M&M

Feb 13 (Reuters) -

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S JAN TOTAL DOMESTIC PASSENGER VEHICLE SALES 4,49,616 UNITS

• SIAM - INDIA'S JAN 2-WHEELER SALES 19,25,603 UNITS

• SIAM - INDIA'S JAN 3-WHEELER SALES 75,725 UNITS

• SIAM: NEW BUDGET INITIATIVES, POLICY TAILWINDS EXPECTED TO DELIVER LONG-TERM BENEFITS, SUPPORT GROWTH IN MEDIUM TERM

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Feb 11 (Reuters) - Mahindra and Mahindra Ltd MAHM.NS:

• MAHINDRA AND MAHINDRA Q3 PAT 39.31 BILLION RUPEES

• MAHINDRA AND MAHINDRA Q3 REVENUE FROM OPERATIONS 385.17 BILLION RUPEES

Source text: [ID:]

Further company coverage: MAHM.NS

(([email protected];))

Repeats February 6 story. No change to text.

By Aditi Shah

NEW DELHI, Feb 9 (Reuters) - India has scrapped a planned concession for small cars in upcoming fuel-efficiency rules after automakers including Tata Motors and Mahindra & Mahindra argued it would benefit only one company, a government document shows.

A September draft had proposed leniency for petrol cars weighing 909 kg (2,004 lb) or less - a carve-out widely seen as favouring Maruti Suzuki, which controls 95% of India's small‑car market.

India's Power Ministry has now removed that exemption and tightened other parameters, increasing pressure on all automakers to ramp up electric and hybrid car sales, according to the latest 41-page draft reviewed by Reuters.

The new rules curb over-compensation for vehicle weight, aim to level the field between light and heavy fleet manufacturers, and are designed to deliver real-world efficiency gains, the document said.

They introduce "a substantially steeper reduction pathway" for emissions, it added.

The power ministry did not respond to a request for comment.

PROMOTING ELECTRIC, HYBRID MODELS

Transport accounts for about 12% of India's energy use and is a major driver of petroleum imports and carbon emissions. Passenger vehicles make up nearly 90% of transport-related emissions, the document says.

Corporate Average Fuel Efficiency norms dictate permissible CO2 emissions across a manufacturer's fleet of passenger cars weighing less than 3,500 kg (7,716 lb). Updated every five years, they push automakers towards cleaner technologies including electrification, compressed natural gas and flex-fuel.

The new rules will apply from April 2027 for five years and are central to automakers' product and powertrain investment plans. It was not immediately clear when the rules will be finalised.

The September draft would have allowed fuel-consumption targets to rise faster with vehicle weight, easing compliance for makers of heavier cars such as Mahindra MAHM.NS, Tata TAMO.NS and Volkswagen VOWGp.DE, while tightening demands on lighter-fleet players such as Maruti MRTI.NS. That imbalance prompted the carve-out.

The revised plan reduces the extent to which heavier vehicles gain more relaxed targets.

"Manufacturers with heavier fleets ... are required to achieve stronger intrinsic efficiency improvements," the document said.

A credit system will reward companies that sell more EVs and plug-in hybrids, and pooling of fuel-consumption performance between companies will be allowed. Non-compliance will draw penalties of up to $550 per car.

The revised plan aims to cut average fleet emissions to about 100 grams/km over the five years to March 2032 from 114 grams/km. With credits, that could fall to as low as 76 grams/km if electric models reach 11% of total car sales by 2032.

(Reporting by Aditi Shah. Editing by Mark Potter)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Feb 6 (Reuters) - India's Mahindra & Mahindra MAHM.NS will invest 150 billion rupees ($1.65 billion) over the next decade to expand its manufacturing footprint in the western state of Maharashtra, including setting up its largest integrated auto and tractor plant, the company said on Friday.

