BUSINESS INITIATIVES

Few companies would identify as closely with India's destiny and industrial progress as Mahindra & Mahindra. In fact M&M is like a microcosm of India. Both were born around the same time, had the same aspirations, and if one were to plot a graph, one would see that the Group has almost moved in tandem with the way the country did.

K.C. Mahindra	J.C. Mahindra

The Mahindra legend holds many a fascinating tale. A story told often enough, but one that never fails to enthrall, inspire and fascinate.
As with most great enterprises, M&M's origins were modest. It all began in 1945 when India was in the throes of freeing herself from foreign domination. The enterprising duo K.C. Mahindra and J.C. Mahindra, inspired by Pandit Jawaharlal Nehru's vision of a modern, independent India, dared to set out on a journey to prove that Indians were second to none.

While in USA as Chairman of the India Supply Mission, K.C. Mahindra met with Barney Roos, inventor of the rugged "general purpose" vehicle or jeep which had made a name for itself in the battlefields of World War II. The Mahindra brothers felt that such a vehicle would soon prove its worth in India's rugged terrain and on its kutcha rural roads.

The past six decades have seen M&M grow steadily in size and stature to occupy a premier position in almost all key sectors of the economy. We are No. 1 in utility vehicles, No. 1 in tractors, No. 1 in the timeshare business, a leading player in the telecom software business, the leading non-banking finance company in rural financing, and the first listed real estate company. But, we are hungry for more. Today, we are a Group in a hurry, engaged in an ambitious, sustained and multi-pronged penetration into the global arena.
On our Diamond Jubilee celebration, we bring you glimpses of the many magical moments.

CHARTING THE GROWTH PATH

From a franchisee for jeeps to being a premier player in almost all the key sectors of the economy, we trace the Mahindra journey as it pushes boundaries and takes on challenges.

1945

Mahindra & Mohammed was set up on October 2nd, 1945 by the Mahindra brothers along with Ghulam Mohammed. The company's main asset was a franchise for assembling jeeps from Willys, USA. The company underwent a change of
name after Ghulam Mohammed migrated to Pakistan post Partition. He went on to become the first Finance Minister of Pakistan and Mahindra & Mohammed was renamed Mahindra & Mahindra. The Company commenced its steel trading business in association with suppliers in the UK during the same year.

Pandit Jawaharlal Nehru takes a ride in a Willys jeep brought to India by M&M.	The versatile Willys jeep of World War II fame.

1947

The first batch of 75 jeeps in CKD condition came in from Willys Overland Export Corporation, USA in 1947 and assembly of jeeps commenced at Mazagon in Bombay.

The Gateway Building, M&M's headquarters for over 50 years.	A line-up of M&M vehicles ready for despatch.

1950

M&M's first business with Mitsubishi Corporation (for 5,000 tons) for wagon building plates for supply from Yawata Iron & Steel.

Mahindra Sintered Products Ltd. was set up in 1960 to blend diverse metal powders and compact them into desired shapes with desired metallurgical properties.

1953

OTIS Elevator Company of India established.

1954

The Company entered into a technical and financial collaboration with Willys Overland Corporation in 1954 for the manufacture of the Jeep in India. On November 1st that year, the Government approved the scheme for the manufacture of 2,500 jeeps per year. Thus began the manufacture of the Jeep in India. Built-up factory areas were subsequently acquired in Worli and Ghatkopar for the same.

Mr. R.A. Weller, President, OTIS Elevator Company, and Mr. P.L. Wahi, MD, OTIS-India, at the newly inaugurated OTIS-India plant in Kandivli.	The Chairman drives the 10,000th jeep off the assembly line on completion of a target achieved one year ahead of schedule in 1964

1955

M&M went public on June 15, 1955 and M&M shares were listed on the Bombay Stock Exchange in 1956.

1957

The Foundry in Ghatkopar was completed.

Mr. B.R. Sule, Director ITCI, hands over the 10,000th tractor to Mr. R.F.S. Talyarkhan, Chairman, Voltas Ltd., in 1970.	M&M's first Board of Directors visits the Mazagon Assembly Plant in 1955.

1960

Mahindra Sintered Products Ltd. (MSP), a JV with the GKN Group of UK, formed.

1961

M&M tied up with International Harvester Company of Chicago USA, for the manufacture of tractors in 1961. It later formed the International Tractor Company of India (ITCI) - a JV with International Harvester Company and Voltas Ltd. in 1963, with a licence to manufacture 3,500 tractors and matching implements per annum.

An eye-catching line-up of M&M jeeps awaits delivery to the Trivandrum Police force

1962

This year saw the formation of Mahindra Ugine Steel Company (MUSCO), a joint venture with Ugine Kuhlmann, France. The company was incorporated on December 19 and the industrial license for manufacture of alloy steel was transferred to Mahindra Ugine.

1963
Mr. Keshub Mahindra appointed Chairman of M&M Ltd., in December.

1965

M&M said farewell to its oldest plant at Mazagon, where the company started its jeep manufacturing operations in 1947. Chairman Mr. Keshub Mahindra drove the 70035th jeep off the assembly line at Mazagon on March 29th 1965.

The Company established a plant in Kandivli in order to consolidate operations for the manufacture of utility vehicles and tractors.

1967

The Company declared a bonus issue in the ratio of 1:5.

1970

Mahindra Engineering & Chemical Products Ltd. commenced operations.

Nagpur Tractor Plant was set up for the manufacture of agricultural implements and hydraulic control valves.

1977

The very successful ITCI was merged with M&M to become its Tractor Division.

1979

M&M received a license from Automobiles Peugeot, France to manufacture XDP 4.90 diesel engines. The Assembly of Peugeot engines commenced at Ghatkopar the following year.

