Whittman Field, Oshkosh, WI USA, July 29, 2010: Australian aircraft manufacturer, GippsAero Pty Ltd, the Aircraft division of Mahindra Aerospace Private Limited, today received the Type Certificate for the Airvan GA8 TC-320, the turbocharged version of the versatile eight seat utility aircraft, from the FAA at a ceremony at EAA AirVenture 2010. The type was initially certificated by the Australian Civil Aviation Authority (CASA) in February 2009 and has now received certification from both the US Federal Aviation Authority (FAA) and the European Aviation Safety Agency (EASA).

GippsAero reports that the Turbocharged Airvan has been selling well despite the global financial crisis, with 15 examples of the type now in service in a wide variety of roles. To further demonstrate the versatility and capability of the type, the turbocharged Airvan recently completed an Around the World Flight to celebrate the centenary years of powered flight in Australia and to raise funds for Malaria awareness.

The GA8 – TC 320 is powered by a 320 HP Lycoming TIO-540-AH1A Turbocharged Fuel Injected Engine turning a Hartzell 80 inch (2032 mm) diameter, three blade, constant speed propeller.

The GA8-TC 320 is powered by a turbocharged Lycoming TIO-540-AH1A rated to 320 horsepower at 40 inches of manifold pressure at 2500 rpm from sea level to 5000 feet. Above 5000 feet, the TIO-540-AH1A is rated to maintain 300 horsepower at 38 inches of manifold pressure at 2500 rpm. The GA8-TC 320 features a Hartzell 80 inch (2032 mm) diameter, scimitar design three blade propeller. The turbocharged engine enhances the performance of the already extremely versatile Airvan with improved climbing and high altitude performance with a very low noise footprint.

The type is proving popular with existing Airvan fleet owners. The Mission Aviation Fellowship (MAF International Asia-Pacific) has added three turbocharged Airvans to their 14 strong Airvan fleet for service in the rugged highlands of Papua New Guinea and two examples have been added to the Airvan Freighter fleet of Air Freight Solutions of Bathurst New South Wales. On the other side of the Australian continent, tourist operator Alligator Airways of Kununura, Western Australia, has replaced its entire Airvan fleet with five brand new copies of the turbocharged variant. Across the Tasman Sea, long-term Airvan operator Air Safaris, a tour operator based in New Zealand’s majestic Southern Alps, has added a turbocharged Airvan to bring their Airvan fleet to four.

“Mahindra Aerospace is committed to consolidating and expanding GippsAero’s business in Australia and overseas. The Airvan has already proved its airworthiness and is in great demand amongst international customers. Our future plans with GippsAero include producing two new aircrafts – a ten seater and an eighteen seater to cater to this growing market,” said Mr. Arvind Mehra, Executive Director and CEO, Mahindra Aerospace Private Limited.

“We welcome Mahindra’s commitment to GippsAero. We already produce aircrafts in the range of two to twenty seaters in over 30 countries across the globe and I am sure our association with Mahindra will take the company to even greater heights. We look forward to the beginning of a new chapter in our history,” said Mr. George Morgan, Director, Gippsland Aeronautics.

“We are delighted to be a part of the Mahindra family and share in the company’s vision of evolving into a global aerospace OEM. GippsAero’s strong intellectual property and technological innovation combined with Mahindra’s brand name and global reach will ensure that together we become a force to reckon with in the aviation sphere,” said Mr. Terry Miles, CEO, Gippsland Aeronautics.

GippsAero delivered its first production GA8 Airvan in December 2000 and was awarded an FAA type certificate in 2003 followed by EASA certification in 2005. No less than 156 Airvans have been manufactured at the company’s Latrobe Regional Airport base at Traralgon in the State of Victoria in South Eastern Australia. Close to one hundred Airvans have been exported, including sixteen for the USAF Auxiliary, the Civil Air Patrol, for use in Homeland Security and search and rescue missions. Worldwide, the Airvan is operated for a diverse range of uses including humanitarian aid, passenger and freight hauling, sightseeing, surveillance and bush fire reconnaissance missions.

The Airvan features a large cabin, an impressive payload and very docile handling characteristics. The Airvan is certificated to FAR 23 at Amendment 55, which means that the Airvan incorporates safety features not seen in aircraft designed to earlier standards. Airvan operating costs are very low due to the use of simple, robust, systems with easy access, resulting in low maintenance requirements.

