M&M's two-wheeler business is going slow. Sources say that the 100cc Stallio's re-launch is postponed the third time now as the problem has not been fixed yet.
Meanwhile, speaking to CNBC-TV18, Anand Mahindra acknowledged that the company had made mistakes in the two wheeler and car businesses, but added that they are not giving up.
"If anything goes wrong, you get out of the business. When you’re still in it, what it means is that you're in a learning mode and what is important is your feedback loop. What are you learning from it? You know we are full of there clichés of getting up, dusting yourself and keeping on. But you have to remember that. That's what you do. A good group is not the one that is flawless or has never made any errors. A great group is the one that learns from its mistakes and makes a come back," Anand Mahindra said.
Below is an edited transcript of his interview with Shereen Bhan. Also watch the accompaying video.
Mahindra: If the opportunity is extended to our group and encompasses our group under the guidelines, we are very keen and we have made that clear. One of the reasons we are very keen on doing it is because we have grown into the largest rural NBFC in the country. We have over 500 branches. The work that our team is doing out in rural areas is extremely exciting. So when the reserve bank says that they want new banks to be more inclusive, I think there is no other NBFC that fits the bill as much as we do.
So for us, the transformation to a bank enables us to essentially access funds at lower costs which allow us to expand our offerings in rural areas. That's a very simple equation that we have followed.
Meanwhile, speaking to CNBC-TV18, Anand Mahindra acknowledged that the company had made mistakes in the two wheeler and car businesses, but added that they are not giving up.
"If anything goes wrong, you get out of the business. When you’re still in it, what it means is that you're in a learning mode and what is important is your feedback loop. What are you learning from it? You know we are full of there clichés of getting up, dusting yourself and keeping on. But you have to remember that. That's what you do. A good group is not the one that is flawless or has never made any errors. A great group is the one that learns from its mistakes and makes a come back," Anand Mahindra said.
Below is an edited transcript of his interview with Shereen Bhan. Also watch the accompaying video.
Mahindra: If the opportunity is extended to our group and encompasses our group under the guidelines, we are very keen and we have made that clear. One of the reasons we are very keen on doing it is because we have grown into the largest rural NBFC in the country. We have over 500 branches. The work that our team is doing out in rural areas is extremely exciting. So when the reserve bank says that they want new banks to be more inclusive, I think there is no other NBFC that fits the bill as much as we do.
So for us, the transformation to a bank enables us to essentially access funds at lower costs which allow us to expand our offerings in rural areas. That's a very simple equation that we have followed.
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