India's Mahindra and Mahindra says no plans to split company into three (updated)

Pininfarina SpA

06/05/2022 14:40

(Updates with company statement, changes sourcing)
    May 6 (Reuters) - Automaker Mahindra And Mahindra Ltd
 MAHM.NS  said on Friday it had no plans to restructure the
company into three verticals, following a media report that said
the company was considering splitting up into an electric
vehicle (EV), a tractor and a passenger vehicle business through
a demerger process.
    The Economic Times newspaper had reported https://economictimes.indiatimes.com/industry/auto/auto-news/mahindra-group-likely-to-split-auto-business-into-3-units/articleshow/91359150.cms
 the Mahindra Group is also seeking funds for the EV unit and
will club it with Italian design house Automobili Pininfarina to
form a separate company, citing sources familiar with the
matter.
    "The company ...considers it necessary to clarify to the
stock exchanges that there are no plans to split the auto
business of the company into three units," the car maker said in
a filing https://www.bseindia.com/xml-data/corpfiling/AttachLive/c2ecc4b8-facb-4ea6-8337-c3cb9527a5bf.pdf
 to the exchanges.  
    

 (Reporting by Mrinmay Dey in Bengaluru;
Editing by Vinay Dwivedi and Rashmi Aich)
 ((Mrinmay.Dey@thomsonreuters.com;))