($1 = 90.7050 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru; Editing by Mrigank Dhaniwala)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Feb 4 (Reuters) - Mahindra and Mahindra Ltd MAHM.NS:

• MAHINDRA BAGS ITS BIGGEST EVER EXPORT ORDER; 35,000 UNITS OF LCVS TO BE DELIVERED TO AGRINAS PANGAN NUSANTARA, INDONESIA IN 2026

Further company coverage: MAHM.NS

(([email protected];;))

** Shares of India's Mahindra & Mahindra MAHM.NS and Tata Motors Passenger Vehicles TAMO.NS jump 1.52% and 1.79% to 3483.90 rupees and 356.25 rupees, respectively

** Mahindra says it sold 104,309 vehicles in January, up 24% year-on-year

** Tata Motors PV says it sold 71,066 units in the month, up 47.1% year on year

** India's auto index .NIFTYAUTO up 1.5% on the day

** TAMO rated "hold" on avg by 29 analysts with median PT at 372.50 rupees; MAHM rated "buy" on avg by 34 analysts with median PT at 4254.50 rupees - data compiled by LSEG

** TAMO dropped 4.7% in January while, MAHM lost 7.5% in the month

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Repeats story from Wednesday, January 28 with no changes to text

By Shivangi Acharya and Aditi Shah

NEW DELHI, Jan 28 (Reuters) - India will immediately slash duties on high-end European cars to 30% from as high as 110% under its new trade deal with the EU, an official said, opening the tightly controlled market to luxury carmakers like BMW BMWG.DE and Mercedes-Benz MBGn.DE.

India and the European Union finalised a long-delayed deal on Tuesday that will cut tariffs on most goods and boost trade, at a time when governments worldwide are seeking to hedge against fickle U.S. policy and manage growing trade tensions.

India is the third-largest car market globally by sales after the United States and China. But its domestic auto industry has been among the world's most protected, with the government levying tariffs of between 70% and 110% on imported cars.

PRICIEST EUROPEAN CARS BENEFIT FROM BIGGEST DUTY CUTS

While India agreed under the deal to reduce import tariffs on cars above an import price of 15,000 euros ($17,963) to 10% over time, details of how the reductions will be implemented were not disclosed publicly.

A senior Indian government official, however, said New Delhi agreed to immediately reduce import duties on 100,000 traditional internal combustion engine cars annually split between three price categories.

European cars with an import price of 15,000 euros to 35,000 euros will see tariffs reduced to 35%, with annual imports capped at 34,000 units, said the official, who asked not to be named as the deal still requires legal vetting.

Cars priced 35,000 euros to 50,000 euros will be charged a 30% duty, with imports limited to 33,000 units a year, the official said. And 33,000 cars priced over 50,000 euros will also be subject to a reduced tariff of 30%.

The two highest price categories will see the largest tariff reductions. And the cap for all three categories combined will be raised to 160,000 units over 10 years, the official said.

India's trade ministry did not immediately respond to a request for comment on the details of the agreement.

MORE INDIANS DEVELOPING A TASTE FOR LUXURY

At a time when a growing number of Indians are developing a taste for opulence - from expensive homes to watches and even bathroom fittings - luxury cars made up less than 1% of the 4.4 million passenger vehicles sold in the country last year.

While executives have said that lower tariffs are unlikely to translate into immediate price cuts, they said the reductions will allow them to bring more vehicles to the market.

Lower import taxes should also be a boost for other European automakers such as Volkswagen VOWG.DE, Renault RENA.PA and Stellantis STLAM.MI, which have said increased trade will also result in increased technology transfer and shared supply chains.

LOCAL EV MANUFACTURERS TO REMAIN PROTECTED FOR NOW

India will, meanwhile, also cut import duties to 30% to 35% on a total of 20,000 European-made electric vehicles, the official said, but only five years after the trade deal is implemented.

Those tariff cuts will only apply to EVs priced above 20,000 euros in order to protect domestic players like Tata Motors TAMO.NS and Mahindra MAHM.NS.

Similar to combustion engines, the duty on EVs will reduce to 10% over five years and the annual import quota will rise to 90,000 units, the official added.

($1 = 0.8367 euros)

(Reporting Shivangi Acharya; Editing by Joe Bavier)

(([email protected]))

Jan 27 (Reuters) - India's Mahindra Logistics MALO.NS swung to a quarterly profit for the first time since 2022, it reported on Tuesday, as demand for shipping increased during the festive season and its supply chain management segment turned a profit.

The Mumbai-based company's consolidated net profit came at 32.5 million rupees ($354,551.90) during the quarter ended December 31, from a loss of 90.3 million rupees ($985,108.82) a year ago.

This is the company's first quarterly profit since the third quarter of fiscal year 2023. Its supply chain management is its biggest segment, contributing 94.4% to the topline.

