Mahindra & Mahindra Ltd.
BSE: 500520 | NSE: M&M
Large Cap | Automobiles - Passenger Cars
3092.85
-66.50 (-2.10%) M&M’s arm acquires 50.02% stake in FGVL
Date: 28-01-2020Mahindra & Mahindra’s (M&M) step down subsidiary -- Mahindra First Choice Wheels (MFCWL) has acquired 50.02% of the Equity Share Capital of Fifth Gear Ventures (FGVL) and consequently FGVL has become a subsidiary of MFCWL.
MFCWL has acquired FGVL with the objective of expanding its presence in the digital automotive space and seamlessly integrating the online and offline user experience.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.