The new GA8-TC 320 is a significant addition to GippsAero product line. Not content to rest on their laurels GippsAero has further projects in the pipe line including a new 10 seat entry level turbo prop utility aircraft, the GA10, and plans to bring the GA18, a sixteen passenger twin turboprop engine based on the GAF N24A, to manufacture.

Mahindra Aerospace is a division of Mahindra Systech, part of the USD 7.1 billion Mahindra Group. Mahindra Systech is a strategic ‘Design to Delivery’ supplier of comprehensive component products and engineering services with the distinction of being the 5th largest forging company in the world.

Mahindra Aerospace is the aircraft and aero-structure manufacturing division of Mahindra & Mahindra Ltd. It is an AS9100 Rev.B certified design organization embodying decades of experience in global aerospace design and development programmes. The company combines this experience with its thorough knowledge of aerospace regulations and familiarity with operational environments to provide timely, accurate, cutting-edge technical products to customers. Mahindra Aerospace prides itself on offering a wide spectrum of services ranging from conceptual design through productionizing aerospace products, be they components, aero-structures or complete aircrafts.

Mahindra Gippsland Aeronautics (GA) was formed in 1984 by George Morgan and Peter Furlong and has designed various aircrafts suited to international standards. It was acquired by the Mahindra Group in 2009. GA is based in Latrobe valley, Australia. It has IP/type certificate approvals for four aircraft and has successfully produced in excess of 200 aircrafts, which fly in 34 countries around the world, including USA, Australia, EU etc. GA is a reputed aircraft producer and is the only one of its kind in the state of Victoria, Australia. Its aircraft design meets the latest international safety standards.

For further information please contact:

Ms. Roma Balwani

Senior Vice President  & Head – Corporate Communications

Mahindra & Mahindra Ltd.

Mumbai, India

Phone: (+91-22) 2490 1441

Email: balwani.roma@mahindra.com

Occupancy Rate at an impressive 85%

Chennai, July 26, 2010: Mahindra Holidays & Resorts India Limited (MHRIL), India’s leading leisure hospitality services provider offering quality family holidays and a part of the $7.1 billion Mahindra Group, released its first quarter results for FY 2011.

As on the quarter ended June 30, 2010, total membership base stood was 113,829. A total of 3945 members were added. Club Mahindra and Zest membership grew to 108,041 and 5788, respectively. The inventory of apartments stood at 1489. The occupancy rate improved to an impressive 84.9%.

Total Income was INR 103.88 Cr, down by 23.6% from the corresponding quarter in the previous year. EBITDA and PAT in the quarter stood at INR 25.13 Cr and INR 13.29 Cr, respectively, down by 57.8% and 60.6% from the corresponding quarter in the previous year.

Commenting on the results, Mr. Arun Nanda, Chairman, MHRIL, said, “During the quarter, the management initiated a number of measures to strengthen its acquisition process and took various steps to enhance customer satisfaction which is evident from the increase in membership base and a robust occupancy rate of 85% in this quarter. These initiatives while impacting the numbers in the short run will benefit the company in improving productivity and build a stronger foundation for future growth. The management is confident that the investments in new initiatives will benefit the employees, the customer and the company, going forward.”

Mr. Ramesh Ramanathan, Managing Director, MHRIL, said, “Continuing our focus on customer satisfaction, we strive to set the standards. Club Mahindra Tusker Trails, Thekkady, became our seventh resort to win the RCI Gold Crown Award. That these awards are based on the feedback from guests, and a fact that we have the largest number of RCI Gold Crown resorts in India, is a matter of pride. We also won the prestigious Bird Express TravelWorld Awards for Excellence in Operations.”

In continuation with the company’s foray into jungle tourism announced in the last quarter of FY 2010, the company has signed a MoU for a 25 apartment resort in Ranthambore.

ABOUT MAHINDRA HOLIDAYS & RESORTS INDIA LIMITED

Mahindra Holidays & Resorts India Limited, one of the leading players in the leisure hospitality industry, offers quality family holidays primarily through Vacation Ownership membership. Club Mahindra Holidays is MHRIL’s flagship brand. Other brands by the company are Zest, Club Mahindra Fundays, Mahindra Homestays and Mahindra.Travel.