Revenue rose more than 19% to 18.98 billion rupees.

For further earnings highlights, [click here].

KEY CONTEXT

The Mahindra Group unit has been facing rising costs and tougher competition from domestic as well as international firms in India’s $342 billion logistics market, along with losses linked to its 2022 acquisition of express‑cargo firm Rivigo.

However, in a pre-earnings note, Elara Capital analysts said the firm would receive support in the third quarter from the addition of new warehouses and its core third‑party logistics business.

They also expected B2B express volumes to improve and losses to narrow, helped by possible price hikes and better operating efficiency.

Although December does not fall within India’s main festive season, which started in mid‑September, year‑end holidays and discount events still provide logistics firms with a modest boost in demand.

Mahindra Logistics, Delhivery and Blue Dart are also facing growing pressure from Amazon AMZN.O and Walmart WMT.O ‑owned Flipkart, which are steadily expanding their in‑house logistics operations.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

OCTOBER-DECEMBER STOCK PERFORMANCE

-- All data from LSEG

-- $1 = 91.6650 Indian rupees

(Reporting by Yagnoseni Das and Abhirami G in Bengaluru; Editing by Harikrishnan Nair)

(([email protected];))

Adds byline and dateline

By Aditi Shah and Philip Blenkinsop

NEW DELHI/BRUSSELS, Jan 25 (Reuters) - India plans to slash tariffs on cars imported from the European Union to 40% from as high as 110%, sources said, in the biggest opening yet of the country's vast market as the two sides close in on a free trade pact that could come as early as Tuesday.

Prime Minister Narendra Modi's government has agreed to immediately reduce the tax on a limited number of cars from the 27-nation bloc with an import price of more than 15,000 euros ($17,739), two sources briefed on the talks told Reuters.

This will be further lowered to 10% over time, they added, easing access to the Indian market for European automakers such as Volkswagen, Mercedes-Benz and BMW.

The sources declined to be identified as the talks are confidential and could be subject to last-minute changes. India's commerce ministry and the European Commission declined to comment.

PACT ALREADY DUBBED 'MOTHER OF ALL DEALS'

India and the EU are expected to announce on Tuesday the conclusion of protracted negotiations for the free trade pact, after which the two sides will finalise the details and ratify what is being called "the mother of all deals.

The pact could expand bilateral trade and lift Indian exports of goods such as textiles and jewellery, which have been hit by 50% U.S. tariffs since late August.

India is the world's third-largest car market by sales after the U.S. and China, but its domestic auto industry has been one of the most protected. New Delhi currently levies tariffs of 70% and 110% on imported cars, a level often criticised by executives, including Tesla chief Elon Musk.

New Delhi has proposed slashing import duties to 40% immediately for about 200,000 combustion-engine cars a year, one of the sources said, its most aggressive move yet to open up the sector. This quota could be subject to last-minute changes, the source added.

Battery electric vehicles will be excluded from import duty reductions for the first five years to protect investments by domestic players like Mahindra & Mahindra MAHM.NS and Tata Motors TAMO.NS in the nascent sector, the two sources said. After five years EVs will follow similar duty cuts.

MARKET CURRENTLY DOMINATED BY SUZUKI AND LOCAL MAKERS

Lower import taxes will be a boost for European automakers such as Volkswagen VOWG.DE, Renault RENA.PA and Stellantis STLAM.MI, as well as luxury players Mercedes-Benz MBGn.DE and BMW BMWG.DE which locally manufacture cars in India but have struggled to grow beyond a point in part due to high tariffs.

Lower taxes will allow carmakers to sell imported vehicles for a cheaper price and test the market with a broader portfolio before committing to manufacturing more cars locally, said one of the two sources.

European carmakers currently hold a less than 4% share of India's 4.4-million units a year car market, which is dominated by Japan's Suzuki Motor 7269.T as well as homegrown brands Mahindra and Tata that together hold two-thirds.

With the Indian market expected to grow to 6 million units a year by 2030, some companies are already lining up new investment.

Renault is making a comeback in India with a new strategy as it seeks growth outside Europe, where Chinese carmakers are making strong inroads, and Volkswagen Group is finalising its next leg of investment in India through its Skoda brand.

