M&M receives highest 'Corporate Governance' rating

MUMBAI, SEPT 07, '06: Mahindra & Mahindra Ltd. (M&M) has been assigned 'Governance & Value Creation Rating (GVC) Level - 1' rating by CRISIL for Corporate Governance Practices. This is the highest rating in the category. The rating indicates that:

'The capability of the firm with respect to wealth creation for all its stakeholders while adopting sound corporate governance practices is the highest'.

Responding to the news of this announcement by CRISIL, Mr. Keshub Mahindra, Chairman of the Mahindra Group, said "Mahindra & Mahindra has always believed in fair, transparent and responsible practices in dealing with all its Stakeholders which include Shareholders, Lenders, Customers, Suppliers, Employees and Society. The Company has been associated with good governance long before legislation and regulation was mandated for the same.

The rating is a reflection of our successful efforts to build a world class corporation on foundation of highest corporate governance practices that underline our core values."

About The Mahindra Group

The US $3 billion Mahindra Group is among the top 10 industrial houses in India. Mahindra & Mahindra is the only Indian company among the top five tractor manufacturers in the world and is the market leader in multi-utility vehicles in India. It has a leading presence in key sectors of the Indian economy, including trade and financial services (Mahindra Intertrade, Mahindra & Mahindra Financial Services Ltd.), automotive components, information technology & telecom (Tech Mahindra, Bristlecone), and infrastructure development (Mahindra GESCO, Mahindra Holidays & Resorts India Ltd., Mahindra World City).

With around 60 years of manufacturing experience, the Mahindra Group has built a strong base in technology, engineering, marketing and distribution. The Group employs around 30,000 people and has eight state-of-the-art manufacturing facilities in India spread over 500,000 square meters. The Mahindra Group has ambitious global aspirations and has a presence in 20 countries spread across four continents. Mahindra products are today available in every continent except Antarctica.

M&M has made strategic acquisitions of plants in China and the United Kingdom, and has 2 assembly plants in the USA. Its global subsidiaries include Mahindra Europe Srl. based in Italy, Mahindra USA Inc. and Mahindra South Africa. M&M has entered into partnerships with international companies like Renault, France, and International trucks, USA. The Group is celebrating its 60th anniversary in 2005-06.