Mahindra & Mahindra restructures business in three verticals, shares rise

Software-to SUV manufacturer, Mahindra & Mahindra (M&M) on Wednesday said that the company has restructured its business under Pawan Goenka, Managing Director, M&M Ltd. 

It said that apart from Automotive and Farm Equipment sectors, the company has now created another division -- Agriculture sector. 

At 1259 hours, the shares of the company were trading at Rs 1179.50 per piece, up 1.10%, or Rs 12.85 on BSE.

M&M said that Rajan Wadhera will be the President of the Automotive Sector taking over from Pravin Shah, the current President & Chief Executive (Automotive) M&M Ltd. 

Hence, Mahindra Trucks and Buses and the Construction Equipment businesses now be an integral part of the Automotive Sector and will report to Wadhera, the release added.

Shah retires on March 31, 2017.

"Rajesh Jejurikar will now be the President of the Farm Equipment Sector and Ashok Sharma, the President, of the Agriculture Sector. All three sector Presidents in their respective capacities will report to Pawan Goenka. All changes will be effective April 1, 2017," the company said.