(Reporting by Aditi Shah and Philip Blenkinsop; Additional reporting by Lili Bayer in Brussels, with Shivangi Acharya in New Delhi; Editing by David Holmes)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

Adds graphics, no change to text

By Gilles Guillaume and Aditi Shah

PARIS/NEW DELHI, Jan 23 (Reuters) - France's Renault RENA.PA is banking on the cult following of its Duster SUV to help revive its Indian business, bringing back a nameplate that had better brand-recognition than the automaker itself before regulatory change led to its demise.

The smallest by sales of so-called legacy automakers plans to elevate its line-up to more premium models under new CEO Francois Provost, who is tasked with growing Renault globally as Chinese rivals make inroads into its core European market.

Under the strategy, which has not previously been reported in detail, Renault will target wealthier rather than entry-level drivers as it seeks to recover market share that has dwindled over the past decade to less than 1% from a high of 4%.

It will begin on January 26 - India's Republic Day - by unveiling a Duster built to current safety and emission regulations as well as latest tastes and needs, Reuters has learned in interviews with Provost as well as five company sources and suppliers. That will be followed by a larger SUV like its Dacia Bigster and an electric vehicle, sources said.

"Previously, our strategy was to offer a car to all Indians. That is not my strategy," Provost, CEO since the summer when Renault lowered its profit forecasts, said in an interview. "I am targeting the middle class, which is growing in India and wants competitively priced but attractive cars."

Renault will also begin sourcing components in India for vehicles built in other markets, mainly South America, Provost said, akin to peers such as Stellantis STLAM.MI, Volkswagen VOWG.DE and Honda 7267.T.

The automaker now has full ownership of a factory in southern India that it once shared with Nissan and which has an annual capacity of 500,000. It will continue building cars for Nissan until 2032 and is evaluating the potential for export.

INDIA SET FOR GROWTH SURGE

The India revival is aimed at increasing sales beyond Europe. Last year Renault derived almost 70% of sales from the slow-growing region, made increasingly competitive with the influx of Chinese entrants such as EV leader BYD 002594.SZ.

Renault has launched a number of bestselling vehicles in recent years but profit margin pressure has weighed on its share price, dragging its valuation to around 10 billion euros ($11.69 billion), less than half that of Stellantis.

Last year, the French carmaker lifted non-European sales by nearly 12% by expanding in Latin America and South Korea. However, prospects in India could be even greater.

Sales in the world's third-largest car market are set to touch 6 million by 2030, up 36% from 2025, S&P Mobility data showed, with a rapid increase in demand for SUVs and premium vehicles. That forecast takes into account tough investment rules that shut out Chinese carmakers.

"Renault needs to solidify its market share in its high-growth markets," said Alexis Albert, equity fund manager at DNCA Finance, a Renault investor. Mature markets like Europe are unlikely to grow significantly, he said.

RISE OF THE SUV

Renault entered India in 2005 and had its first hit in 2012 as the competitively priced Duster SUV stood out in a market dominated by hatchbacks and sedans.

By 2016, it held 4% of the passenger vehicle market, making India one of its top 10 locations. However, it pulled the Duster almost five years ago, baulking at the cost of bringing it in line with new emissions standards.

In the meantime, India has seen a raft of SUVs from domestic makers such as Mahindra & Mahindra MAHM.NS and Tata Motors TAMO.NS, as well as South Korea's Hyundai Motor >.

The category accounts for more than half of the Indian market versus 10% when the Duster first launched, Renault said.

"This will be Renault's third attempt" at making a splash in India after the Duster and ultra-low-cost Kwid, said former Nissan COO Andy Palmer. "I think four times would be beyond everybody, because then everybody knows that you're not serious about doing it properly."

MAKE OR BREAK

Renault plans to at least double its India line-up, which consists of the Kwid and small cars Kiger and Triber.

Sales of the Duster are likely to begin in February and will be available with a hybrid powertrain for the first time in India, said one of the sources, who all declined to be identified as they were not authorised to speak with media.

Considering the faith placed in the Duster name, that SUV represents a make-or-break proposition, the person said.

Renault expects Duster production to reach 130,000 to 140,000 vehicles annually, three suppliers said, potentially more than tripling its 2025 India sales.

