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Do we like Mahindra?

Indian conglomerate making SUVs, tractors, EVs and more; based in Mumbai, India

Our score: 6 out of 10. A big, mostly mainstream carmaker and tractor maker with a real EV push and net-zero goal. Its legal record is patchy but not alarming. We'd cautiously back it.

Mahindra is a huge Indian group, best known for SUVs and tractors. Anand Mahindra moved to non-executive chairman in 2021. Anish Shah became the first professional MD and CEO to run the whole group's business.

On the green side, the group says it will be net zero by 2040 and leans on EVs. Reuters reported a plan to put about $1.4bn into EVs over three years, though it also planned more spending on petrol and diesel vehicles.

There have been run-ins with regulators. India's competition regulator fined Mahindra Rs 292.25 crore over spare parts and after-sales practices. The company said it would challenge it, and the Supreme Court stayed the order, according to its annual report.

Other issues are smaller. The RBI fined its finance arm ₹11.5 lakh over Fair Practices Code norms, and a few tax penalties have turned up. In the US, dealers sued over a delayed truck launch, which Mahindra denied. Overall: decent, not squeaky clean.

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