Bangladesh unit of Indian car maker Mahindra ceases operations after 3 years

A general shareholders meeting on Tuesday decided to dissolve the Indian automaker’s Bangladesh branch

Published : 15 March 2023, 07:05 AM
Updated : 15 March 2023, 07:05 AM

Indian car manufacturer Mahindra & Mahindra has decided to close the Bangladesh branch of its operations, Mahindra Bangladesh Pvt Ltd.

The decision was taken at the final general meeting of MBPL’s shareholders on Tuesday, according to a PTI report republished.

As a result, MBPL has been liquidated and ceased to exist from Tuesday.

From Mar 31, 2022, MBPL had taken in zero income from operations.

MBPL was valued at Rs 31.8 million as of that date, or 0.01 percent of the consolidated net worth of the Mumbai-based automaker.

On Sept 14, MBPL shareholders had passed a resolution to wind up the wholly-owned unit in Bangladesh and appointed a liquidator to carry out the task. Since then, MBPL has not undertaken any business operations.

Mahindra said it had incorporated MBPL in 2019 to “carry multiple activities, including distributing, research and development, of all kinds of passenger, transportation and utility vehicles”.