Mahindra & Mahindra has executed a Novation and Amendment Agreement with Manulife and Manulife Holdings (Bermuda) Limited, marking an important development in their joint venture arrangement for the life insurance business. The agreement was executed on 24 April 2026 at 12.44 p.m. under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Details

The novation agreement involves the complete transfer of rights, interests, and obligations from Manulife to its wholly owned subsidiary, Manulife Holdings (Bermuda) Limited. This transfer is in accordance with the original Joint Venture Agreement executed on 13 November 2025 for the incorporation of a joint venture company to carry on life insurance business and activities incidental or ancillary thereto.

Key Provisions

Pursuant to the agreement, Manulife has transferred, assigned, and novated all its rights, interests, and obligations under the Joint Venture Agreement to Manulife Bermuda. Manulife Bermuda has assumed all rights and obligations of Manulife under the JVA and shall be bound by the terms and conditions of the JVA. All other terms and conditions of the original Joint Venture Agreement remain unchanged.

The intimation regarding this development has been uploaded on the Company's website and has been communicated to the National Stock Exchange of India Limited (Scrip Symbol: M&M), BSE Limited (Scrip Code: 500520), Luxembourg Stock Exchange, and London Stock Exchange Plc.

Mahindra & Mahindra has demonstrated remarkable growth in its intellectual property portfolio, with its patent holdings expanding dramatically over the past decade. The automotive manufacturer has successfully increased its granted patents from 56 to 1334, representing a substantial 20-fold growth in its innovation assets.

Patent Portfolio Growth Overview

The company's intellectual property expansion showcases its commitment to research and development initiatives. This significant increase in patent grants indicates sustained investment in technological innovation and product development across various business segments.

Strategic Innovation Focus

The 20-fold increase in patent portfolio reflects Mahindra & Mahindra's strategic emphasis on innovation-driven growth. This expansion in intellectual property assets strengthens the company's competitive position in the automotive and related industries. The substantial growth in granted patents demonstrates the organization's ability to translate research investments into tangible intellectual property outcomes.

Industry Implications

The dramatic expansion of the patent portfolio from 56 to 1334 granted patents positions the company as an innovation leader in its sector. This intellectual property growth supports the manufacturer's long-term strategic objectives and enhances its technological capabilities across multiple business verticals.