July 13, 2009, Mumbai: Mahindra & Mahindra Ltd. (M&M), one of India’s leading auto companies, today announced that its South African subsidiary, Mahindra South Africa (Mahindra SA), is now wholly owned by the company.
Mahindra South Africa was previously a joint venture between M&M and African Automotive Investments Corporation, a subsidiary of African Resources & Logistics Corporation.
“The South African vehicle market is one of the largest and most dynamic in Africa. Our customised, value for money products and strong focus on after sales have contributed in large measure to our success in the South African market. Mahindra vehicles such as the Scorpio, Bolero and XYLO have carved a distinct niche for themselves in South Africa with their combination of rugged utility and style. This additional equity infusion reflects our long-term commitment to the market that is of strategic importance to Mahindra,” said Dr. Pawan Goenka, President, Automotive Sector, Mahindra & Mahindra Ltd. and Chairman, Mahindra South Africa.
“We have achieved significant growth in South Africa since it commenced operations in October 2004, with a countrywide presence of over 30 dealers. The recently launched XYLO has also received an enthusiastic response from customers across the country. Aside from the additional investment, we will focus on introducing a new range of products and building the Mahindra brand in South Africa over the next few months,” said Mr. Ashok Thakur, chief executive of Mahindra South Africa.
Mahindra South Africa’s product portfolio comprises of the Scorpio SUV and Pik Up range, the Bolero Pik Up and the recently launched XYLO.
After establishing a base in South Africa, Mahindra also expanded into other sub-Saharan countries and currently exports vehicles to Zimbabwe, Zambia, Botswana, Swaziland and Namibia. Mahindra SA is also well represented on the agricultural front with a range of tractors currently available in the country.
