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Tech Mahindra to set up Centre of Excellence in Toronto; Invests C$100 Mn

23Feb By Sabhyata AgarwalNo Comments

BUSINESS

Tech Mahindra to set up Centre of Excellence in Toronto; Invests C$100 Mn

The Indian Multinational provider of IT, Tech Mahindra said that it would invest 100 million Canadian dollar over five years to set up a centre of excellence in artificial intelligence (AI) and block-chain. The news comes in light when the Prime Minister of Canada Justin Trudeau is visiting India with his family to promote enhanced bilateral collaboration between India and Canada. The company said that the investment is planned to focus on emerging technologies that are making innovations in industries. It further will serve to smart cities projects and fintech companies. Previously, Tech Mahindra had invested in startups working under the domain of automation, internet-of-things and artificial intelligence. The centre of excellence which will be set up in Toronto, would develop b...

Mahindra Group to invest $139 Million for Electric Vehicles in India

20Feb By Sabhyata AgarwalNo Comments

News

Mahindra Group to invest $139 Million for Electric Vehicles in India

Its not long since government announced its decision to not bring any separate policies for the electric vehicles. As the Electric Vehicles (EV) manufacturers and owners was hoping for the possibility of some added points in the existing policy, they were left a bit disappointed with the outcome. However looks like Mahindra & Mahindra Limited have taken an instance of trust and so have announced a $139 Mn investment in Electric Vehicles over the next four years. The Indian multinational manufacturer as taken such decision as a part of its expansion plans, and will invest $61.9 Mn (INR 400 Cr) in Karnataka and $77.4 Mn (INR 500 Cr) in Maharashtra. It has already invested $92.9 Mn (INR 600 Cr) in Electric automobile in the last five to six years. The current investment is expected ...

Ola and Mahindra Collaborated For EV Mass Mobility Ecosystem in Nagpur

26May By AdityaNo Comments

News

Ola and Mahindra Collaborated For EV Mass Mobility Ecosystem in Nagpur

On Friday, Ola along with Mahindra announced a joint venture programme to build an electric mass mobility ecosystem in Nagpur. Devendra Fadnavis, Chief Minister of Maharashtra, and Nitin Gadkari, Minister of Road Transport, Highways and Shipping, inaugurated the multi-modal electric vehicle project and Ola Electric charging station. This project brings vehicles across different segments and will include – e-cabs, e-buses, e-rickshaws, and e-autos on one platform. A press note sent by the company states that they already have over 100 of Mahindra’s e20 plus vehicles and the rest of the fleet will consist of vehicles sources from other OEMs including Tata Motors, Kinetic, BYD, and TVS amongst others. The electric charging station was unveiled within Nagpur’s airport complex. Ola has al...

Automobile Major Mahindra Wants Electric Cars Out From GST Tax

28Oct By NitishNo Comments

Automobile, News

Automobile Major Mahindra Wants Electric Cars Out From GST Tax

Automobile major Mahindra hopes that the proposed GST regime will not treat electric cars as luxury items and therefore, it should be taxed accordingly. "We hope that the upcoming GST regime will not treat electric cars as luxury items and will not be taxed at high rates," Mahesh Babu, CEO-designate of Mahindra Electric, told reporters here today. Launching the 'e2o Plus' hatchback electric car here today, he said that the initial cost of acquisition of such cars are very high, compared to conventional ones in the same category. "The cost price of an electric car is pretty steep even after passing on the special incentive given by the government to the buyer. But the cost of ownership is very low," Babu said. The sole automobile company manufacturing electric cars in India, has pr...

