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Newly appointed MD of M&M Anish Shah says 'Mahindra & Mahindra may apply for Banking Licence

Newly appointed MD of M&M Anish Shah says 'Mahindra & Mahindra may apply for Banking Licence

    Newly appointed MD of M&M Anish Shah says 'Mahindra & Mahindra may apply for Banking Licence

05 Apr, 2021

Anish Shah, the Managing Director, and CEO of Mahindra & Mahindra (M&M) said the conglomerate could look at applying for a banking license.

"We feel that from a governance standpoint, we will meet all the criteria that are laid out for us," he told The Economic Times.

"The Mahindra Group does not borrow from Mahindra Finance today. If anything, we actually lend to Mahindra Finance sometimes when required and we put in the capital earlier this year as well," Shah said.

However, the conglomerate has not yet decided whether it will acquire a state-run bank or a private bank, he told the paper.

Shah also said Mahindra Logistics will evaluate potential acquisitions but has not yet made a decision on Concor.

There is no reshuffling of senior management taking place at the company, the M&M CEO said. Shah took over as the head of M&M on April 2, 2021, succeeding Pawan Goenka.

"There is no rejig that's happening. Our team is in place. We have a very strong team," he told the publication.

Shah also said the company is exploring ways to expand the Mahindra Holidays business.

"What we're looking at is how we can expand that business significantly because the core is working very well," he said.

Shah also spoke to The Economic Times about Mahindra's global ambitions.

"If the question is, are we going to make global acquisitions of other companies, the answer is no. Are we going to look at the technology that helps us build better vehicles in India and partnerships that help us go global as a result of that, the answer is yes."

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ESCORTS SOLD 1,06,741 TRACTORS IN FY21, UP BY 24.1 PERCENT YOY                      

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