Mahindra & Mahindra Ltd. (M&M) and The Manufacturers Life Insurance Company (Manulife) have entered into a joint venture agreement to establish a 50:50 life insurance company in India, subject to regulatory approval. The Board of Directors of M&M approved the agreement on November 12, 2025, marking a significant step in the company's expansion into the insurance sector.

Key Details of the Joint Venture

• Ownership Structure: Each company will hold 50% of the paid-up share capital of the joint venture company (JVCo).
• Capital Commitment: Both parties have agreed to commit up to Rs 3,600.00 crores over the first ten financial years.
• Initial Investment: Expected investment of Rs 1,250.00 crores each in the first 5 years.
• Business Focus: Life insurance and related activities, targeting both rural and urban markets.
• Distribution Strategy: Leveraging Mahindra's distribution network for rural and semi-urban areas, and Manulife's agency capabilities for urban customers.
• Board Representation: Both companies will have the right to nominate 2 directors each to the board of the JVCo.

Market Opportunity and Strategy

The joint venture aims to capitalize on India's rapidly growing life insurance market, which has surpassed US$20.00 billion in new business premiums and has been growing at a 12% CAGR over the past five years. Despite this growth, India continues to have a high protection gap and low insurance penetration, presenting significant long-term growth potential.

Dr. Anish Shah, Group CEO & Managing Director of Mahindra Group, stated, "Mahindra brand strength, deep distribution capabilities in rural and semi-urban India and execution excellence make life insurance a logical extension towards our goal of building a comprehensive financial services portfolio."

Mr. Phil Witherington, President and CEO of Manulife, added, "Today marks an important milestone as we seek to enter one of the world's fastest growing insurance markets – India. This will further strengthen our diverse portfolio and positions us for tremendous growth in a mega economy of the future."

Regulatory and Corporate Governance

The joint venture agreement was executed on November 12, 2025, at 11:40 p.m. (IST). The formation of the JVCo is subject to regulatory approvals and will be incorporated as a public limited company under the Companies Act, 2013.

M&M has disclosed that while Manulife is not related to its promoter or promoter group, it is considered a related party through its subsidiaries. The company has assured that all transactions arising from the joint venture agreement will be conducted at arm's length.

Investor Relations and Future Outlook

Following the announcement, M&M has scheduled several investor meetings, including participation in the CLSA 28th India Forum 2025 and the Goldman Sachs Annual India CIO Conference. These events provide an opportunity for the company to discuss its strategic move into the life insurance sector with analysts and institutional investors.

The joint venture builds on the existing collaboration between Mahindra and Manulife, following the launch of Mahindra Manulife Investment Management in 2020. With India positioned to become the world's fastest-growing life insurance market over the next decade, this partnership aims to create long-term value by focusing on customer-centricity and leveraging new technologies in the insurance sector.

As the companies work together to apply for an insurance license, the market will be watching closely to see how this joint venture unfolds and its potential impact on India's evolving insurance landscape.

Mahindra & Mahindra Limited, a leading Indian multinational automotive manufacturing corporation, has completed a significant transfer of equity shares to its employees under its Employee Stock Option Scheme. The company made this announcement on November 10, 2025, in compliance with listing undertakings to multiple stock exchanges.

Details of the Share Transfer

The transfer involved the Mahindra & Mahindra Employees' Stock Option Trust transferring shares to stock option grantees who had exercised their options. Here are the key details of the transfer:

• Date of Transfer: November 10, 2025
• Total Number of Shares Transferred: 51,040
• Number of Grantees: 113

Top Recipients of Shares

While the transfer benefited 113 employees, some received a significantly larger number of shares. Here are the top five recipients:

Regulatory Compliance

Mahindra & Mahindra demonstrated its commitment to transparency by promptly informing multiple stock exchanges about these transfers. The notifications were sent to:

• National Stock Exchange of India
• BSE Limited
• Luxembourg Stock Exchange
• London Stock Exchange

This action aligns with the company's obligations under various listing agreements and underscores its adherence to corporate governance standards.

Implications of the Share Transfer

The transfer of shares under the Employee Stock Option Scheme serves multiple purposes:

1. Employee Retention: It provides an incentive for key employees to remain with the company.
2. Alignment of Interests: By making employees shareholders, it aligns their interests more closely with those of the company and its other shareholders.
3. Performance Motivation: Stock options can serve as a motivator for employees to contribute to the company's success.

This move by Mahindra & Mahindra reflects a commitment to its human capital, recognizing the role employees play in the company's growth and success.

As the automotive industry evolves, particularly with the shift towards electric vehicles and sustainable mobility solutions, retaining and motivating key talent becomes increasingly important. Mahindra & Mahindra's action in this regard may help position it to navigate the challenges and opportunities in the changing automotive landscape.