Founded in 1945 as a steel trading company, we entered automotive manufacturing in 1947 to bring

the iconic Willys Jeep onto Indian roads. Over the years, weve diversified into many new businesses in
order to better meet the needs of our customers. We follow a unique business model of creating
empowered companies that enjoy the best of entrepreneurial independence and Group-wide synergies.
This principle has led our growth into a US $16.2 billion multinational group with more than 155,000
employees in over 100 countries across the globe.

Today, our operations span 18 key industries that form the foundation of every modern
economy:aerospace, aftermarket, agribusiness, automotive, components, construction equipment,
consulting services, defense, energy, farm equipment, finance and insurance, industrial
equipment, information technology, leisure and hospitality, logistics, real estate, retail, and two wheelers.

Our federated structure enables each business to chart its own future and simultaneously leverage
synergies across the entire Groups competencies. In this way, the diversity of our expertise allows us to
bring our customers the best in many fields.

Since 1945, weve built our company around the core idea that people will succeed if they are
just given the opportunity. Employees across the Group constantly challenge conventional thinking to
create solutions that make a significant difference in the lives of our customers. Thats why everything we
buildbe it a tractor, financial service, solar-powered lamp, or softwareis designed to empower you to
reach your potential.

Internally, we follow three basic tenetsaccepting no limits, thinking alternatively, and driving positive
change in everything we do. These brand pillars guide all our actions and business decisions from
deciding whether or not to enter a new field or planning a portfolio of services.

We hope youll take what we do and make it your own.

We accept no limits, and ask the same of everyone else. In return, we work relentlessly to
provide the tools, information, and inspiration to push past limitations and comfort zones.
This challenger spirit galvanized us to meet the oil crisis in the 1970s by re-engineering our fuel efficient
tractor engines for utility vehicles. It led us to take on the challenge of designing the Scorpio utility vehicle
at a cost that many industry experts thought was impossibly low. Weve created completely new business
models to enter areas others had written off or ignored, like our leading hospitality business and our rural
financial services. And we just registered our highest ever profits despite the worst global recession since
the Great Depression.

This determination influences every aspect of our culture and our employees. As a result, each Mahindra
business constantly pushes the envelope and raises the bar as we strive to deliver better value to our
customers.

Alternative thinking means solving problems in ways no one has thought of before,by using
fewer resources and entering markets thought to be unreachable.

Take the Scorpio for examplewe developed our best-in-class utility vehicle from the ground up using a
process that put drivers needs first. Our Energy Solutions help businesses keep going when everyone
elses lights go out. We build two wheelers that provide affordable mobility solutions to more people. And
our extensive array of innovative IT services are increasing productivity at some of the worlds leading
companies.

Thinking alternatively isnt always easy, but its always worth it.

Mahindra is a business with a conscience. Every product we make and each market we explore
must make sound economic sense, but it just so happens that smart business decisions are often good
for people and communities as well.

We strive to spread positive impact through our products and services by greening our manufacturing
process and by being a good employer. We want to be counted among the global companies that make
incredible products and services, but we also wish to be recognized for creating a better world.

From building green homes with the most eco-friendly materials to providing loans to rural entrepreneurs,
from designing goods carriers that run on compressed natural gas (CNG) to offering educational
programs and supporting Indian theater, we strive to make a positive impact on all the lives we touch.
Purpose and Value

Our motivation to give our best every day comes from our core purpose: we will challenge
conventional thinking and innovatively use all our resources to drive positive change in the lives of our
stakeholders and communities across the world, to enable them to Rise.

Our products and services support our customers ambitions to improve their living standards; our
responsible business practices positively engage the communities we join through employment,
education, and outreach; and our commitment to sustainable business is bringing green technology and
awareness into the mainstream through our products, services, and light-footprint manufacturing
processes.

This commitment to sustainabilitysocial, economic, and environmentalrests upon a set of core

values. They are an amalgamation of what we have been, what we are, and what we want to be. These
values are the compass that guides our actions, both personal and corporate. They are:

Good corporate citizenship

We will continue to seek long term success in alignment with the needs of the communities we serve. We
will do this without compromising on ethical business standards.

