M&M incorporates Mahindra Airways Limited subsidiary
The wholly owned subsidiary has been set up with a paid up capital of Rs 5 lakh, BSE, NSE were informed.
Mahindra & Mahindra has set up a wholly owned subsidiary on Wednesday, called Mahindra Airways Limited with a paid up capital of Rs 5 lakh.
It is a wholly owned subsidiary of Mahindra Holdings Limited, which in turn is a wholly owned subsidiary of Mahindra & Mahindra Limited, M&M told BSE and National Stock Exchange (NSE) in a notification.
The company said that Mahindra Airways Ltd has been incorporated "to carry on, engage in or provide services of all kinds related to or involved in the smooth operations and management of Aircraft and machines of all kinds related to or capable of being flown in the air."
On Wednesday, the company's shares closed down 0.21% of Rs 3 at Rs 1,447.05 apiece.