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A Heady Brew
M&M Signs JV with Renault |
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Way back in 1956, fascinated as he was with Renault, our Chairman Mr. Keshub Mahindra wanted to make a car in collaboration with the French company. He even went ahead and paid Rs. 1,000 for registration. Unfortunately, the deal never materialized as those were the days when the rules of our land didn’t allow us that privilege.
Now, almost 50 years later, on a balmy spring afternoon on March 21, Mr. Keshub Mahindra signed a framework agreement with Mr. Louis Schweitzer, Chairman and CEO, Renault Group, for setting up a joint venture in India, with Mahindra holding a 51 per cent share and Renault 49 per cent. The JV will be called Mahindra Renault Ltd. and the estimated project amount will be 125 million euros (Rs. 700 crore).
At the signing ceremony, Mr. Schweitzer said: “This agreement represents a strategic opportunity for the Renault group as part of our drive for international development. It is also a great honour to share our ambition with a major Indian company, which will extend its domestic range by providing us with a highly competitive base in India.”
The project provides for the production of Logan from the first half of 2007 in a world-class Mahindra & Mahindra facility. The capacity of the factory for Logan will be 50,000 cars per year. The state-of-the-art factory will offer a stamping shop, a paint shop with a top quality pre-treatment and an assembly line specific for Logan. The quality of Indian parts manufacturers and presence of a number of international suppliers in India will allow a rate of localisation of 50 per cent from the beginning of the project.
A right hand drive version of Logan will be developed by Renault in partnership with Mahindra Automotive Sector (AS) to meet the needs of Indian and other right-hand drive markets. Says Alan Durante, Executive Director and President, M&M, AS, “This will be the only Renault vehicle at this stage to be made in this part of the continent. We are starting with a capacity of 50,000 units and hope to export to neighbouring countries”. Logan will be marketed under the brand of Mahindra Renault. M&M, on its part, will also use its extensive dealer network to distribute the Logan in India.
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| Mr. Keshub Mahindra, Chairman, M&M and Mr. Louis Schweitzer, Renault Chairman & CEO, at the signing of the JV. |
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Mr. Louis Schweitzer, Renault Chairman & CEO. |
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it is important to get more products in our line-up to get to the next level in the numbers game. Hence, the need to identify another growth category and we clearly believe that this entry level C-segment in the right one. We see immense potential in the Logan.”
“The move to bring in Logan would be an extension of the Scorpio experience, There will certainly be a tweak to the target group and the challenge will be to meet customer requirements. Eventually, it is important to adapt our marketing efforts to suit different target segments,” said Mr. Rajesh Jejurikar, Executive Vice President, Sales and Marketing, M&M, AS.
For Renault, entering the Indian market constitutes a major step in its international development. Including India, Logan will be produced in six countries along with the projects already launched or decided: Romania since 2004, Russia, Morocco and Colombia in 2005, and Iran from 2006. Renault is an international automobile group acquiring a global dimension from its alliance with Nissan, the acquisition of the Romanian carmaker Dacia and the South Korean Samsung Motors.
Renault pursues a strategy of profitable growth thanks to a high quality, innovative range of vehicles and services. For almost 50 years, Renault has made safety a company value, and today offers the safest range of cars with seven “5 star” cars tested byEuro-NCAP.
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| Ergonomics studies. |
| Employing 131,000 people around the world, Renault sold 2,490,000 vehicles in 2004 and realized a turnover of 40.7 billion euros for a net profit of 3.5 billion euros. |
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| Passenger safety - System for Restraint and Protection. |
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| The Logan Fact File |
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• The Logan programme is a corner-stone of the Renault Group international development strategy.
• Launched in September 2004, over 40,000 units of the Dacia Logan have been sold in the few markets in which it is already on sale.
• The Logan will go on sale from mid-2005 in most Western European countries.
• From April, the Logan will be manufactured in Russia, then in Morocco, Colombia and Iran, in addition to the Romanian facility of Pitesti.
• The Logan is well adapted to the Indian market as it is aimed at countries where a strong demand exists for affordable cars built to the highest international standards.