Like all automakers, Renault needs to update or introduce new models every six months to keep customers engaged, said S&P Global auto analyst Gaurav Vangaal. There is also the need for "an aggressive sales strategy supported by a robust customer follow-up process" to keep the momentum going, he said.

Under its broader international game plan, Renault said it will spend 3 billion euros by 2027 launching Renault-brand models in India, Latin America, South Korea, Turkey and North Africa. It declined to comment on how much it will commit only to India, a market where rival Suzuki 7269.T plans to invest $8 billion and Hyundai $6 billion.

Provost, a 57-year-old insider who previously ran operations in Russia, South Korea and China, said capturing even a small slice of the Indian market would be a game-changer for Renault.

"I would be delighted to achieve 5% of a 6 million car market," Provost said.

(Reporting by Gilles Guillaume and Aditi Shah; Additional reporting Nick Carey in London; Editing by Dominique Patton, David Dolan and Christopher Cushing)

(([email protected]))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Jan 15 (Reuters Breakingviews) - China-India ties are beginning to thaw. New Delhi may lift a five-year-old ban on companies from the People's Republic bidding for official contracts to revive commercial ties with its neighbour. That potentially paves the way to further lift curbs on Chinese investments too, but any easing will be capped by both sides.

India is planning to scrap restrictions, imposed after a deadly 2020 border clash, on Chinese bidders in government infrastructure and other projects, Reuters reported on January 8, citing sources. Alongside smoother visa approvals, it signals willingness to reciprocate China's gradual easing of export curbs on rare earth magnets after Indian Prime Minister Narendra Modi's visit to China in September.

The urgency to go further is rising. Net foreign direct investment into the country fell in the year to March 2025, though that is starting to pick up. Even so, strained bilateral ties with Washington mean the $4 trillion economy is grappling with a 50% tariff on exports to the United States, its top trading partner.

Moreover, despite border tensions, India's trade deficit with China has doubled over the last five years to $99 billion for the year ended March 2025. Under the current policy of applying extra scrutiny on Chinese-origin investments, the approval rate is just 15%, a person familiar with the matter told Breakingviews, implying a decent pipeline of investments waiting in the wings.

An easy place to start would be in manufacturing. Local smartphone operations from Apple AAPL.O to Xiaomi 1810.HK, for example, rely on mostly low-tech machinery, chips, displays, batteries and other inputs imported from China. Allowing some of those suppliers to set up factories in India makes sense. The same is true for textiles and plastics.

Yet trust issues persist. New Delhi is unlikely to open the floodgates in strategic sectors where it wants to protect its own domestic firms. In solar power, Adani Enterprises ADEL.NS has invested huge sums but remains highly dependent on Chinese panel makers. That might open a door for firms like JinkoSolar JKS.N and Longi Green Energy 601012.SS to establish a toehold in the market.

But in other areas like electric vehicles, India's appetite for Chinese investments will reach its limits. The $120 billion BYD 002594.SZ is hoping to manufacture in India but faces opposition from established groups like Mahindra & Mahindra MAHM.NS and Tata Motors Passenger Vehicles TAMO.NS.

Officials might demand BYD build its marques and batteries from scratch locally, potentially in partnership with an Indian group. That would require a degree of technology transfer that Chinese firms are unlikely to agree to: Bloomberg reported on Monday, citing sources, that Reliance Industries RELI.NS has paused plans to build lithium-ion batteries after it failed to license technology from Xiamen Hithium Energy, which the Indian group denies.

India's courting of Chinese capital only goes so far.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

India's Ministry of Finance plans to scrap five-year-old restrictions on Chinese firms bidding for government contracts, Reuters reported on January 8, citing two unnamed official sources.

New Delhi is weighing a proposal to exempt offshore investments for holdings of up to 26% in local companies from additional screening requirements introduced in 2020, Mint newspaper reported on January 1, citing two unnamed people familiar with the matter. The exemption will apply as long as the foreign entity exercises no management control and holds no seat on the company’s board, the report added.