Farewell to M&M's Mazagon Plant. Mr. Keshub Mahindra, Chairman, drives the 70035th jeep off the Mazgaon assembly line on March 29th 1965.

1980

Nashik Plant inaugurated.

1982

Siro Plast formed.

1983

A dedicated engine assembly plant was built in Igatpuri.

On January 21, 1986, Mr. Keshub Mahindra, Chairman, M&M, and Mr. John King, Managing Director, British Telecommunications' Overseas Division, sign an MOU.	Mr. Manohar Joshi, then CM of Maharashtra dedicates a high tech manufacturing facility for the Ford Escort at M&M, Nashik.

1986

M&M entered the telecom arena in 1986, with the formation of Mahindra British Telecom, a joint venture with British Telecommunications of UK.

1992

The early '90s also witnessed the implementation of the Service Centre project at Kanhe and the merging of the diverse Steel, Machine Tools, and Graphics activities into the Intertrade Division.

1993

M&M made a stunning debut in the world financial market through a maiden GDR issue of US $ 75 m.

The Mahindra Steel Service Centre Limited was formed in association with Mitsubishi Corporation and Nisho Iwai Corporation of Japan.

Mahindra Acres Consulting Engineers Ltd., a joint venture with Acres International, Canada was set up.

1994

Mahindra Realty & Infrastructure Developers Ltd. (MRIDL) was formed. The MSL Division (Auto Components) was hived off to form Mahindra Sona Ltd. and Mahindra Nissan Allwyn Limited was merged with the company.

The year witnessed a major restructuring exercise where the Group's businesses were reorganised into six Strategic Business Units.

1995

Technical collaboration with Mitsubishi of Japan and SAMCOR of South Africa to manufacture their L300 type of mini-vans in India. During the same year
Mahindra Holdings & Finance Ltd. (MHFL) became a subsidiary of M&M to carry out business as an investment company.

1996

Mahindra Ford India Ltd. (MFIL), a joint venture with Ford Motor Co. USA, was formed to manufacture two popular Ford passenger car models, Escort & Fiesta, for the Indian market.

Mahindra Holidays commenced operations and has, since then, gone on to become the premier player among lifetime holiday companies with globally accepted standards.

The year also witnessed the issue of a Foreign Currency Convertible Bond (FCCB). The overwhelming investor response led the Company to exercise the greenshoe option of enhancing the size of the issue to US $ 115 m.

M&M was one of the first Indian manufacturing companies to launch its corporate website - www.mahindraworld.com.

1997

M&M entered into a technical collaboration with Victorio Luzuiraga, a well-known Spanish Company, to invest in a modern state-of-the-art foundry.

New state-of-the-art die shop inaugurated at Nashik.

On April 1, 1997, the SAP communications system went live at M&M, covering every facet of manufacturing, finance, logistics, sales and customer service.

Mahindra Towers in Worli, Mumbai.

1999

M&M became one of the largest SAP sites in the world, implemented on a Windows NT platform.

A stake in Gujarat Tractors, the launch of www.automartindia.com, India's largest online used vehicle website by Mahindra Network Services, the merger of the company's Intertrade Division and Mahindra Exports Ltd. to form Mahindra Intertrade Ltd. were other highlights of the year.

Mahindra & Mahindra Financial Services Ltd., which began operations in 1995, became a subsidiary of M&M in 1999. The company, which started as a single branch operation has today grown to 256 branches across India. Disbursements have grown from Rs. 5 crores in the first year to about Rs. 3300 crores in F 2005. MMFSL is today a leading rural finance company in India with a presence in 399 of the 562 Indian districts.

India's first private integrated water and sewerage project became a reality with the signing of an agreement between the New Tirupur Area Development Corporation Ltd. and a Mahindra-led consortium.

Signing of the Tirupur Water Project agreement.

2000

The millennium year saw the unveiling of a new and visually dynamic group logo, which signified the road ahead.

The company set up its first satellite tractor plant at Rudrapur.

2001

M&M tied up with Renault for petrol engines.

A separate division, Mahindra Defence Systems, was established to provide defense solutions to the armed forces.

GESCO acquired thus making M&M India's largest listed real estate developer.

2nd satellite tractor plant inaugurated in Jaipur.

Knowledge Management initative launched to exploit synergy and share knowledge.

At the inauguration of Mahindra City, (l-r) Dr. J. Jayalalithaa, Mr. R. Khanna, CEO, MIPL, Mr. Arun Nanda, Exec. Director & President, IDS, and Mr. Anand Mahindra, VC & MD, M&M.

2002

Mahindra City, India's first integrated township, was inaugurated by Dr. J. Jayalalithaa, Chief Minister of Tamil Nadu. This project has been promoted by the Mahindra Group, Infrastructure Leasing & Financial Services Ltd. and Tamil Nadu Industrial Development Corporation Ltd.

2003

Mahindra Defence struck an alliance with Lockheed Martin Information Systems, UK, to develop simulators for the Indian defence sector. M&M also entered the Industrial Engine business the same year.

M&M is first in Asia Pacific Region to implement mySAP - SRM solution with the latest Exchange Infrastructure for real time data transfer between M&M and suppliers.

The Rakshak bulletproofed Light Combat Vehicle.

2004

The Mahindra Group acquired a majority stake in Bristlecone Inc., a San Jose, California-based IT services and solutions company - a strong affirmation of the Group's strategy to focus on high-end IT consulting opportunites.

Mahindra Systems & Automotive Technologies (MSAT) Sector formed to focus on developing components and on offering engineering services.

Mahindra Industrial Park Ltd. (Mahindra City), received SEZ status, thus becoming corporate India's first operational SEZ.

Mr. Ulhas Yargop, President-Telecom & Software Sector (left) and Mr. Padman Ramankutty, CEO, Bristlecone Inc.