• Modern, robust, roomy, affordable and attractive, the Logan will be the most competitive product on the market
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Renault Logan. |
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Chopsticks Savvy
M&M Enters into JV with China’s Jiangling Company
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| Jiangling Tractor facility. |
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Signing of the MOU in China. |
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On March 22, 2005, the Business Planning & International Marketing Division of FES celebrated their Divisional Awards for F 2005. The function, which was a celebration of the achievements of the year and a felicitation of those who made them happen, was centered around the theme of “Going Global”.
The theme couldn’t have been more apt, for the short span of just one year has seen FES enter new markets making the theme of going global a fact. The two cornerstones of this global focus are the entry into China and the entry into Australia.
The China journey has been a long and exciting one. It started with FES’ International Strategy that identified China as a strategic piece in its vision for global leadership. Market intelligence claimed that China had potential for M&M exports. It could also provide opportunities of cost advantages in the sourcing of components and aggregates that could be leveraged for the domestic market.
Moreover, the possibility of inorganic growth could give FES a low-cost manufacturing base of their own in China and the potential of exporting to various countries. In a nutshell, an integrated China strategy could provide FES with the unique advantage of Chinese costs and Indian quality. FES was ready for the challenge of testing the Chinese market to ascertain how much this strategy would be proved true…
The FES marketing team that ventured into the heart of rural China faced a challenging task. They had to sell an Indian product in a foreign environment where most of the world majors were present, at a price 20% higher than that of contemporary models including those of MNCs. The team’s confidence that they would make this happen rested on their conviction that the customer would see the value of the product’s performance and its inherent quality.
The team set about integrating the product so as to be able to use local implements and match them to the tractors to maximize output. In order to prove the performance, extensive trials were carried out and the customer voice said they would pay the extra 20% and more.
A warehouse and workshop was set up to fulfill the commitment of “here to stay” and good after-sales service was the unique offering. The team trained and retrained distributors, dealers and potential customers through practical and class-room sessions.
The distributor of the Henan province, one of the bigger states near Beijing said,”I have never seen a team move so fast and yet be rooted in process. We have been in the business of selling harvesters for 30 years but have learnt more in the past 12 months about sales and service.” High praise indeed for a low-key team in the international arena! |
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As in introducing any new products, we too had our teething problems. When we experienced initial product failure, our colleagues back home were quick to deploy resources to help us out. In a makeshift workshop in extremely difficult environment amid alien people, we worked night and day to rectify the problems and come up with solutions. The network of communication, knowledge and skill that was created over the continent was impressive and great.
Pramod Ekbote & Prakash Kulkarni
(Marketing team)
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Mr. Anand Mahindra, VC & MD, M&M, visits the Chinese facility with JTC officials. |
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| An inside view of the JTC facility. |
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Today, the distributors and the dealers are confident that the Arjun tractor will be a winner in the Chinese market.
The next challenge was to localize parts and components so as to take advantage of local costs. A phase-wise program titled Wave 1 and Wave 2 was created to reduce costs. The sourcing and integration team pursued this with great fervour. Even as this story goes to print, they have completed Wave 1 that should save around Rs. 6,000 to Rs. 8,000 per tractor – i.e. around 25% of the selected items.
The third aspect was to enable low cost production for M&M from China. Through a concerted vendor development, research, testing and validation process, the team continues to work on an aggressive program to find ways and means of reducing the costs of every tractor produced.
There was a fourth aspect too to doing business in China. While the tractor as we know it (the geared tractor), is present in China in only 70,000 nos. (India 250,000 nos.), a whopping 1.75 million belt driven tractors and power tillers are sold each year.
The challenge was to see if this learning and knowledge could be leveraged to expand the pond in India. The team went about shortlisting low cost gear and belt driven tractors that could be used to upgrade non-mechanized Indian farmers by offering them low cost technology. Vendors were shortlisted and the first tractors are being tested for suitability to Indian conditions and to prove the hypothesis.
To enable all the China initiatives, a representative office was required in China and the historic location of Beijing was chosen due to its strategic advantages. Even as activities in China moved ahead at a phenomenal pace, FES believed that a partner who could provide the added advantage of having a low-cost manufacturing base in China would enhance and speed up all their initiatives. |
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| Yet another inside view of the JTC facility. |
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Scouting for a partner in China. |
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Thus began FES’ search for the ideal partner, a search that took them scouting through 8 potential partners before they finally zeroed in on the
Jiangling Tractor Company. A fully owned subsidiary of the Jiangling Motor Group, JTC had all the complementary strengths that FES was looking for. Above all, they shared a passion for quality.
