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M&M plans to exit loss-making international subsidiaries in a year

The move is prompted by the steep impairment loss reported by the consolidated entity as SsangYong Motor (SYMC), its Korean subsidiary, and Genzee, its two-wheeler entity in the US, turned in losses.

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“Our two-wheeler business in the US has been struggling. We are shutting it down and will liquidate the stock,” says Pawan Goenka, Managing director, M&M

Shally Seth Mohile Mumbai

3 min read Last Updated : Jun 13 2020 | 1:41 AM IST

Mahindra & Mahindra will exit loss-making international subsidiaries and entities over the next 12 months and follow stringent capital allocation norms as it seeks to lend a sharper focus on its core auto and farm equipment businesses, the company’s management said after reporting a pre-tax loss of Rs 1,761 crore for the March quarter.

The move is prompted by the steep impairment loss reported by the consolidated entity as SsangYong Motor (SYMC), its Korean subsidiary, and Genzee, its two-wheeler entity in the US, turned in losses. It marks a change in tack by the Anand Mahindra-led firm, which over the past

Topics : Coronavirus Mahindra & Mahindra Mahindra & Mahindra Q4 results SsangYong pre-tax profit Indian companies Indian Economy Global economy Anand Mahindra Tractor automobile manufacturer Reliance Securities M&M Pawan Goenka

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