M&M clarification on multiple alliances

There have been several media reports on Mahindra pulling out of the tripartite manufacturing plant to be set up in Chennai. We would not like to comment on these speculative reports.

However, we would like to make a clarification with respect to a specific comment made in some media reports about Mahindra being unhappy with the multiple alliances of Renault and Nissan in India. On this point we would like to reiterate, as we have done in the past, that M&M has no objections to Renault and Nissan having multiple alliances as long as they do not conflict with the existing Mahindra Renault JV. Moreover, multiple alliances are a normal practice in the auto industry and M&M itself has multiple alliances in India.

We would also like to reiterate that M&M has a very strong and healthy relationship with Renault and both partners are proud of the success of the Logan and the recognition and accolades the product has received which is a result of the co-operation between the two partners.