In August 2004, the team was given a go ahead to proceed with their assessment of JTC. An aggressive target of November 8, 2004, for signing the MOU was set before them, while a seemingly unending list of activities needed to be completed before it could be signed.
The due diligence process that followed the selection of the strategic partner is a record for M&M. For the first time, a due diligence team entirely composed of cross-sectoral in-house experts tasted success in an international acquisition. Without exception, the choice of locale was unfamiliar for every member of the team and thus there was the wonder of anticipating the unexpected. |
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We witnessed a new dimension to teamwork. The best of Legal, Corporate Finance and other cross sectoral experts were assisting us in our due diligence process. This was more than an FES initiative, it was an M&M initiative and no effort was going to be spared to make it a success.
Harish Chavan
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The joint venture will provide M&M with a strong manufacturing base in China, an existing distribution network and a complementary product range. It will also acquire the Fengshou brand under which JTC tractors are sold and which has very good brand equity for reliable quality. The new JV company will have a production capacity of 12,000 tractors p.a. initially. With a small investment this is slated to go up to 12,000 tractors of JTC and 9,000 tractors of M&M p.a.
Avinash Datta
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Dinner Diplomacy
In China, business happens mostly across the dinner table than in the board room. Food is an integral part of their culture and our team found themselves caught up in a swing of unending business lunches and dinners where food and wine flowed endlessly. Unfortunately, few things appealed to their palate. But that did not deter them from responding to their Chinese partners with the same zeal with which they hosted these meals. They responded with reciprocal warmth and that went a long way in winning hearts than could the negotiations and meetings.
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Mahindra officials with the JTC team. |
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What followed was months of work in an alien country, grappling with unfamiliar food, language and culture. China, with its characteristic ways of doing business so different from ours, was a challenge to everyone, especially the due diligence team that had its own battles to fight, dealing with the rules, burning the midnight oil and ensuring that quality of decisions was not compromised due to crashed schedules.
The results flowing out of speed of action, teamwork and senior management commitment were reflected at a grand ceremony on November 9, 2004, when the MOU was signed between M&M and Jiangling Tractor Company - within 90 days of the start of JV discussions.
A little more than a month later, on December 24, 2004, the JV was signed in Mumbai by Mr. Anand Mahindra, VC and MD, M&M Ltd. and Mr. Chou Ming, Chairman of Jiangling Tractor Company and First Vice President of Jiangling Motor Company Group.
This has been a very important milestone for FES. Says Mr. AnjaniKumar Choudhari, President, FES, “The tractor industry in China is poised for rapid growth. The Government is giving very high priority to the development of the rural economy and providing attractive incentives for farm mechanization. Our joint venture will help us participate in this growth. The Fengshou range of tractors is complementary to the M&M range. We will therefore have a very balanced product portfolio for China. Additionally, the JV will help us develop our overseas business in the US and other markets.” |
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| The China Task Team. |
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Dinner Diplomacy. |
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“All our activities in China are clearly linked to our strategy. At no time did we ever lose sight of the larger picture,” says Mr. V.S. Parthasarathy, Vice President, Business Planning & International Marketing. “Every effort has been of strategic importance to our organizational goal and mission. We have managed to successfully break the pie into smaller pieces and handle each one to perfection through integrated teamwork and skill. Every team has put in their best effort to work with minimal supervision and maximum output.”
With this acquisition under its belt in a country which is currently the world’s hottest investment destination, FES is set to explore an advantage that promises to open the floodgates of new opportunities for M&M as it moves ahead to achieve its vision of global leadership, guided by the FES Road Map and Blue Chip directions. |
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Cultivating
Aussie Dreams!
