Mahindra and Mahindra let go of 146 employees in the past 12 months, refutes reports of firing 300 executives

Mahindra and Mahindra let go of 146 employees over the past 12 months due to redundancies, aggregating to about 1.3% of white-collar jobs at its auto and farm units, it said in a statement to the stock exchanges on Wednesday.

This came in response to a media report which claimed that the company had shed 300 executive jobs since the start of this calendar year.

“Over the past 12 months, we have let go 48 associates due to redundancies. In addition, 98 associates have been given 6 months to find a role,” according to the statement. “The combined total (across all levels) is 1.3% of white-collar associates within the Auto & Farm sectors.”


M&M reported strong financial results in the December quarter and "increased salaries across the board and paid out full performance pay," it added.

The company also does not plan to retrench staff at Mahindra Research Valley, the group’s innovation hub, it said.

The normal rate of attrition at M&M is about 5-6% a year.