Mahindra & Mahindra has incorporated a subsidiary in Nigeria to expand its reach in the West African region.
Mahindra West Africa is incorporated as a subsidiary of Mahindra & Mahindra South Africa Pty Ltd which in turn is a wholly-owned unit of Mumbai-based M&M.
"Mahindra West Life is incorporated to promote Mahindra brand and expand its reach into West Africa region for its various businesses like auto, tractors, two and three wheelers, genset construction equipment, truck and buses and agri," M&M said in a regulatory filing.
Mahindra & Mahindra South Africa Pty Ltd has subscribed to 1.99 lakh shares of the new entity at a face value of USD 1 per share, it added.
Mahindra's shares today ended 0.77 per cent higher at Rs 1,296.25 a piece on BSE.