Professionalism

We have always sought the best people for the job and given them the freedom and the opportunity to
grow. We will continue to do so. We will support innovation and well reasoned risk taking, but will
demand performance.

Customer first

We exist and prosper only because of the customer. We will respond to the changing needs and
expectations of our customers speedily, courteously and effectively.

Quality focus
Quality is the key to delivering value for money to our customers. We will make quality a driving value in
our work, in our products and in our interactions with others. We will do it 'First Time Right.'

Dignity of the individual

We will value individual dignity, uphold the right to express disagreement and respect the time and efforts
of others. Through our actions, we will nurture fairness, trust, and transparency.

We have always believed that ethics and good governance coupled with vision and grit are
fundamental to being a successful business, and our leadership team embodies these beliefs.

Youll find many interesting personalities here; people that have helped shape the evolution of our
businesses and continue to guide our destiny. Youll come across achievements and awards that we
believe are merely a by-product of the work that we do.

Were proud that our people drive change and lead from the front.

For over six decades, Keshub Mahindra has enabled Mahindra and its people to rise. A graduate
of Wharton University Pennsylvania, USA he joined Mahindra & Mahindra in 1947 and became
Chairman in 1963. Although he stepped down from the chairmanship in 2012, he continues to be involved
with the activities of the company today and has literally been the backbone of the company.

Keshub is a well-known philanthropist who has redefined good corporate governance. From building
ethical corporate organizations in India to serving on prestigious boards and committees, Keshubs
immense contribution to Indian business has established him as an inspirational business leader and an
iconic corporate citizen. He was been appointed by the Government of India to serve on many
Committees including the Sachar Commission on Company Law & MRTP and the Central Advisory
Council of Industries. In 1987, he was awarded the Chevalier de lOrdre National de la Legion d'Honneur
by the French Government. From 2004 to 2010, Keshub was a Member of the Prime Ministers Council
on Trade & Industry, New Delhi.

Most recently, in 2013, he was honored by SIAM/ACMA for his valuable contribution to the Indian
Automotive Industry in India. In 2012, he was felicitated by the Federation of Automobile Dealers
Association (FADA), an apex national body representing Automobile Dealers in India, with a Lifetime
Contribution Award and he was also awarded the Lifetime Achievement Award by the Employers
Federation of India (EFI).
 Keshub is a member of the Apex Advisory Council of ASSOCHAM and is President Emeritus of the
Employers Federation of India. He also served as the President of the Governing Council of the
University of Pennsylvania, Institute for the Advanced Study of India, New Delhi. He is an Honorary
Fellow of the All India Management Association, New Delhi, and a Member of the Council of the United
World Colleges (International) in the United Kingdom.

He is presently amongst others on the Board of Directors of the following companies:-

Chairman, Mahindra Ugine Steel Co. Limited

Chairman of the Board of Governors, The Mahindra United World College of India
Chairman, Tech Mahindra Foundation
Chairman, Mahindra Holdings Limited
Vice-Chairman, Housing Development Finance Corp. Ltd.
Director, Bombay Burmah Trading Corporation Limited
Director, Bombay Dyeing & Manufacturing Co. Limited
Director, Indian Institute for Human Settlements

He has also served on several Boards and Councils in both the private and public domain, including SAIL,
Tata Steel, Tata Chemicals, Indian Hotels, IFC and ICICI. Mr. Mahindra was also the Founder Chairman
of HUDCO (Housing and Urban Development Corporation Limited).