(Editing by Robyn Mak; Production by Ujjaini Dutta)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

Jan 13 (Reuters) - Ashok Leyland Ltd ASOK.NS:

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S DEC TOTAL DOMESTIC PASSENGER VEHICLE SALES 3,99,216 UNITS

• SIAM - LOOKING AHEAD, INDUSTRY EXPECTS POSITIVE MOMENTUM TO CONTINUE WELL INTO 2026

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S DEC DOMESTIC 3-WHEELER SALES 61,924 UNITS

• INDIA AUTO INDUSTRY BODY SIAM - INDIA'S DEC DOMESTIC 2-WHEELER SALES 15,41,036 UNITS

• SIAM - WHILE REMAINING WATCHFUL OF GEOPOLITICAL DEVELOPMENTS, INDUSTRY EXPECTS FY2025–26 TO CLOSE ON POSITIVE GROWTH TRAJECTORY

Source text: [ID:]

Further company coverage: ASOK.NS

(([email protected];;))

Jan 6 (Reuters) - INDIA AUTODEALERS BODY FADA:

• DEC’25 AUTO RETAIL AT 20,28,821 UNITS

• DEALER SENTIMENT REMAINS FIRMLY POSITIVE, WITH OUR SURVEY INDICATING 70.48% EXPECTING GROWTH

• OVER NEXT 3 MONTHS, RETAIL OUTLOOK REMAINS DECISIVELY UPBEAT

• DEC’25 AUTO RETAIL UP 14.63% YOY

(([email protected];))

** Shares of CIE Automotive CIEA.MC fall around 5.8%

** A unit of Indian automaker Mahindra & Mahindra MAHM.NS sold shares representing about 3.58% of CIE Automotive's capital at a discount via accelerated bookbuilding

** Mahindra sold about 4.29 million shares of the Spain-based supplier of automotive components company's stake

** Shares sold at 27.75 euros apiece, discounted from the stock's Wednesday closing price of 30 euros

** CIEA on track for its worst day since November 2022, when it closed 6.0% lower

(Reporting by Gemma Guasch in Gdansk)

(([email protected]; +48 58 769 65 65))

Nov 28 (Reuters) - Mahindra and Mahindra Ltd MAHM.NS:

• MAHINDRA SUSTEN'S STAKE IN GELOS SOLREN WILL DILUTE TO 74% FROM 100%

Source text: ID:nBSE8stVxm

Further company coverage: MAHM.NS

(([email protected];))

Adds Mahindra CEO comments in paragraphs 4, 8-9; shares in paragraph 6

Nov 13 (Reuters) - India's Mahindra & Mahindra MAHM.NS will form a life insurance joint venture with Canada's Manulife MFC.TO, expanding an existing 5-year old partnership, with both companies committing up to $400 million over the next decade.

The joint venture marks Manulife's entry into one of the world's fastest growing insurance markets, the size of which is projected to more than double to 25 trillion rupees ($125.15 billion) by 2030, according to a report by McKinsey and Insurance Brokers Association of India.

Despite robust industry growth, insurance penetration in the country is still low, especially in rural and semi-urban areas.

Only 2% of the country's life insurance branches are in India's rural areas, Mahindra said in a presentation.

For Mahindra, which already has a vast retail lending business through Mahindra & Mahindra Financial Services MMFS.NS, the foray marks a "logical extension", the company said.

The venture will deepen the partnership between the two companies, which began with the launch of Mahindra Manulife Investment Management in 2020.

The joint venture is expected to break-even in about 10-12 years, Mahindra Group CEO and Managing Director Anish Shah told investors on a call, adding operations would begin in 15 to 18 months.

Each firm will invest $140 million in the first five years, they said on Thursday.

Shares of Mahindra traded 0.7% lower as of 11:37 a.m. IST.

Mahindra will fund the joint venture through its financial services arm and allocate one-third of the dividend it receives from Mahindra & Mahindra Financial Services MMFS.NS for the business, Shah said.

The company will apply for an insurance licence in the next two to three months, he said.

($1 = 87.8950 Indian rupees)

(Reporting by Kashish Tandon, Ananta Agarwal and Meenakshi Maidas in Bengaluru; Editing by Mrigank Dhaniwala and Ronojoy Mazumdar)

(([email protected];))

Nov 12 (Reuters) - Manulife Financial Corp MFC.TO:

• MANULIFE AND MAHINDRA AGREE TO ESTABLISH 50:50 LIFE INSURANCE JOINT VENTURE IN INDIA

• MANULIFE FINANCIAL CORP - CAPITAL COMMITMENT FROM EACH SHAREHOLDER UP TO $400 MILLION

• MANULIFE FINANCIAL CORP - CO AND MAHINDRA TO APPLY FOR INSURANCE LICENSE

Source text: ID:nPn7b3gp8a

Further company coverage: MFC.TO

Nov 4(Reuters) - Indian automaker Mahindra & Mahindra MAHM.NS reported a nearly 18% rise in second-quarter profit on Tuesday, driven by steady demand for its high-margin sport-utility vehicles and tractors along with strong exports.

