Mahindra Forgings on Thursday said that Anand Mahindra has resigned as its Chairman and Hemant Luthra has been elevated to the post of Non-Executive Chairman.
Indian companies have done stunning acquisitions in the recent past. It was widely expected that with their frugal managerial practices, they would soon be able to recover the money spent in these acquisitions. While it has worked in several cases, in some cases it hasn't.
The Mahindra Group is an automotive, farm equipment, financial services, trade and logistics and information technology conglomerate.
The opportunity is huge. With Rs 8,000 crore worth of defence contracts signed in the last two years under the offset policy mandated by the government, Indian component suppliers are gearing up to cash in on balance contracts worth Rs 1,30,000 crore, which would be up for grabs in the next few years.
The deal size ranges from $200 million to $300 million. The 27-year-old S P Metal Forgings has been a large exporter to Europe, the UK and Israel for over three years. It provides parts for BMW, Peugeot and Renault and also services the after-market and non-automotive companies.
Mahindra & Mahindra is developing a small engine for a smaller version of its UVs and replicate the Tatas dream of a small car, a company official said.
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The company presently manufactures eight-seater -- GA8 utility aircraft, in its Australia-based companies Aerostaff and GrippsAero which it acquired in 2010 to get into the aviation sector.
Google, in its latest appeal to the Supreme Court, has said the Competition Commission of India (CCI) is protecting Amazon's interests after having complained that India's anti-competition body (CCI) had copied part of a European Commission ruling against it for allegedly abusing the market dominance of Android. The latest twist to the Google-CCI case comes as Google filed an appeal in the Supreme Court on June 26, against the National Company Law Appellate Tribunal's (NCLAT's) March 29 order. The tech giant's contention is that the NCLAT failed to apply the "effect analysis" part in the CCI order.
To merge arms, sell stake in combined entity to CIE for Rs 770 cr; to use proceeds to buy 13.5% in Spanish firm for Rs 740 cr
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