows:
The Audited consolidated results for the Year ended March 31, 2008
The Group has posted a net profit after minority interest of Rs 15711.20 million for the year ended March 31, 2008 as compared to Rs 14971.50 million for the year ended March 31, 2007. Total Income has increased from Rs 178689.30 million for the year ended March 31, 2007 to Rs 244452.90 million for the year ended March 31, 2008.
Mahindra & Mahindra Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from July 05, 2008 to July 30, 2008 (both days inclusive) for the purpose of payment dividend on the equity shares for the year ended March 31, 2008, which may be recommended by the Board of Directors at its Meeting to be held on May 28, 2008, and as may be declared at the forthcoming Annual General Meeting (AGM) of the Company.
With reference to the news item appearing in a leading financial daily titled “M&M in talks to buy Kinetic Motors”, Mahindra & Mahindra Ltd has clarified to BSE that it examines / pursues various opportunities in different areas, from time to time on a continuing basis and it is not practicable to comment upon every opportunity at every stage.
The Company is not in a position to confirm or deny the veracity of the report given its policy of not commenting on speculative reports that emanates from such activity.
Mahindra & Mahindra Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 03, 2008, inter alia, to consider a proposal from prospective investor(s) for private placement of Securities by way of preferential issue at a price of to be determined in conformity with the terms of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.
Mahindra & Mahindra Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 22, 2008, inter alia, has transacted the following:
1. The Board has recommended a Dividend @ 45 % i.e. 4.50 per Equity Share of the face value of Rs 10 each to the shareholders of the Company for the financial year ended March 31, 2008.
2. Mr. Anand Mahindra has resigned as a Director of the Company. Consequently, he ceases to be a non-executive Chairman of the Company.
3. Mr. Bharat Doshi has been appointed as the Non-Executive Chairman of the Company.
4. Mr. Uday Y Phadke has been appointed as the Non-Executive Vice-Chairman of the Company.
Mahindra & Mahindra Financial Services Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 22, 2008 for consideration of the audited financial results of the Company and recommendation of dividend, if any, for the year ended March 31, 2008. Since the Company will be publishing the Audited Accounts for the financial year ended, March 31, 2008 within the three months period i.e. on April 22, 2008, the unaudited results for the quarter ended March 31, 2008 will not be published.
Mahindra & Mahindra Ltd has informed BSE that a consortium of Mahindra & Mahindra Ltd (M&M) and ICICI Venture Funds Managements Ltd, India’s leading PE player with AUM of over $ 2 billion, on April 02, 2008 has signed a definitive agreement agreeing to acquire 100% stake in Metalcastello S.p.A, a leading Italian independent gear manufacturer. The transaction is subject to receipt of necessary approvals.
Mr. Hemant Luthra, President, Systech, said “Mahindra Forgings (MFL) has already created one of the leading forging Companies in the world. Together with ICICI Venture we expect Metalcastello S.p.A, an outstanding Company with a 50 year history of serving its customers profitably, to help replicate in the gear vertical what MFL has achieved in the forgings space. The customer base of both MFL and Metalcastello is complimentary and will enhance the synergies that we are already harvesting. Consistent with Mahindra Systech’s ‘art to part’ expertise, Metalcastello S.p.A perfectly compliments this capability in the auto component space and will add immense value to its stakeholders.”
Mahindra Group holds majority stake in Rajkot based gear manufacturing Company - Mahindra SAR Transmission Pvt Ltd and this acquisition augments Systech’s ability to serve its customers from multiple locations i.e. Italy, UK, Germany and India for their auto component needs. It also strengthens the Mahindra Group’s position as a leading auto component player in the global market.
Mr. Gabriele Pierotti, CEO of Metalcastello said “Metalcastello is a Company that has been part of our family for last five decades and I recognize that in order to facilitate its continued growth it needs a strong strategic partner. Having interacted with M&M over the last two years has given me great comfort that both the historical traditions and the future growth prospects will be protected. I am delighted to partner with M&M in taking the first steps to create what should become one of the leading Gear Companies of the world that can marry our technology with M&M’s low cost manufacturing excellence”
Mr. Anand Mahindra, Vice Chairman of Mahindra & Mahindra group (M&M), said “I am delighted to welcome Gabriele Pierotti and his management team into the Mahindra family and look forward to harnessing their expertise in building Systech’s Gear vertical to match that of MFL. Mahindra Systech has the mandate to build globally competitive businesses in selected verticals and this acquisition greatly enhances our capability to do so”.
Metalcastello, based near Bologna has revenues of around $100 million The Company was originally founded in 1952 and is among the top gear manufacturers in Europe, focused primarily on the Off-Highway segment. The Company’s product portfolio includes complex gears & shafts for use in vehicle transmissions and drivelines. Its Customer portfolio includes most of the global OEMs in the tractor, off highway & construction equipment space. Currently, financial investors hold 84.7% of which 66.5% held by private equity fund Development Capital, advised by Italian firm Alto Partners and top management holds 15.3% in Metalcastello.
The Company will benefit from the continued presence of the erstwhile management of Metalcastello S.p.A in further building the business of Metalcastello. Mr. Gabriele Pierotti will continue to hold the position of CEO. He has the benefit of a rich experience in the gears industry for over 30 years.
Mahindra & Mahindra Ltd has announced that the Company on March 31, 2008 signed a Memorandum of Understanding (MoU) with the Government of Maharashtra to further boost their investment at its upcoming Chakan Greenfield project. The Company will invest an additional Rs 1500 crore to the already earmarked Rs 2500 crore. The total sum of Rs 4000 crore will be utilized towards the development and production of all vehicles slated to be rolled out from the proposed Greenfield.
M&M’s Greenfield at Chakan will house the manufacture of medium and heavy commercial vehicles, to be produced by joint venture Company Mahindra International and other products slated to hit both the domestic & global markets at strategic timelines.
A memorandum of understanding to this effect was signed on March 31, 2008 by Mr. V K Jairath, Principal Secretary (Industries), Government of Maharashtra and Dr. Pawan Goenka - President Automotive Sector, M&M in the presence of Mr. Vilasrao Deshmukh, Honourable Chief Minister, Government of Maharashtra, Mr. Keshub Mahindra Mahindra Group Chairman, Minister of Industry, Mr. Ashok Chavan, Mr. Johnny Joseph, Chief Secretary, and other dignitaries.
Mr. Keshub Mahindra, Chairman of the Mahindra Group, said ‘M&M’s new investment at the upcoming Chakan facility, besides contributing to the state’s economic growth will also produce jobs for the locals in that region. We have always been at the forefront to add value to the Indian automobile industry. This project is in keeping with this tradition of mutual growth.”
Dr. Pawan Goenka, President, Automotive Sector - M&M said, “We are very pleased to expand our activity in the State of Maharashtra. We had decided to make the state the launch pad for our commercial vehicles. The additional investment plan of Rs 1500 crores, will allow us to create a world class manufacturing facility for 300,000 vehicles. The Chakan Greenfield is a significant step for us to contribute to the Indian automobile industry.”
Mahindra & Mahindra Ltd has informed BSE that pursuant to an Order made on February 29, 2008, the Hon’ble High of Judicature at Bombay has directed that, a meeting of the Equity Shareholders of the Company will be held April 12, 2008, for the purpose of considering and, if thought fit, approving, with or without modification(s), the arrangement embodied in the Scheme of Amalgamation of Mahindra Holdings & Finance Ltd with Mahindra & Mahindra Ltd and their receptive Shareholders (”the Scheme”).