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Mahindra Enters Into Strategic Partnership with Castrol India

Posted On: 2018-10-11 21:46:24

Mahindra & Mahindra, part of the USD 20.7 billion Mahindra Group and Castrol India, the leading automotive and industrial lubricant manufacturing company in the country, today announced the signing of a new strategic partnership agreement between the two companies. Under this agreement, Mahindra will endorse a range of Castrol products which include aftermarket engine oils and transmission fluids for Mahindra tractors under the brand, "Mileage Ka Master" (MKM).

The agreement was signed by Mr. Hemant Sikka, President & Chief Purchase Officer, Powerol & Spares Business, Mahindra & Mahindra Limited and Orner Dormen, Managing Director, Castrol India Limited, at a ceremony held in Mumbai.

Commenting on the partnership at the signing event Hemant Sikka President & Chief Purchase Officer, Powerol & Spares Business, Mahindra & Mahindra Limited said: "We are pleased to join hands with Castrol, the leading lubricants brand in India. Both companies are considered market leaders in their respective sectors - having consistently delivered innovative and pioneering technology to provide unique and differentiated offerings to customers and consumers. The objective is to meet the customers' need to use recommended fluids by OEMs. We look forward to partnering with Castrol and benefitting from their strong reputation, high quality products and widespread distribution network across India through their over 1 lakh strong retail outlets."

Orner Dormen, Managing Director, Castrol India Limited added, "We are very honoured to be recommended by Mahindra, the largest tractor manufacturer globally. We are pleased with the opportunity to offer Mahindra customers with our latest technology products and with best-in-class service. Both the organisations share similar values thriving on world-class technology, innovation and sustainability for the future. We look forward to an enduring partnership while jointly leveraging exciting growth opportunities".

Based on formulation exclusively developed by Mahindra, for use in their tractors specifically for engine and wet-brake applications, Castrol will supply these products through its wide distribution network across India. The agreement will commence with immediate effect.

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.730.2 as compared to the previous close of Rs. 764.15. The total number of shares traded during the day was 174979 in over 5151 trades.

The stock hit an intraday high of Rs. 755 and intraday low of 715.15. The net turnover during the day was Rs. 129218491.


Source: Equity Bulls

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