Mahindra Tractors Sets Up
Shop Down Under
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| Mahindra Australia. |
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Mr. AnjaniKumar Choudhari at the launch of Mahindra Australia in Brisbane. |
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If FES has scaled the great wall with panache, taking the land down under by storm has been no mean achievement either. For the people of Australia, and especially for those who attended the launch of Mahindra Australia in Brisbane on February 11, 2005, India would henceforth bring in more associations than merely competitive cricketing. It would bring associations of bright red tractors with the "Mahindra" brand name.
For FES, with its global aspirations, Australia was a market where a presence was a must. As
Mr. Anand Mahindra, VC & MD, M&M Ltd., put it in one of his e-mails on the subject, “Australia is special in that it has always signified vast territories. So too, is globalization for the Mahindra Group.”
The story of how FES entered Australia is yet another tale of how speed, teamwork and adaptability helped FES take the Mahindra brand into yet another continent.
Initial market research profiled Australia, as a look-alike version of the US tractor market, although on a smaller scale. It had the requisite earning potential though not the largeness. FES therefore contemplated a low investment market entry through a distributor to try to tap demand for Mahindra tractors. A proposal was made and presented to the management. However, given its earning potential, the management believed that Australia merited a stronger commitment through direct investment and an actual presence.
Take the Mahindra brand into Australia in a big way, leverage the Mahindra USA (MUSA) success and let the Australian farmer know that the Mahindra tractor is here to stay!
This was not as difficult as the associated challenge was – to do all this within the financial year! Mahindra Australia had to be up and running before the end of F 2005, which gave the team all of 9 months to get everything in place from people, to channel, product and setup. The target was to launch operations by February 2005.
Having received the green signal, the team moved into action. The scope of things to be done was vast and it was a lean team on the job. They quickly disengaged from the current distributor process and shifted focus instead to setting up the branch unit. The idea was to replicate the MUSA model and use the US endorsement to our advantage. |
A team comprising Jagan Kurian, Sagar Bhadkamkar and Subodh Arora of FES, shifted base to Australia to put feet on street and get the project moving on the fast track. A local consultant was identified in Mr. Ray Neyland, who with his experience with Deutze tractors and SAME, knew tractors as well as he did Australia. With Ray to guide them, the team got going on the checklist of things to be done before the launch could be operationalized.
After much deliberation, it was decided that Mahindra Tractors in Australia would start operations initially in Queensland and New South Wales, and gradually expand across the country through a phased appointment of dealers. The product range on offer would be in the 2WD and 4WD categories, in the 20-65 HP range which would be appropriately expanded.
Brisbane, with its great connectivity and infrastructure, low operating costs and accessibility to target customers for whom the products were best suited seemed to offer the best choice as operations base. Erection of the skid plant was started, vendors identified, negotiations completed and everything was completed in record time. The first tractor was rolled out from the skid plant on December 12, 2004.
A detailed study was undertaken to understand the need of the market and the customer. What is it that the Australian farmer wanted in his tractor? More importantly, what did he not want? The answer was that the Australian farmer was not interested in bells, whistles and fancy accessories on his tractor. He wanted a tractor that would provide value for his money, do the job… and do it well! |
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Mahindra Tractors on display at the launch. |
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Tractors were brought in from India and loaders and dosers from USA. Negotiations were carried out with Mitsubishi and TYM for models that could be sold under the Mahindra brand name in Australia. Products were tested for suitability on Australian soil and adaptability to Australian implements, with encouraging results. Finally, agreements were drawn up for ensuring an impressive product portfolio for Mahindra Australia.
Setting up a good network was the other tricky part. A select initial network of dealers was identified and introduced to the product and its performance. Mr. David Stollznow, Business Development Manager of Rocklea Diesel, Mahindra’s authorized Brisbane dealership says, “They’re great machines - tough, rugged and very dependable, and provide great fuel economy. I’ve tested them out on the farm at Canungra, and they’re good on performance.” An additional plus was that they would be directly dealing with the company thus effectively eliminating any middle agency.
The dealers were happy and convinced... well almost. |
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| The Brisbane Facility. |
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Ms. Karen Struthers, MP, Algester, checks out the cherry red Mahindra tractor at the launch. |
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However, FES was not willing to settle for anything less than their complete buy-in. So, it was decided to bring the dealers to India to see the equity of the Mahindra brand for themselves. They came, they saw and in the bargain we conquered… their hearts! Impressed by our quality standards, any doubts they may have harboured about a ‘Made in India’ tag, were laid to rest. The team of dealers who returned to Australia on December 10, 2004, had more to rave about than merely Indian food and the Taj Mahal. They were waiting to tell everyone about the cherry red tractor that promised the best value for money!
