Shares of Mahindra & Mahindra Ltd. rose nearly 3 per cent in early trade after the company announced that it open Advanced Design Centre for Mobility Products in UK. The auto major announced the setting up of Mahindra Advanced Design Europe (M.A.D.E) in the West Midlands, U.K.
The stock opened with a gain of 1.4 per cent today at Rs 757.60 on BSE. It has given 24 per cent returns over the last six months and risen 90 per cent over the last 12 months. On a year-to-date basis, the auto major has gained around 6 per cent.
The company informed that M.A.D.E is a strategic enhancement of Mahindra's global design capabilities and renews its commitment to bring to its customers, sophisticated, authentic SUVs with an unmissable presence. M.A.D.E will further sharpen Mahindra's distinctive product designs and differentiated technology offerings to further its safe, thrilling, yet efficient connected car experiences.
"M.A.D.E will contribute and leverage the skills, experience, and expertise of this network of design talent. It will also support the creation of highly skilled design roles, drawing from Coventry University, Royal College of Art, and other design colleges in the U.K. and Europe," the company added.
"Mahindra is poised to enter a new, exciting era to build upon our rich 75 years of automotive history to bring unique customer-centric products to the Indian and global markets. A key lever to make the business future-ready is to significantly strengthen design capability across automotive, farm equipment and two-wheelers globally," said Rajesh Jejurikar, Executive Director, Mahindra and Mahindra Ltd.
"M.A.D.E will contribute to all future automotive and mobility products including Born EV SUVs and be a resource available to Mahindra Group companies. It will give us a quantum leap in both capacity and capability in the design space," he added.
M.A.D.E. will be operational from July 1st, 2021. The new Centre of Excellence (CoE), will be a part of the Mahindra Global Design Network that includes the Mahindra Design Studio in Mumbai, India, and Pininfarina Design in Turin, Italy.