He is a Member of the following organizations & committees:

Apex Advisory Council ASSOCHAM

Founder Member, Indo-Hellenic Friendship League
Founder Member, Governing Council, Integrated Research & Action for Development (IRADe)
New Delhi
President, Centre for Research in Rural & Industrial Development Society, Chandigarh
Chairman, Governing Body, Centre for Research in Rural & Industrial Development, Chandigarh
President Emeritus, Employers Federation of India
Deputy Chairman & Trustee, Employers Federation of India, Social & Labor Research (SOLAR)
Foundation.
Hon. Fellow, All India Management Association, New Delhi.
Member of Council, The United World Colleges (International) U.K
Member, Sachar Commission on Company Law & MRTP

Positions held by Keshub Mahindra: A Timeline

1966-67 President, Bombay Chamber of Commerce & Industry

1969-70 President, ASSOCHAM
1991-92 President, Indo-American Society
1978-95 President, M.V.I.R.D.C. - World Trade Centre
1975-85 Chairman, Indian Institute of Management, Ahmedabad
1971-75 Chairman, Housing & Urban Development Corp. Ltd.
1984-89 Member of the Foundation Board - International Management Institute, Geneva
1986-96 Hon. Member, Business Advisory Council - International Finance Corporation,
Washington
1983-97 Member, International Council - Asia Society, New York
1998-2005 Chairman, India Nominating Committee Single Nation Programme Eisenhower
Exchange Fellowships, U.S.A.
2004-2010 Member, Prime Ministers Council on Trade & Industry, New Delhi
1995-2011 President of the Governing Council of the University of Pennsylvania, Institute for the
Advanced Study of India, New Delhi.

Spearheading social causes:

 Chairman, Mahindra Foundation
Chairman, Board of Trustees Population First
Chairman, Bombay First, Health & Environment Committee
Chairman & Trustee, K.C. Mahindra Education Trust
Chairman & Founder Trustee, Bombay City Policy Research Foundation
Vice-President, National Society for Clean Cities
Member, Governing Board United Way of Mumbai
Member of the International Advisory Board, University of Pennsylvania, Center for the Advanced
Study of India, Philadelphia.
Member of the Governing Body/Founding/Life Member of University of Pennsylvania, Centre for
the Advanced Study of India, New Delhi
Member, Governing Board Bombay First
Hon. Member, Rotary Club of Bombay
Vice-President, National Society for Clean Cities from 1972-2002
Member of the Governing Body, HelpAge India from 2000-2004
Member of the Board of Governors, Bharat Shiksha Kosh from 2002-2005.
Director, Pratham India Education Initiative from 2003-2008.

Recipient of the following prestigious awards:

1972-82 Giants International Business Leadership Award

1980 NIF-Mody Enterprises Man of the Year Award
1983 Madras Management Association Business Leadership Award
1985 Companion - British Institute of Management
1987 Chevalier de lOrdre National de la Legion d'Honneur
1989 Business India - Businessman of the Year, India
1990 Honorary Fellowship of All India Management Association
1992 Rotary Award for Vocational Excellence
1992 Shiromani Award
1993 Vikas Jyoti Award for Outstanding Services, Contribution & Achievements
1994 FIE Foundation - Rashtra Bhushan Award
1994 The Sir Jehangir Ghandy Medal for Industrial Peace - XLRI, Jamshedpur
1996 Rotary Vocational Excellence Award in the field of Industry
1998 IMC Diamond Jubilee Endowment Trust Award
2000 Motorindia Automan Award
2000 Dadabhai Naoroji International Award for Excellence & Lifetime Achievement
2003 All India Management Association Lifetime Achievement Award for Management
2004 Award from Overdrive for Excellence in the Indian Automotive Hall of Pride
2004 Institute of Company Secretaries of India (ICSI) Lifetime Achievement Award for Excellence
in Corporate Governance
2005 Qimpro Platinum Standard Statesman for Quality Business Award
2006 Lakshya Business Visionary Award NITIE
2007 Indian Business School (IBS) Kolkata Lifetime Achievement Award presented by the
Institute of Chartered Financial Analysts of India (ICFAI).
2007 Ernst & Young Entrepreneur of the Year Lifetime Achievement Award
2008 Society of Indian Automobile Manufacturers (SIAM) Award for Lifetime Contribution to
the Automotive Industry
2008 CNBC TV 18 India Business Leaders Lifetime Achievement Award 2008
2009 ACMA Lifetime Achievement Award
2009 Economic Times Lifetime Achievement Award
2012 Federation of Automobile Dealers Associations Lifetime Contribution Award
2012 Employers Federation of India (EFI) Lifetime Achievement Award
2013 Citation of honour from SIAM/ACMA for valuable contribution to the Indian
Automotive Industry in India
 Anand Mahindra chairmab and md started off at Mahindra in 1981 when he joined Mahindra
Ugine Steel Co (MUSCO), a major producer of specialty steels, as Executive Assistant to the Finance
Director. In 1989, he was appointed President and Deputy Managing Director of the company.

