Mahindra & Mahindra Ltd.

Mahindra & Mahindra’s (M&M) subsidiary - Mahindra Automobile Distributor (MADPL), is considering a scheme of arrangement whereby it may demerge its automotive business into the company. The board will meet on November 29, 2011 to consider, discuss and transact the business.

Recently, M&M was eyeing an acquisition opportunities in the farm equipment segment in South Korea. The company currently sells tractor in the US under the Mahindra brand and these tractors are sourced from South Korean tractor manufacturer, Tong Yang Moolsan Company. The company was also planning at sourcing other farm equipment products from South Korea to sell in other markets as well.

The company’s net profit after tax for the quarter has marginally declined by 2.78% of Rs 737.38 crore as compared to Rs 758.49 crore for September quarter of the year 2010. The company’s total income has increased by 34.75% at Rs 7592.14 crore for Q2FY12 as compared to Rs 5634.13 crore for the corresponding quarter of the previous year.