Mahindra & Mahindra Limited 

(M&M) is an Indian multinational automotive manufacturing
corporation headquartered in Mumbai. It was established in 1945 as Mahindra & Muhammad and
later renamed as Mahindra & Mahindra. Part of the Mahindra Group, M&M is one of the largest
vehicle manufacturers by production in India. Its subsidiary Mahindra Tractors is the largest
manufacturer of tractors in the world by volume.[3] It was ranked 17th on a list of top companies in
India by Fortune India 500 in 2018.[4] Its major competitors in the Indian market include Maruti
Suzuki and Tata Motors.[5]

Mahindra & Mahindra was founded as a steel trading company on 2 October 1945 in Ludhiana as
Mahindra & Muhammad by brothers Kailash Chandra Mahindra and Jagdish Chandra
Mahindra along with Malik Ghulam Muhammad (1895–1956).[6] Anand Mahindra, the present
Chairman of Mahindra Group, is the grandson of Jagdish Chandra Mahindra. After India
gained independence and Pakistan was formed, Muhammad emigrated to Pakistan. He acquired
Pakistani citizenship and became the first finance minister of Pakistan. He served as Governor-
General of Pakistan from 1951 to 1956

In 1948, the company changed its name to Mahindra & Mahindra.[7] They eventually saw a business
opportunity in expanding into manufacturing and selling larger MUVs and started assembling under
license of the Willys Jeep in India. Soon, M&M was established as the Jeep manufacturer in India,
later commenced manufacturing light commercial vehicles (LCVs) and agricultural tractors.[citation needed]
Jeep was bought by American Motors Corporation in 1970 and thereafter Jeeps continued to be built
under license from AMC, and in turn under Chrysler after Chrysler bought AMC in 1987.
In 1999, Mahindra purchased 100% of Gujarat Tractors from the Government of Gujarat and in 2017
Mahindra renamed it as Gromax Agri Equipment Limited, as part of new brand strategy and the
models continue to be sold as Trakstar.[8][9]
In 2007, M&M acquired Punjab Tractor Limited (PTL) making it the world's largest tractor
manufacturer.[10][11] Subsequent to this take-over, the former PTL was merged into M&M and
transformed as Swaraj division of Mahindra & Mahindra in the year 2009.[12]
Over the past few years, the company has taken interest in new industries and in foreign markets. In
2008, they entered the two-wheeler industry by taking over Kinetic Motors in India.[13]
In 2010, M&M took a 55% stake in the REVA Electric Car Company[14] and in 2016, they renamed
it Mahindra Electric Mobility Ltd after taking 100% ownership.[15]
In 2011 Mahindra and Mahindra acquired South Korea's SsangYong Motor Company.[16]
In October 2014, Mahindra and Mahindra acquired a 51% controlling stake in Peugeot
Motocycles and progressed to acquire a 100% controlling stake in October 2019.[17]
In May 2015 Mahindra acquired a 33.33% stake in Japanese tractor manufacturer Mitsubishi
Agricultural Machinery (MAM), a subsidiary of the Mitsubishi Heavy Industries.[18][19]
In December 2015, Mahindra and Mahindra Ltd and affiliate Tech Mahindra Ltd, through a special
purpose vehicle (SPV), have agreed to buy a 76.06% stake in Italian car designer Pininfarina SpA,
for €25.3 million (around Rs.186.7 crore).
In March 2016, Mahindra acquired 35% in Finland-based Sampo Rosenlew, entering the combine
harvester business, subsequently increasing its stake in the company to 49.04% in December 2019.
[20][21]

