Think Different

“It is imperative to think out of the box to meet the challenges posed by the Corona pandemic,” Rajesh Jejurikar, Executive Director, Automotive and Farm Equipment (AFS), said while elaborating on his vision for the sector. The best ideas come from connecting two worlds that had never been connected before, he added.

Mr Jejurikar shared his vision after taking over as the head of AFS on April 2. Earlier he, along with Dr Pawan Goenka, Managing Director & CEO, conducted a unique virtual townhall on April 1 for AFS employees. The session, moderated by Mr Rajeshwar Tripathi, CHRO, AFS, had over 7,500 employees participating in two batches.

Commenting on the challenges posed by the Coronavirus pandemic, Mr Jejurikar said, “The Group has leadership position in many segments. We have a very strong resource pool of talent, money, people, products, and platforms and we will leverage those to come back stronger.

Opportunities will definitely come our way.” Resilience is embedded in Mahindra’s DNA and I’m sure we will overcome the challenges posed by the Corona pandemic, he added.

It was necessary to add more muscle to increase the inherent resilience of the Mahindra Group, he said. Exhorting employees and their families to share their learning journey on social media using the hashtag- #LearnGrowRise, he underscored the need for diversity in learning which will prepare us for the future.

Mr Jejurikar also posed a 30-day ‘Create the Future’ challenge to all employees. Exhorting them to pick a theme which had the potential to make a difference to the future of their business, he said it could be towards helping to grow existing brands, saving costs, simplifying processes or creating a ‘wow’ customer / partner engagement. The top 10 winning teams will get to make a presentation to the Leadership Team of their business. He reminded employees that the lockdown was a golden opportunity to help create the future together.

Mahindra Finance enters into JV with Manulife

Mahindra Finance recently entered into a joint venture with Manulife Investment Management, a leading global financial services group. Mahindra Finance divested 49% of its share in its hitherto wholly-owned subsidiary Mahindra Asset Management Company Pvt Ltd (Mahindra AMC) to form a 51:49 partnership with Manulife. Manulife has invested US$35 million (~INR 265 crore) in the JV which aims to expand its fund offerings, drive fund penetration and achieve long-term wealth creation in India.

“Manulife Investment Management and Mahindra Finance share a vision of building a market leading asset management business in India,” said Ramesh Iyer, Vice Chairman & Managing Director, Mahindra Finance. “I’m confident that this partnership will help accelerate our efforts towards increasing mutual fund penetration through innovative products and solutions, and best-in-class service standards. There’s a strong potential for growth in the country beyond traditional markets,” added Mr Iyer.

Mahindra AMC is one of India’s fastest growing asset management companies, which currently offers over 13 investment schemes.

‘’In a country where more than 80% of the workforce is self-employed, economic downturns can spell doom unless past savings were invested in suitable investment products,” said Ashutosh Bishnoi, MD & CEO, Mahindra AMC.

“More than ever before, these turbulent times remind us that creating robust long-term investment products and solutions for Indian investors is an urgent priority. Manulife’s global best practices and processes will help Indian investors manage risk more sensibly,” he said.

The JV will combine Mahindra Finance’s domestic market strength with Manulife’s global wealth and asset management capabilities. The partnership will also leverage Mahindra Finance’s successful track record in building businesses and fostering successful partnerships, as well as Manulife’s expertise in meeting the needs of consumers across both developed and developing nations across the globe.

The Logistics of HOPE

The commitment to nurturing communities has been a founding principle of the Mahindra Group, which is leading corporate India’s fight against the ongoing pandemic.

The HOPE (Helping Our People during Emergencies) project, conceptualised by Mahindra Logistics, one of India’s largest 3PL solutions providers, is the latest in the Group’s efforts to reach out to the underprivileged.

The lockdown imposed in the wake of the pandemic has left truck and cab drivers high and dry. The driver community is struggling to make ends meet for themselves and their families. “With over 30 per cent of commercial vehicles stranded on roads across the country, truck drivers and their families are in immediate need of cash for food and other basic facilities,” said Rampraveen Swaminathan, MD & CEO, Mahindra Logistics.

Through this initiative, the company will transfer Rs 3,000 to each driver’s bank account so they can buy essential commodities. This will be followed up by other initiatives such as health insurance coverage, helping them access government schemes, loan guaranteeing models, etc.

“Through this initiative of short-term financial relief and hope, we aim to help these drivers and their families until normalcy is restored,” said Mr. Swaminathan. In addition, the company will strengthen healthcare professionals’ abilities to respond and provide support to affected families, using digital channels.

MLL has partnered Samhita Social Ventures, a social enterprise, and SuperMoney, a financial lending tech platform, for this noble endeavour. Priya Naik, Founder and CEO, Samhita Social Ventures, said that partnering MLL to support India’s blue collar and gig economy workers through the India Workers’ Alliance, is an imperative in the current crisis situation.

Mahindra Rises to Fight COVID-19

  Tweet of the Week

Anand Mahindra

I believe there'll indeed be more Working From Home post-the-pandemic, but the tradition of the workplace will remain predominant. Those who predict large-scale WFH are looking through affluent country lenses.

A workplace brings a sense of self-worth as well as freedom from congestion & domestic stresses, especially for women. Often, in developing countries, social distancing & sanitation is more feasible at organised workplaces. But most important...

A workplace, whether in the developed or developing world, allows significant, unplanned, informal interactions. Such interactions are often the source of innovation. Hence, I would advocate 'hastening slowly' before rushing to WFH. Would welcome views...

Read the Tweet

Share news, views and feedback with [email protected]