Mahindra Launches New Platform For Vehicle Auction

24Oct By Press Trust of IndiaNo Comments

News

Mahindra Launches New Platform For Vehicle Auction

Mahindra First Choice Wheels (MFCWL) today announced the launch of a platform that allows buyers to participate in traditional 'on the ground' used-car auctions via internet in real-time. The platform, True Time Bids will significantly improve efficiency of how vehicle auctions are conducted in India today, the company said in a statement. MFCWL ran a pilot project of True Time Bids with Kotak Bank prior to its launch. MFCWL Senior Vice President of e-Business B Ganeshkumar said: "The pilot launch of Truetimebids.com with Kotak has been extremely successful and we look forward to taking this platform to all our clients over the next few weeks. "Stating that the platform will fundamentally change the way vehicles are disposed at auctions, he added: "Our clients are continuously loo...

Mahindra Group Starts Using Internet-of-Things For Trucks & Tractors

22Oct By NitishNo Comments

News

Mahindra Group Starts Using Internet-of-Things For Trucks & Tractors

One of the largest tractor makers and commercial vehicle players in India, Mahindra Group has already started using the Internet-of-Things (IoT) project for placing sensors in its tractors and trucks for predicting possible breakdowns. According to the Strategy Head at the Group, Anish Shah, there will be sensors in tractors and trucks to predict failures of specific parts. There will be parts waiting for customers at service centres on the route subsequently. This will prevent breakdowns and time losses of drivers. The same technology can be applied for the automobile business too according to Shah. IoT facilitates sensor placement on machines and subsequent data collection for tracking and improving performance. The Mahindra Group has a stake in Cloud Leaf, a Silicon Valley start-up w...

Mahindra Group Invested in US Based Scoot Networks

28Jun By PriyankaNo Comments

FUNDING

Mahindra Group Invested in US Based Scoot Networks

Mahindra Partners, an entity of USD 900 million Mahindra groups private equity arm, today announced closing of a new round of funding in Scoot Networks, an urban mobility solutions provider based in San Francisco. With this deal, Mahindra Partners has now joined other investors including Vision Ridge Capital. This financing round closes simultaneously with Scoots significant network expansion supported by a brand new fleet of 500 Mahindra GenZe electric scooters, Mahindra Group said in a statement. Mahindra Group Chairman Anand Mahindra said, the partnership will provide a sustainable solution to the growing challenges associated with urban commuting like parking, congestion and pollution. "The GenZe 2.0 is designed to intelligently address these challenges by offering relevant and...

Mahindra Launched World's First Cloud Connected E Scooter Genze 2.0

12Jan By PriyankaNo Comments

News

Mahindra Launched World's First Cloud Connected E Scooter Genze 2.0

After years of development, Mahindra has launched GenZe 2.0 at CES 2016. GenZe 2.0 is world's first cloud-connected E-Scooter. We’ve been hard at work developing the GenZe 2.0, and turning this dream into a reality. Our team has buckled down to introduce the world to a viable solution to the congested commuting climate that has become standard in the US. In fact, 80% of car commutes are made while driving alone. We’re ready to merge into the GenZe lane – and it all starts with our first riders - Mahindra Said in a Press release. The GenZe 2.0 particularly an eye-catching product. it's a polished scooter, and it's remarkably easy to use. It has a low center of gravity thanks to the 30-pound battery that sits right below the seat, and it's extremely composed thanks to a solid suspensi...

Why these big Corporates like Reliance, Tata, Birla showing interest in startups now

17Sep By No Comments

News

Why these big Corporates like Reliance, Tata, Birla showing interest in startups now

One of Reliance Industries' offices in suburban Mumbai became unusually busy last week. The Reason: a second batch of 10 startups joined the country's largest private firm's four-month acceleration programme, run in partnership with Microsoft Ventures, to help them scale up operations through mentoring and infrastructure support in exchange of technology and ideas. A month ago, a similar initiative was launched by Aditya Birla Group, albeit at a smaller scale. Big Indian family business houses, some of which were still debating whether it's worth foraying into the digital space till about a year ago, are now busy chalking out and implementing strategies to join the digital economy and get leverage from the ongoing startup boom. If you look at the history of conglomerates in the last ...