While at MUSCO, Anand spearheaded Mahindras growth and diversification into new business areas like
real estate and hospitality management. In 1991, he was appointed Deputy Managing Director of
Mahindra & Mahindra, the countrys leading producer of tractors and off-road vehicles. He initiated a
comprehensive change program to make the company an efficient and aggressive competitor in the new
liberalized economic environment in India. He became a Managing Director in 1997, and was promoted to
Vice Chairman in 2003. He was appointed Chairman of the board in 2012.

A few of the boards and committees that Anand serves on are:

Harvard Business School Association of India Cofounder and Asia/Pacific Advisory Board
National Sports Development Fund (NSDF), Government of India Council and Executive
Committee
India Council for Sustainable Development

Anand has received a great many awards over the years. Some of these are:
Knight of the Order of Merit from the President of the French Republic
Harvard Business School Alumni Achievement Award 2008
Business Leader of the Year 2009 from the Economic Times
Top 25 Most Powerful Businesspeople in Asia from Fortune magazine, 2011

He takes a keen interest in education, and apart from being a Trustee of the K.C. Mahindra Education
Trust, which provides scholarships to students, he is also on the Board of Governors of the Mahindra
United World College of India. In 1996, he initiated the Nanhi Kali program to provide free education to
economically underprivileged girl children in India. He is also a Life Trustee on the Board of the Naandi
Foundation, a leader in providing academic support and daily meals to more than 1.3 million children in
government schools as well as providing agriculture and natural resource management knowledge to
small farmers across India.

Anand frequently shares his views and ideas on economics and business through his writings in various
business magazines. You can follow his personal views on Twitter athttp://twitter.com/anandmahindra.

Anand graduated magna cum laude from Harvard College, USA in 1977 and earned an MBA from the
Harvard Business School, USA in 1981. A strong believer in the power of liberal arts to shape the leaders
of the future, Anand gave an endowment of $10 million to the Harvard Humanities Center in 2010now
known as the Mahindra Humanities Center.

Anand enjoys world cinema, reading, listening to the Blues, sailing, and tennis. He lives in Mumbai with
his wife. They have two daughters

eet the people whose extraordinary efforts enable us to Rise.

Anand Mahindra Bharat Doshi
Chairman & Managing Director
Executive Director & Group CFO
Mahindra & Mahindra

Rajeev Dubey Pawan Goenka

President Group HR, Corporate President Automotive & Farm
Services, and Aftermarket Sector Equipment Sectors

Hemant Luthra Anoop Mathur

President Systech Sector President Two Wheeler Sector

S.P. Shukla Ulhas Yargop

President Group Strategy, Defense President Information Technology Sector & CTO, Mahindra
Sector, and Chief Brand Officer Group

Anita Arjundas Zhooben Bhiwandiwala

CEO Real Estate Sector and Managing Executive Vice President & Managing
Director, Mahindra Lifespace Developers Partner Mahindra Partners Division

S Durgashankar C.P. Gurnani

Executive Vice President - Mergers & Chief Executive Officer Mahindra
Acquisitions Satyam

Ruzbeh Irani Ramesh Iyer

Chief Executive International Managing Director Mahindra &
Operations, Automotive & Farm Mahindra Financial Services and CEO
Equipment Divisions Financial Services Sector

Rajesh Jejurikar Romesh Kaul

Chief Executive - Tractor and Farm Global CEO Gears Business, Systech
Mechanisation Sector
Harsh Kumar Yoo-il Lee
Managing Director Mahindra Intertrade President & CEO, Ssangyong Motor
& Mahindra Steel Service Centre Company

V.S. Parthasarathy
Group CIO, EVP Group M&A, Finance K Ramaswami
and Accounts, Managing Director, Mahindra Forgings
Member of the Group Executive Board

Rajiv Sawhney
Pravin Shah
CEO, Mahindra Holidays & Resorts India
Chief Executive Automotive Division
Ltd.

