M&M veteran VS Parthasarathy joins Allcargo Logistics as independent director
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Synopsis
Parthasarathy held several leadership roles at M&M including chairman of the board of Mahindra Logistics and President for the Mobility Services Sector as well as the CFO for the M&M Group. Müller too has past experience in the logistics industry, having advised several leading global logistics corporations over the years, as per a statement from Allcargo.
Agencies
With the new additions, Allcargo’s board will have seven directors including four independent directors.
Former Mahindra and Mahindra chief financial officer VS Parthasarathy and Martin Mueller, a former Partner at consultancy firm McKinsey have joined the board of
Updated Mar 11, 2021 | 13:40 IST
Automaker Mahindra and Mahindra posted a robust financial results in the December quarter and hiked salaries across the board and paid out full performance pay. Mahindra and Mahindra clears air on layoffs, says no pay cuts at any levels. | Photo Credit: BCCL
New Delhi: Auto major Mahindra and Mahindra (M&M) has issued a statement refuting the recent media reports about cutting jobs of around 300 senior-level executives, saying that it has let go 48 staff in the last one year due to redundancies while another 98 have been given six months to find a role.
“During the pandemic, M&M has taken a series of actions consistent with our core values and strong focus on associates. There were minimal separations.and no widespread layoffs,” the company said in a regulatory filing.
Updated Mar 09, 2021 | 10:59 IST
Automakers are looking at job rotations and redeployment of the workforce to enhance efficiencies. Half a dozen companies have extended the VRS scheme to employees and nearly 5,000 workers have accepted it. Tata Motors, Honda, Ashok Leyland among others plan to axe jobs, rejig roles | Photo Credit: BCCL
New Delhi: Auto majors such as Honda Motor, Tata Motors, Ashok Leyland among others are taking all necessary steps to reduce workforce, shutting down unviable operations and changing gears fast to embrace a new entrepreneurial management style, what the industry calls “rightsizing” to create an appropriate cost base for a leaner, stronger and more agile business amid the Covid-19 pandemic and a prolonged slump.
Synopsis
Meru Mobility, in which Mahindra has a 55% stake, also has plans to raise Rs 350-400 crore from a clutch of strategic investors.
Mahindra Group has previously said that it would look at an initial public offering (IPO) for its mobility unit, of which Meru is a part, to unlock value.
Mahindra Group-backed ride hailing service Meru Mobility is in advanced talks with Japanese car leasing firm Orix Auto Infrastructure Services for a possible stake sale, two people aware of the development said.
Meru, in which Mahindra & Mahindra
acquired 55% stake in September 2019 for about Rs 103 crore, had
planned to raise Rs 350-Rs 400 crore and was in talks with a clutch of strategic investors over the last six to nine months.
M&M slashes 300 top-level positions in 2 divisions
March 09, 2021
The main reasons for the layoffs could be the decline in sales over the past many months - REUTERS
The main reasons for the layoffs could be the decline in sales over the past many months - REUTERS×
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Exits attributed to decline in sales in Auto and Farm Equipment units
In a major restructuring exercise, Mahindra Group has let off around 300 senior-level executives in the Automotive and Farm Equipment divisions.
Decline in sales over the past many months is perhaps one of the major reasons for the layoff. In the automotive division, sales declined by more than 19 per cent, exceeding the overall industry decline of around 13 per cent (from April 2019 to January 2021).