Recharging India’s EV Ambition

Going electric could help India reduce its energy demand by 64 percent and carbon emission by 37 percent in 2030. The Mahindra Group is a pioneer of EVs in India and is leading this change by making available the necessary technology. At the 73rd Annual General Meeting for M&M on August 7, Anand Mahindra, Chairman, Mahindra Group addressed shareholders and gave the clarion call to develop a robust EV industry in India through a partnership with the Indian government.

In a landmark move by the Government of India, the Goods and Services Tax (GST) Council has brought down the GST rate on Electric Vehicles (EVs) to 5 percent from 12 percent, thus lowering both the upfront acquisition cost and the operational cost of an EV for the owner. The Mahindra Group is closely working with the Indian government, both at the Centre and at the State level along with other participants of the mobility segment to create an EV ecosystem in India.

Anand Mahindra, Chairman, Mahindra Group, said, “People think that we got into EVs with the acquisition of Reva in 2010. M&M made the first electric three-wheeler christened 'Bijlee' twenty years ago in 1999. It was a passion project for a small group of people and a product ahead of its times. Soon, India will be the greatest consumer of shared electric mobility. To become a global hub, we must also become the largest manufacturer and own the R&D and technology as well. This implies setting up a robust R&D and supply chain infrastructure. I see a onetime opportunity for government and industry to work together to invest in manufacturing, R&D and the supply chain and make India the undisputed global hub of the EV world.”

In her maiden budget, Finance Minister Nirmala Sitharaman had announced income tax rebates of up to Rs 1.5 lakh to customers on interest paid on loans to buy EVs, with a total exemption benefit of Rs 2.5 lakh over the entire loan period. The Indian government is also planning to offer incentives for manufacturing electric vehicles and batteries to boost economic growth and encourage local manufacturing under its ‘Make in India’ initiative.

Crafting Lasting Memories

From ditching the week-long summer vacation for bite-sized travel to choosing a picture-perfect location because of its Instagrammability, how one chooses to vacation, is turning out to be as myriad as the places one can travel to. With internet connectivity taking away a little from the wonder and mystery of unexplored destinations, travelers are seeking magic in other ways. According to recent research, one of the biggest decision-making factors on a millennial’s holiday checklist is deciding on their hotel – how one stays can now very well determine how they vacation.

In keeping with the current trends, Mahindra Holidays has announced an investment of Rs 1,000 crore over the next four years to develop new resorts. This announcement came in the wake of the financial results for Q1 FY20 where Mahindra Holidays registered a 32.2% jump in profit with total income up 9.3% at Rs 264.8 crore.

Kavinder Singh, CEO, and MD, Mahindra Holidays, said, “We have developed a plan of further adding 1,400-1,500 rooms, which will be required to meet the demands of our growing membership base. Work has started in many locations including Goa, where a 200-room resort is being developed. This is going to be our fourth resort in Goa. In addition, a 56-room resort has been completed in Ashtamudi, Kerala. We will keep developing new resorts and adding popular & new destinations to our network.”

From cities to beaches, mountain trails to desert safaris; Mahindra holidays have a matrix of 94 best-in-class resorts that offer immersive travel experiences. They have also partnered with more than a hundred leading hotels and resorts from across the globe to bring together the best in hospitality and tourism.

Standing Tall in Brazil

Cyrela by Pininfarina, the first ever-residential tower designed by Pininfarina in partnership with Brazilian real-estate company Cyrela, in São Paulo, Brazil, won the prestigious International Architecture Award 2019.

Each year, the Chicago Athenaeum hosts the International Architecture Awards seeking to honor new and cutting-edge design worldwide. The 2019 judging panel for this year’s program was held in Vilnius, Lithuania, during which over 100 projects were selected from a shortlist of 380. Cyrela by Pininfarina, the 23-storied tower on the high-end Brigadeiro Faria Lima Avenue in São Paulo, was awarded for its standout design, beating a record number of projects from some of the globe’s most respected firms.

Paolo Pininfarina, Chairman, Pininfarina Group, said, “Cyrela by Pininfarina is our very first residential tower and architecture project in Latin America. This project has helped us to reimagine the future of São Paulo’s real-estate market, and it is great to have this larger mission recognized by the jury. Receiving this award is a great honor and speaks to our firm’s dedication to creating an innovative design that pushes the envelope.”

Translating the dynamism from car design heritage into architecture, Cyrela by Pininfarina perfectly embodies the Pininfarina DNA that effortlessly combines sportiness with elegance. Representing an architectural illusion of symmetry, the curved shape of the concrete and the metallic elements allow the tower design to curve, giving the sensation that it has been sculpted by the wind. Pininfarina will once again collaborate with Cyrela for a second exclusive venture, Heritage, in São Paulo, Brazil, that is expected to be completed by 2020.

Click here to see how Pininfarina turned architecture into artwork.

Changing the Face of Wardha: One Sapling at a Time

Changing the lives of farmers from debt to dreams, Mahindra and Mahindra in collaboration with the Naandi Foundation have invested Rs 4 crore during FY 2018-19, to deliver comprehensive agrarian solutions for the farmers under the Wardha Farmer Family Project (WFFP).

Acres of land were brimming with ripe, luscious pomegranate from which the first harvest was plucked and delivered in July last year. The maiden pomegranate harvest has helped raise the farmers’ income from nil to Rs. 60,000/- per acre, and scripted an entirely new narrative for the farmers of Wardha district, a name synonymous with agrarian disasters and farmer suicides. It is hard to believe that a few years back, this plantation was missing and the land was completely barren.

The Wardha Family Farming Project (WFFP) was initiated by the Naandi Foundation in 2015 as one of Mahindra’s flagship CSR programs to script a new narrative for the distressed farmers in villages of Wardha district - 100 km from Nagpur.

By employing sustainable cultivation of the horticultural crop, pomegranate, the project has converted low-yielding cotton land to high-value pomegranate plantation over 1,000 acres of land spread across 79 villages, and brought about a ‘red rubies revolution’.

The program designed to transform the lives of farmers has helped them at every step of the way - from land preparation, implementation of drip irrigation systems, plantation, institutionalizing bio-dynamic farming to capacity building. Today, by using only the best, organic and non- chemical methods of farming, more than 750 farmers and their families are not just reaping a good crop, but also realizing their dream of a sustainable livelihood.

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V. S. Parthasarathy, Group CFO, Group CIO and Member of Group Executive Board, M&M Ltd.

Our federated structure has always helped us realize gains from the investment portfolio at regular intervals -
Q1 F20 PAT grows 80% YoY to Rs 2,260crs.

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