India's Mahindra And Mahindra Says No Plans To Split Company Into Three

Automaker Mahindra And Mahindra Ltd said on Friday it had no plans to restructure the company into three verticals, following a media report that said the company was considering splitting up into an electric vehicle (EV), a tractor and a passenger vehicle business through a demerger process.

The Economic Times newspaper had reported the Mahindra Group is also seeking funds for the EV unit and will club it with Italian design house Automobili Pininfarina to form a separate company, citing sources familiar with the matter.

"The company ...considers it necessary to clarify to the stock exchanges that there are no plans to split the auto business of the company into three units," the car maker said in a filing to the exchanges.  

 (Reporting by Mrinmay Dey in Bengaluru; Editing by Vinay Dwivedi and Rashmi Aich)
 

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