Mahindra Australia adopted MUSA’s brand positioning of “Superior Performance”. All brand promotion and advertising was focused around publicizing this position with the tag line “Cultivate your Dreams”.
Differentiation, FES decided, would come from service. Special efforts were taken to keep all spare parts in stock at the assembly center, in addition to a stock of fast moving items at all dealerships. This would be in line with their commitment to offer full and fast service to customers.
And, on the much awaited day of the launch of Mahindra Australia, these were the very messages reiterated by Mr. AnjaniKumar Choudhari, President, FES and Mr. V.S. Parthasarathy, VP, Intl. Mktg., FES, when they inaugurated the branch office at Brisbane. Their message was simple and sincere in its commitment to the customer.
“For us, this is yet another step closer to our vision of becoming a global leader in the tractor industry. Quality at Mahindra is a way of life. We call it Superior Performance and it guides every facet of our business, be it processes, systems or products,” said Mr. Choudhari.
“Our plans are simple and certain” said
Mr. Parthasarathy “Like in the US, we’re here to stay. Our dealers are our partners in progress committed to delivering superior performance. Our presence through a subsidiary branch is an indication of our commitment to this market. We have established a fully functional assembly and customer support center with full parts backup. Our commitment is the foundation of our intent to do business in Australia and based on this commitment, investment and our confidence in the quality and suitability of our product, we are entering Australia with an international leading practice of providing a 3 year warranty on our tractors.”
Along with the opening of the Australian headquarters in Brisbane, Mahindra Tractors were simultaneously launched by three dealers in Brisbane, Lismore and Wauchope, inland from Port Macquarie.
For the team at Mahindra Australia, it’s been hard, but rewarding work. They have achieved a Rs. 2 crore revenue milestone. Their dealers are actively promoting the Mahindra brand and many more dealers are showing an interest. Customers are happy and looking forward to more offerings from the Mahindra stable.
Mahindra Australia, is set for success with its sights on achieving its milestone for the year... breaking even in F 2006! |
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Steely Resolve
Mahindra Intertrade Sets up
a Steel Service Centre
in Sharjah |
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The Mahindra Middle East Electrical Steel Service Centre in Sharjah.
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An interior view of the well equipped steel service centre. |
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January 18, 2005, was a defining moment for Mahindra Intertrade Ltd. (MIL). Almost six decades ago when the Mahindra Group began its steel trading activity, little did it realize that on this day, the 100% subsidiary of Mahindra & Mahindra (M&M) would dispatch the first products of its fully operational electrical steel service centre in Sharjah to customers in Saudi Arabia, thus setting its foot firmly on international soil.
The US$ 3 million steel service centre in Sharjah is the Mahindra Group’s first manufacturing facility in the Middle East region. “It is indeed a proud moment for us,” said Mr. Bharat Doshi, Executive Director, Finance & Corporate Affairs, M&M. “We have hoisted the Mahindra flag in the US and China, but we had no manufacturing facility in the Middle East. This venture is yet another initiative to expand our presence globally.”
Through these past six decades, the Rs. 500 crore MIL has been leveraging the Mahindra brand to offer trading services and the group’s subcontinental network to push global brands targeting this geographical area. “What we didn’t have was the customer base for electrical steel in the Middle East. Through this initiative, we will now be rendering services and building a customer base overseas. Going forward, this venture will also act as a springboard in the Middle East for creating awareness of the Group’s brands,” says Mr. R.R. Krishnan, Managing
Director, MIL.
