Mahindra & Mahindra Limited has announced the execution of a joint control agreement with Tech Mahindra Limited over Tech Mahindra Foundation (TMF) to strengthen and align their Corporate Social Responsibility initiatives. The agreement was signed on January 9, 2026 at 3:21 p.m., marking a strategic collaboration between the two Mahindra Group companies.

Joint Control Structure

Under the new arrangement, both Mahindra & Mahindra and Tech Mahindra Limited will have equal representation on the Board of Directors of Tech Mahindra Foundation. This joint control mechanism is designed to align CSR strategies and maximize the impact of their social responsibility efforts.

About Tech Mahindra Foundation

Tech Mahindra Foundation is a not-for-profit company originally incorporated under Section 25 of the Companies Act, 1956, corresponding to Section 8 of the Companies Act, 2013. The foundation operates extensively across multiple social impact areas:

• Education initiatives and programs
• Employability and skill development
• Disability support and inclusion
• Corporate volunteering programs

TMF was previously a wholly owned subsidiary of Tech Mahindra Limited, which is a listed associate of Mahindra & Mahindra.

Regulatory Compliance and Impact

Following the execution of this agreement, Tech Mahindra Foundation has been classified as an associate of Mahindra & Mahindra as per the Companies Act, 2013. The company has fulfilled its disclosure obligations under Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

The restructuring does not involve any changes in the shareholding patterns of Mahindra & Mahindra, Tech Mahindra Limited, or Tech Mahindra Foundation. Additionally, no specific benefits to promoters or promoter group companies have been identified from this proposed restructuring.

Strategic Alignment

This joint control arrangement represents a strategic move to consolidate and enhance the social impact initiatives of both companies. By combining their CSR efforts under a unified governance structure, the companies aim to create more effective and far-reaching social programs while maintaining operational efficiency in their philanthropic activities.

Mahindra & Mahindra delivered strong December performance with significant year-on-year growth in sales and production volumes, while facing a decline in export shipments. The automaker released its monthly business update on January 9, showcasing continued momentum in domestic operations.

December Performance Highlights

The company's December metrics demonstrate robust domestic market performance across key operational areas:

The December performance reflects continued momentum in domestic volumes alongside moderation in overseas shipments, highlighting the company's strong position in the Indian market while facing challenges in international operations.

Electric Vehicle Expansion

Mahindra unveiled electric variants of the XUV 3XO on January 6, expanding its electric vehicle portfolio in response to customer feedback. The electric version features a 39.4 kWh battery configuration and offers a real-world range of up to 285 km.

The company added the electric option to its fastest-selling SUV after receiving strong customer feedback seeking an electric powertrain alternative. Buyers were specifically requesting an electric variant for the popular XUV 3XO model, alongside the existing petrol and diesel options.

Strategic Product Development

The addition of electric variants aligns with Mahindra's broader product strategy, as demonstrated through its comprehensive approach to meeting diverse customer preferences. The move represents a direct response to market demand for electric vehicle alternatives within established model lineups.

The electric XUV 3XO launch complements the company's strong December operational performance, positioning Mahindra to capitalize on both conventional and electric vehicle market segments. This strategic expansion supports the automaker's efforts to address evolving customer preferences while maintaining its market leadership position.