Mahindra and Mahindra Limited

According to Mahindra & Mahindra, Mergers and Acquisitions (M&A) form

the basic growthmantra. With greater exposure to markets abroad and
increased competitiveness, Corporateshave successfully faced the
challenges of competing on foreign front and have achievedsuccess and
self-confidence.Foreign institutional funds have provided crucial support to
a long-term rally in the Indian capitalmarket, pumping a record US $10.7
billion into the market in 2005, and buying shares worthover US $3.37
billion thus far this year. Indian firms are becoming global and, if the
trendcontinues, there will be a flood of homegrown multinational companies
operating all around theworld.

Inorganic growth
forms a key part of the Groups basic philosophy of enhancing global
reachand competitiveness.For the Mahindra Group, which is fast
establishing its international footprint, Mergers & Acquisitions are at the
core of the growth strategy, they have now become a continuousprocess.In
order to respond to these challenges, a special

Merger & Acquisition Cell
has evolved inthe last two years. It is notable that most organizations use
the services of Investment Bankers,who are specialists in arranging M&A
transactions. However, with its in-house expertise, M&MsM&A Cell itself
most often carries out such activities traditionally carried out by
InvestmentBankers themselves, thus saving millions of dollars for the
organization