Mahindra group to pump in $1bn in US over next 5 years
Diversified Mahindra group plans to invest $1 billion across business verticals in the US over the next five years as it aims to double revenues from the American market to $5 billion.
The Mumbai-headquartered group, which currently employs around 3,000 people in the country, also plans to double the headcount over the next five years as it looks to expand operations.
“We have so far invested around $1 billion in the US among all the businesses and we should invest another billion over the next five years,” Mahindra & Mahindra Managing Director Pawan Goenka told the news agency here in an interview.
The quantum of investment, however, would depend on various factors like market conditions and success of various projects that are currently underway in the US, he added.
Elaborating on various strategic projects, Goenka said the company has bid for a US postal service contract and if it comes through it would help the company grow exponentially in the country.
When asked about the group’s ambitions in terms of revenues in the US, Goenka said: “In the next five years, we are targeting doubling revenue to about $5 billion.”
The $19 billion group currently generates around $2.5 billion from its seven business verticals in the US. The major group firms active in the country include IT major tech Mahindra and Mahindra USA which sells tractors and utility vehicles in the country.
When asked to elaborate on the factors that would help the company achieve desired results, Goenka said the growth would be led by various factors like the launch of a new off road vehicle by its arm Mahindra North America Technical Centre (MNATC) besides other group entities.
“The growth will be led by Mahindra USA where we intend to double revenues from $500 million to $1 billion in next five years and then there is Tech Mahindra,” he added.
Mahindra is also looking at doubling its manpower in the country over the next five years.
“Mahindra currently employs more than 3,000 locals in the US and as things are going we are going to double that over the next 4-5 years,” Goenka said.
- SAT stays Sebi order of winding up Sahara MF 21 Apr 2018 | Pioneer
- Forex reserves at life-time high of $426.082 billion 21 Apr 2018 | PTI
- Coal add‚Äôl secy Suresh Kumar likely to be acting chairman of Coal India 21 Apr 2018 | PNS
- Sebi proposes to cut listing time for public issue of debt securities 21 Apr 2018 | PNS
- Markets end flat as RBI minutes weigh; post 4th weekly rise 21 Apr 2018 | Pioneer
- TCS m-cap nears $100 bn; investors richer by Rs 41,301 cr 21 Apr 2018 | PTI
- Saudis see oil price on rise as Trump blasts OPEC 21 Apr 2018 | Agencies
- PNB claims expected recovery of Rs 1,800 cr from ‚ÄėMission Gandhigiri‚Äô 21 Apr 2018 | IANS
- Petrol prices rise to nearly 5-yr high 21 Apr 2018 | PNS
- Business Corner 21 Apr 2018 | Pioneer
Sunday EditionView All
15 Apr 2018 | Staff Reporter | New Delhi
Lieutenant Governor Anil Baijal on Saturday inspected Anand Vihar ISBT area and reviewed issues related to traffic, parking, encroachment and sanitation. He directed Delhi Integrated Multi-Modal Transit System Ltd (DIMTS) and East Delhi Municipal Corporation to remove all unauthorised encroachments near the entry point of Anand Vihar ISBT and surrounding footpaths to facilitate easy movement of pedestrians...
STATE EDITIONSView All
21 Apr 2018 | Mukesh Ranjan | Ranchi
Billed as a test run for the Lok Sabha and Assembly elections slated next year, the BJP captured major chunk of top seats in 34 urban local bodies, including five municipal corporations in the State, Ranchi, Hazaribagh, Adityrapur, Giridih and Medininagar, elections for which were held on April 16. The outcome demonstrated that that the urban voters have reposed faith in the BJP, the ruling party in the State...