| Mahindra & Mahindra announced that the company currently operates in Mexico through various channels including the distributor channel wherein it continues to operate, sell and service its products including tractors and other farm machinery. The company's sale of tractors in Mexico has increased by CAGR of 41% over the last 3 years ending FY 2023.
The company, through its wholly owned subsidiary Mahindra USA Inc. (MUSA) has a step-down subsidiary Mahindra Mexico S. De. R. L. (Mahindra Mexico) which has been non-operating for over two years. As a part of the organisational structure simplification, Mahindra Mexico had filed for voluntary liquidation.
MUSA has today intimated to the Company at 12.57 p.m. that the voluntary liquidation of Mahindra Mexico, has received final approval by the Members of Mahindra Mexico effective 28 March 2024.
Consequent to the above, Mahindra Mexico has ceased to be a subsidiary of MUSA and that of the company with effect from 28 March 2024.
Upon liquidation of Mahindra Mexico, MUSA is entitled to receive approximately MXN 3.8 million (equivalent to Rs 1.82 crore) as distribution towards 99.99% of shareholding held by MUSA in Mahindra Mexico. |