Standalone profit after tax rose to 45.21 billion rupees ($514.4 million) from 38.41 billion rupees a year earlier, the Scorpio SUV maker said.

($1 = 87.8950 Indian rupees)

(Reporting by Kashish Tandon and Meenakshi Maidas in Bengaluru; Editing by Subhranshu Sahu)

(([email protected]; +91 8921483410;))

Adds exec comments from media call in paragraphs 7-9

By Kashish Tandon and Meenakshi Maidas

Oct 30 (Reuters) - Hyundai Motor India HYUN.NS said it is on track to exceed its export targets for fiscal year 2026, adding heft to the carmaker's efforts to build the country as its global export hub, while also beating second-quarter profit views on Thursday.

The automaker, India's third-largest by sales and second-largest by exports, plans to make the country a global export hub, targeting 30% of local output for overseas markets by 2030.

While domestic demand remained sluggish in the quarter, echoing a broader slowdown in India’s auto sector, exports remained a bright spot, surging 21.5% from a year earlier.

"Our strong export performance is set to surpass FY26 targets," MD Unsoo Kim said in a statement. Hyundai had aimed for 7–8% export growth this fiscal, with the Middle East and Africa among key markets.

Shares of the company rose 2.4% after the earnings report.

The company sees further room to grow its SUV share in the country, helped by government's tax reforms, incoming MD and CEO Tarun Garg said in a post-earnings call.

Garg said rural demand was improving, boosted by the tax reforms, with SUVs' contributions from rural markets slightly higher compared to urban this quarter.

Hyundai is also stepping up cost-saving measures as expenses from its new Pune plant are expected to weigh on near-term margins, Kim said, without specifying the initiatives.

The Indian unit of South Korea's Hyundai Motor 005380.KS reported a 14.3% rise in consolidated profit to 15.72 billion rupees (nearly $179 million) for the quarter, beating analysts' estimates of 14.95 billion rupees, per data compiled by LSEG.

SUVs, which carry higher margins, made up 71% of Hyundai's total sales volume, up from 69% a year earlier.

Hyundai had announced a $5 billion investment over five years to expand its India portfolio with hybrids, EVs, and its luxury brand Genesis.

($1 = 87.8950 Indian rupees)

(Reporting by Kashish Tandon and Meenakshi Maidas in Bengaluru; Editing by Harikrishnan Nair)

(([email protected]; Mobile: +91 8800437922))

Oct 17 (Reuters) - Mahindra and Mahindra MAHM.NS:

• EMBRAER AND MAHINDRA SIGN AGREEMENT FOR C-390 MILLENNIUM

Source text: ID:nNSE45B2Dc

Further company coverage: MAHM.NS

(([email protected];))

Adds details paragraph 2 onwards

Oct 7 (Reuters) - Indian dealers' auto sales grew 5.2% year-on-year in September, with upbeat growth across two-wheelers and passenger vehicles, as tax cuts boosted demand during the festive season, the Federation of Automobile Dealers Associations said on Tuesday.

While sales were muted in the first three weeks of September, they surged after September 22, when the revised goods and services tax rates took effect, the auto dealers association said.

Two-wheeler sales climbed 6.5% from a year earlier, while passenger vehicle sales grew 5.8%.

Dealers posted record high sales during the nine-day Navratri festival, the association said, with a 34% year-on-year jump during the period, as a wave of new customers entered showrooms and existing ones upgraded their vehicles, taking advantage of lower taxes and festive schemes.

The auto dealers body expects an above-normal monsoon, strong harvest, and steady lending rates to boost purchasing power of consumers, driving demand.

It also expects "peak sales" during the Diwali festival in October, when Indians typically tend to make high-value purchases.

(Reporting by Kashish Tandon in Bengaluru; Editing by Mrigank Dhaniwala and Ronojoy Mazumdar)

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