Rajan Wadhera
Ashok Sharma
Chief Executive Technology, Product
Chief Executive - Auto & Farm Strategy,
Development and Sourcing, Automotive &
Agri and Allied Business
Farm Equipment Sectors

Mahindra and an independent India began their rise together. In 1945, two enterprising brothers
named J.C. Mahindra and K.C. Mahindra joined forces with Ghulam Mohammed and started Mahindra &
Mohammed as a steel company in Mumbai. Two years later, India won its independence, Ghulam
Mohammed left the company to become Pakistans first finance minister, and the Mahindra
brothers ignited the company's enduring growth with their decision to manufacture Willys jeeps in
Mumbai. The companys new name - Mahindra & Mahindra, of course.

The Mahindra brothers believed that new modes of transportation could be a key to Indias prosperity, so
one of their first goals was to build rugged, simple vehicles capable of tackling the Indian terrain. Early
pioneers of globalization, the brothers collaborated with a wide range of international companies and
before long, Mahindras reach extended to steel, tractors, telecom, and more.

Now, after 65 years, Mahindra has grown from a humble local outfit to a US $16.2 billion corporation
employing more than 155,000 people around the world. Its been quite an adventure so far, and were
proud of our global leadership in utility vehicles, tractors, and information technology, as well as our
significant presence in financial services, leisure and hospitality, engineering, trade, and logistics. As we
accelerate into the 21st century, well continue to pursue innovative ideas that enable people to rise.
Weve come a long way, but the journey has just begun.

The Mahindra Aerospace division was created in 2007 to expand our existingautomotive
design and manufacturing expertise to the growing aerospace industry. Through our Components sector
(known internally as the Systech sector), we acquired several companies with design and manufacturing
experience. The combination of our acquired experience with our existing technological capabilities has
come to fruition rapidly; completed aircraft are already flying in the Middle East and Australia.

In the next few years, we seek to become leaders in the global market for aerospace components,
assemblies, and completed aircraft. Our locations in India and Australia give us the advantage of lower
operating costs than traditional Western European and North American-based companies, and our
existing technological expertise compares favorably against other emerging manufacturing locations.
We're preparing ourselves for strong growth as international and domestic demand for aircraft increases.

In 1947, we introduced India to the utility vehicle. More than 65 years later, we're still India's
premier utility vehicle (UV) company, but we've also grown quite a bit. In addition to making
groundbreaking UVs like the Scorpio and Bolero, Mahindra offers cars, pickups, and commercial vehicles
that are rugged, reliable, environmentally friendly, and fuel-efficient. Our global presence means you can
find Mahindra vehicles on the roadsboth paved and unpavedof Australia, Europe, Latin America,
Malaysia, South Korea, and South Africa. And we're seeking out new terrain every day.

Mahindra is also there for you through the construction of excellent components, provision of spares, and
commitment to superior service. Our automotive businesses cover all your transportation needs thanks to
strategic synergies between our expertise in design, manufacturing, and service.

Commercial Vehicles Personal Vehicles

Alfa Bolero
Gio e2o
Mahindra Navistar Trucks Scorpio
Bolero Maxi Truck Thar
Genio Verito
Loadking Xylo
Maxximo Actyon
Tourister Buses Actyon Sports
 Chairman W
Korando
Kyron
Rexton
Rodius
XUV 500
Quanto

We entered into the components industry (known internally as Systech) as India's global
competitiveness took off. Leveraging our domain expertise in the automotive and farm equipment sectors
and a series of acquisitions, we have grown rapidly in skill and scale.

