CHENNAI: Auto giant Mahindra and Mahindra on Wednesday announced a regrouping of its business verticals in the automobile sector and announced a new leadership team under its Managing Director Pawan Goenka.
Under the new structure, the firm now has a separate wing that will take care of all agriculture sector products, in addition to the two existing verticals -- Automotive and Farm Equipment, the Mumbai-based firm said in a regulatory filing with the BSE.
The firm has also announced a new leadership team, with the appointment of Rajan Wadhera as the President of its automotive business with effect from April 1 next year. Wadhera will take over from Pravin Shah, the current President and Chief Executive (Automotive), who is due to retire on March 31, 2017.
According to the firm, subsequent to the restructuring, the respective business heads have also been re-designated.Accordingly, Rajesh Jejurikar will now be the President of the Farm Equipment Sector and Ashok Sharma, the President of the Agriculture Sector.
All three sector presidents in their respective capacities will report to Managing Director Pawan Goenka. All changes will be effective April 1, 2017.
Mahindra Trucks and Buses and the Construction Equipment businesses will now be an integral part of the Automotive sector and will report to Wadhera, M&M said.
The move comes in the wake of Pawan Goenka taking over as Managing Director of M&M in November, In most multi-sector groups in India, the holding company and operating companies are different. In Mahindra’s case, however, both are the same.
As of Wednesday, sources said that the new scheme of things will see Goenka steer the operations at M&M and that of its associate companies in the automotive and farm equipment sectors.
Anand Mahindra, Chairman, will continue to be responsible for the growth strategies at M&M and the portfolio of investment.