The service centre in Sharjah will process grain-oriented steel used in transformers for power distribution. The raw material will be provided by Nippon Steel Corporation, one of the world’s largest integrated steel makers and an equity partner in the venture. |
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| Mr. Anand Mahindra, Vice Chairman and Managing Director, M&M Ltd., H.E. Sheikh Abdullah Bin Mohammed Al Thani, Chairman, SAIF Zone and Mr. Shinya Higuchi, General Manager, EES Sales Div., Flat Products iv.,Nippon Steel Corporation, at the inauguration of the plant. |
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Mr. Anand Mahindra, H.E. Sheikh Abdullah Bin Mohammed Al Thani and Mr. Shinya Higuchi at the inauguration ceremony of MMEESSC. |
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Commenting on the new venture, Mr. Shinya Higuchi, GM, Nippon Steel Corporation, said: “MIL has proven its high credibility in processing Nippon Steel’s electrical steel products in India and by applying its expertise and experience, we have strong expectations that the new service centre will greatly improve our service to existing clients and will also contribute to sales to new clients in the Middle East.”
From level ground to manufacturing facilities and executive offices, this service centre was up and about in a record nine-months’ time. In fact, the first commercial dispatch was made to ABB, Riyadh without any trial. |
| The line is switched on. |
This was possible, thanks to an innovative idea that MIL hit upon in the early nineties -- an idea that would go on to shape future strategies of the company. In 1993, MIL set up the first steel service centre in the organised sector at Kanhe, near Pune. The logic was that instead of importing steel sheets, MIL would import steel coil and provide it in the right size to the customers, hereby bringing into play the Japanese “just-in-size” concept. This meant shorter lead times, faster deliveries and more value-added processing services to ensure customer satisfaction and on-time deliveries. While initially the facility processed materials for the auto and auto ancillary industries, it was further expanded to process electrical steel, including laminations for transformer manufacturers.
“The processing expertise that we gained at Kanhe helped us in setting up the steel service centre in the Middle East,” says Mr. Krishnan. “We leveraged our knowledge of the value chain, products/process expertise and built this facility. Given its product and processing expertise, MIL has ventured outside India to add critical value to the transformer industry. An efficient model has been built in to service customers in the Middle East and the neighbouring regions, including Africa.”
The transformer industry is poised for major growth in the Middle East region, which will drive the rising demand for electricity. This will lead to a growing and profitable market for grain oriented electrical steel which is essential for the distribution network of power utilities.
According to Mr. Higuchi, “Looking to coming years, demand for electricity in the Middle East will grow at a high rate, due to the strong economic growth of this region. Consequently, we observe this region as a growing market for grain oriented electrical steel, a key material for transformers required in electrical distribution.” |
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In action at MMEESSC. |
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The MMEESSC project team with Mr. Anand Mahindra. From left: Mr. Sridhar Vaidyanathan, Mr. Satish Bhat,
Mr. R.R. Krishnan, Mr. A.G. Tilwankar, Mr. L. Popalghat and Mr. Vijay Arora. |
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While inaugurating the facility, Mr. Anand Mahindra, Vice Chairman and Managing Director, M&M Ltd., said, “Two years back in our Blue Chip Conference, we had said that every company in our group must either be global or have very clear global potential. I am delighted today that Mahindra Intertrade has decided, with a passion, that it is going to live out that goal that we had set for ourselves.”
A dream project has been turned into a reality. But for the fountainhead of the Mahindra Group, the journey has just begun. This means grander ambitions, seeking newer market opportunities and pushing new strategies. |
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Advantage Sharjah
Sharjah was chosen as the site of the Mahindra Group’s first venture in the Middle East as it is shaping up as a major logistics hub, allowing unprecedented access to the markets of the region and ultimately the globe.
The main challenge for MIL was finding the right place. While there are 4/5 free trade zones within the UAE, MIL zeroed in on the SAIF zone as it is growing and is unlike the others which are now almost saturated. The SAIF zone was also very flexible in its policies and had the right attitude.
There was a cost advantage too. Operation costs, both for the plant and people, was low. While Jabel Ali would have been 20-25% more in terms of initial as well as recurring costs, people costs in Dubai were 15-25% more than in Sharjah.
Moreover, the SAIF zone authorities agreed to build a plant according to MIL’s specifications. This was, in fact, the first time in SAIF’s history that it has built and given the plant to a company on lease for seven years.
The logistics and nature of the operation also made Sharjah a preferred destination. Logistically, the Sharjah port is cheaper than the Jabel Ali port. It is hardly 20 kms. from the SAIF zone, making it the most convenient location for both inbound and
outbound cargo.
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