Today we run art-to-part manufacturing units across India, Germany, Italy, and the UK which help
companies around the world build better products using our expertise in processes like forgings, castings,
gears, stampings, steel, ferrites, contract sourcing, composites, and more. More than 12,000 of us are at
work on a full range of components for use in industries like electrical, medical equipment, power,
defense, aerospace and more. We also provide full service art-to-part solutions to our customers by
integrating design, manufacturing, and sourcing capabilities.
Products
Services
Company

India's national security challenges are varied and complex, ranging from contested borders to
regional peacekeeping to domestic unrest and natural disasters. As we become an economic and political
leader in Southeast Asia and across the globe, we need better defense solutions to support us in our
growing roles. Since the late 1990s, India has begun a systematic modernization and upgrade of its
military equipment. A key component of this push is the indigenization of our defense supplies.

We've been involved with defense systems since 1947 when we became importers, assemblers, and then
adapters of the iconic Willys Jeeps used in WWII. From there, we moved into designing and constructing
our own line of armored vehicles to become the largest private sector supplier to the government. We've
now expanded into defense systems like sea mines, surveillance solutions, weapons, ammunition, and
more. As India improves its national security capabilities, we want to be there providing cutting-edge
technology based on decades of experience and care.
Our expertise, manufacturing strengths, and cost-efficient production also make our products useful to
foreign governments and security organizations. We partner with several countries to bring them a range
of defense solutions for use by police forces, the Army, and the Navy.

Land
Axe

Marksman

Mine Protected Vehicle

Rakshak

Sea
Sea Mines

Torpedo Decoy Launchers

The power sector in India presents a fascinating array of challenges and opportunities. As the
economy grows rapidly, the need for a reliable and quality power supply becomes critical. Although the
government has been paying increasing attention to the power sector in the last 10 years, demand
continues to grow faster than supply capacity build-up. The demand-supply gap has created a huge
demand for power back-up solutions across the industrial and economic spectrum of India.

We see incredible opportunity in this complex field. First, we envision bringing reliable and innovative
power back-up solutions to India that ensure an uninterrupted power supply for all the critical sectors of
the economy. Our line of diesel generators offers electricity backup to remote locations to power banks,
hospitals, schools, businesses, and industry. And our Home Uninterrupted Power Supply (UPS) systems
maintain reliable power when you experience an inconsistent supply at home.

Second, the advance of green energy technology is opening up a new path forward for India to install
sustainable energy infrastructure the first time around. Drawing on our existing capabilities and market
penetration, we are exploring ways to help India move directly to clean energy using solar power
technologies.

Mahindra has a leading presence in the global Information Technology (IT) industry, offering a full
range of IT solutions and support through four outstanding companies with special expertise. As
globalization intensifies competition and drives companies to focus on their core competencies, a
knowledgeable and capable IT partner becomes critical to success.
We design industry-specific IT solutions to help our clients take advantage of the new opportunities and
adapt to the new challenges of a changing world. In our two decades of experience in the industry, we
have partnered with several Fortune 100 and Fortune 500 companies to deliver outstanding solutions that
have helped drive their success.

For Others For Telecoms

Business Process Outsourcing Business Process Outsourcing (BPO)
IT Consulting Infrastructure Management
IT Services IT Consulting Services
R&D Engineering and Manufacturing Services Network Technology Solutions and Services
Supply Chain Consulting R&D Services
Value Added Services Security Services

We entered the Two Wheeler industry in 2008. Weve developed rapidly since then by focusing
on brand-building via new product development guided by consumer insights, strategic partnerships,
service orientation, and building scale.

Within eight months of entering the industry, we launched a portfolio of PowerScooters to critical acclaim
in September 2009. Less than a year later, our PowerScooters had captured a double digit market
share. In 2011 Mahindra became the first Indian two-wheeler manufacturer to enter the Moto Grand Prix
Championships, showcasing our engineering and technology expertise on a platform where the best in
the world compete. We aim to grow into a major player in the Indian Two Wheeler industry with a robust
presence in all product segments.

Duro-DZ
Flyte
Kine
Rodeo-RZ