In January 2017, Mahindra and Mahindra Ltd acquired a 75.1 equity stake in Hisarlar Makina Sanayi
ve Ticaret Anonym Şirketi (Hisarlar), a farm equipment company, marking its entry into Turkey and
in September 2017 acquired another Turkish tractor and foundry business Erkunt Traktor Sanayii AS
for ₹800 crore.[22][23]
In November 2017, Mahindra signed a memorandum of understanding (MOU) agreement with
Belgium-based Dewulf, a supplier of a full line of potato and root crop machinery.[24] Under the
agreement, Mahindra will manufacture and market potato planting equipment in India, for which the
co-branded planter is developed.[25]
In January 2018, Mahindra announced its foray into the sprayers business through the acquisition of
a 26% equity stake in M.I.T.R.A. Agro Equipments Pvt Ltd, a Maharashtra-based AgTech company
(MITRA).[26][27] In March 2020, Mahindra further increased its stake in the company to 39%.[28][29]
In February 2018, Mahindra acquired a minority stake of 22.9% percent in Carnot Technologies.
Carnot Technologies owns and operates smart car solutions firm CarSense.[30]
In May 2018, Mahindra signed a share subscription agreement to acquire up to 10% share capital of
Canada's IT firm Resson Aerospace Corporation.[31] Resson is focussed on providing technology
solutions for agriculture. It has developed a system that captures and interprets images to give
farmers information about the state of their fields and crops.[32]
In June 2019, Mahindra purchased an 11.25% stake in Switzerland-based agro technology
firm Gamaya SA.[33] The acquisition enabled Mahindra to further develop and deploy next-generation
farming capabilities such as precision agriculture and digital farming technologies.[34][35]
In October 2019, Mahindra entered into a joint venture with Ford by establishing Ford India in which
Mahindra & Mahindra acquired a controlling 51% stake.[36][37] In January 2021, Mahindra ended its
collaboration with Ford owing to global economic and business conditions caused by the pandemic.
[38]

In April 2020, the company ended its joint venture with Renault, with Mahindra & Mahindra buying
out Renault's stake. Renault continues to license and supply key components such as engines and
transmissions to Mahindra & Mahindra.[39]

Framework of The Mahindra Way

All companies in the Mahindra group are expected to adopt TMW in the conduct of their businesses.
Adoption of TMW by a company may, however, need to be phased based on factors, among others, such as
when the company was set up or acquired by the group. In addition, a company needs to achieve a minimum
critical size of its operation, before it can commit the necessary management time and resources to the
practice of TMW. Such factors will be taken into account while seeking to include a company or business
for TMW assessment.

The diagram below represents the framework which can guide the company in structuring the adoption of
TMW
The framework has four important elements:
 Organization
 Management Processes
 Business Processes
 Business Results

1. Organization

People, Values, Culture

Each company has its own foundation in the form of an organization consisting of people, values and culture.
TMW can be adopted by any company irrespective of the nature of its business activities and organization.
TMW helps a company strengthen its foundations through the encouragement of systematic and continuous
improvement in the way the company conducts its business and through the adoption of Group Common
Policies and Practices. During assessment, assessors would get an appreciation of these aspects through their
interaction with employees during company presentations as well as work-site visit where they would get a
sense of the real life work environment within the organization and the extent to which Group Common
Policies and Practices have been adopted.

2. Management Processes

Management Processes are fundamental to the way in which any company strives for excellence. These are
processes which are common to all companies irrespective of size or industry. Every company implementing
The Mahindra Way is expected to specifically plan improvements for the following four processes:
 Top Management Leadership and Strategy

The process of formulating the company’s long term vision and goals, translating these into future
milestones as well as into strategic priorities and action plans, communicating and deploying these
across the organization and setting up review systems to ensure efficient monitoring and corrective
steps
 Daily Work Management and Standardization

The process of translating strategy into routine work and standardizing activities at all levels in the
company in a manner which maximizes efficiency and productivity
 Quality Management and Quality Improvement

The process of, firstly, setting up a system for quality management and, secondly, promoting
continuous improvement in quality of products, services and processes in the company
 Employee Involvement and Development

The process of developing the capabilities of the company’s employees and engaging them in the
company’s long term goals and strategic initiatives so that are fully involved in the company’s quest
for excellence

3. Business Processes

Besides the above four Management Processes, a company is expected to deploy the TMW approach to
promote excellence in all its Business Processes. These are processes which are critical to the day-to-day
running of a business. These may be different in different businesses or industries. Typically, they may
determine the input – output relationship between different departments and functions including support
functions.
To begin with, in keeping with the TMW principle of prioritization, a company will select those key Business
Processes which are critical to its long term business goals and strategy. Having selected these, the company is
expected to work systematically towards improving the quality of the selected processes.

In subsequent years, companies will increase the number of Business Processes under The Mahindra Way so
that over a period of time, the company deploys TMW across the organization and progresses successfully on
its journey of improving quality and achieving excellence in all its activities.

4. Business Results

Financial, Customer, Process, Employee

TMW is a business-driven initiative of the Mahindra group. It follows that the focus on Management and
Business Processes will translate into sustainable, improved business results for all stakeholders of the
company. TMW, therefore, requires structured budgeting and planning of results in areas such as financial,
customer satisfaction, process efficiency, employee satisfaction and the like.
In looking at business results, TMW promotes the PDCA approach which requires specific targets against
which actual results achieved are reviewed, and both – achievements and non-achievements – are analyzed so
that learning is used for future business planning.