Maharashtra Government Needs to Ensure That Legitimate Incentives are Deployed

MUMBAI, India, June 24, 2011 /PRNewswire/ --

"Mahindra strongly advocates that the Maharashtra Govt. should keep their part of the commitment on the incentives offered that is conducive to industry. This is especially relevant since we make long-term investments based on commitments made by the State and on the premise that there will not be a policy change which will adversely affect our business plans. Such reversal in policies not only upsets the plans that the investing companies have put in place, it will also severely impact all new investments in the state by existing and new potential manufacturing companies.

On the issue of Octroi refund owed to Mahindra by the Nashik Municipal Council, we strongly suggest that the state government intervenes as our agreement was with the government and not with any local body." said Dr. Pawan Goenka, President, Automotive & farm Sector, Mahindra & Mahindra Ltd.

About The Mahindra Group

The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.  

A US $12.5 billion multinational group based in Mumbai, India, Mahindra employs more than 119,900 people in over 100 countries.

In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India's Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow.

Its flagship company Mahindra & Mahindra Limited is the only Indian automobile manufacturer to feature in the top 10 list of the Carbon Disclosure Leadership Index in India - 2010, created by the Carbon Disclosure Project (CDP).

In 2011, Mahindra acquired a majority stake in Korea's SsangYong Motor Company.

For further information, please visithttp://www.mahindra.com

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Ms. Roma Balwani
Senior Vice President & Group Head, Corporate Communications
Mahindra & Mahindra Ltd.                                          
Phone: +91-22-2490-1441                                        
Fax: +91-22-2490-0830                                                        
Email: [email protected]

SOURCE Mahindra & Mahindra Limited