Davos 2023: M&M Has Several 'Growth Gems' On Target For $1-Billion Market Cap, Says Anish Shah

Mahindra Group has several "growth gems" that are on target to reach $1 billion in market capitalisation each, according to Chief Executive Officer Anish Shah.

"Auto business has tremendous momentum behind it, with the electric story coming in now," Shah, who is also the group managing director, told BQ Prime's Niraj Shah on the sidelines of the World Economic Forum in Davos, Switzerland. "Tractors and farm machinery have done very well. Mahindra Finance is on a very good turnaround path. Tech Mahindra has done well, though it has to address margins, and the team is focused on doing that."

"We've had marquee investors such as Ontario Teachers' coming in on our solar business. This year, the aim is to scale up and continue to drive up that growth."

On the macroeconomic front, Shah said India is well positioned against China and other peers. "The government's actions in raising rates proactively and reversing export duties have kept inflation at bay," he said. "As a result, we will feel some pressure; we're never going to be immune, but we'll be better off overall."

Terming India as a "shining star" in the current scenario, he, however, said that there are questions to be answered. "The government has done a lot to address questions around the ease of doing business, but that still persists in the minds of folks," Shah said. "Investors are keen to put money in India; I think this is India's time."

"The next two to three years will be critical in our being able to take those actions, be able to attract foreign investment, and take us to the next step."