Club Mahindra Holidays was selected as Superbrand in 2009.

The company has over 100,000 member families and operates more than 30 resorts across India and Thailand.

Q1 F2011 – M&M Standalone results

The Gross Revenues and Other Income of Mahindra & Mahindra Ltd. for the quarter ended 30^th June 2010 is Rs.5663.5 crores as against Rs.4711.8 crores during the corresponding period last year – a growth of 20.2%.  Profit after tax for the current quarter is Rs. 562.4 crores as against Rs. 400.9 crores Q1 last year – a growth of 40.3%. The Operating Margin for the quarter is 15.03% as compared to 14.35% in Q1 F2010. The good financial results of the company for the quarter is due to higher volumes, focused cost control, prudent financial management resulting in lower interest expenses and a fuller realisation of the synergies arising from its acquisition of the erstwhile Punjab Tractor’s Ltd.

In the current quarter the company continued its dominant position in the UV market with a market share of 59.4%.  The company sold 53,948 utility vehicles in the quarter as against 48,720 utility vehicles in Q1 F2010, thus recording a volume growth of 11%. All products of the company, viz. Bolero, Scorpio, Xylo and the Pick Ups performed well during the quarter. The company exported 3125 vehicles during the quarter as against 1145 nos. in Q1 last year – an impressive growth of 173%. The company’s products performed very well in SAARC, South Africa and South American markets.

In Q1 F2011 the company sold 47,916 tractors under the Mahindra & Swaraj brands as compared to 42130 nos. in Q1 last year – a growth of 13.7%. The company’s domestic market share for the quarter stood at a commendable 40.7%. The company’s tractor exports at 2376 nos. in the quarter registered a strong growth of 71.4% over the 1386 nos. exported in Q1 last year.

Q1 F2011 – Group Consolidated Results (not subjected to Limited Review)

The Gross Revenues and Other Income for the quarter ended 30^th June 2010 grew by  9.4 % to Rs. 8,576.2 crores (USD 1.8 billion) from Rs.7,841.4 crores (USD 1.7 billion) in last year.  The consolidated group profit for the year after exceptional items, prior-period adjustments and tax and after deducting minority interests is Rs.620.8 crores (USD 132.9 million) as compared to Rs.431.9 crores (USD 92.5 million) earned in the previous year - a growth of 43.7%.

In March 2010, with AT&T exercising its stock options, Tech Mahindra Ltd (TML) and its subsidiaries ceased to be group subsidiaries and became Joint Ventures of the Company. As a result of this change, the financials of TML Group from Q1 F2011 instead of being consolidated 100% are, as required by Accounting Standard AS 27, consolidated only in proportion to the Company’s shareholding in TML. Hence the Group Revenues are not comparable with that of the previous years. On a comparable basis the Gross revenues and Other Income of the Group for the current quarter is Rs 9218.7 crores (USD 2.0 billion) – a growth of 17.6% over Q1 last year.

The Group numbers reported above do not include that of Satyam Computers Services Ltd. whose accounts are under restatement.

As on 30th June 2010, the Group comprised of 103 Subsidiaries, 5 Joint Ventures and 11 Associates.

During the current quarter, some of the major group companies like Mahindra Finance, Mahindra Lifespaces and Mahindra Ugine Steel significantly improved their performance over the previous year. The performance of Mahindra Finance with a 23% growth in consolidated revenues and an 86% increase in profits, and that of Mahindra Lifespaces with a 41% growth in revenues and a 39% profit growth, deserve special mention. Mahindra Ugine Steel which had reported a loss of Rs.4.6 crores for Q1 of F-10 has registered a turnaround and reported a profit of Rs.2.8 crores for the current quarter.

Outlook:

The Indian economy is poised to do well this year. While industrial growth is likely to see some moderation from the scorching pace set in Q4F10, agriculture is expected to witness a strong recovery, given the marked improvement in the progression of the south west monsoons this kharif season compared to last year. With the pace of economic expansion picking up currently both at home and abroad, the services sector which accounts for more than half of India’s GDP is also expected to perform well this year. However, high and rising inflation, the likely hardening of the interest rates and the increasing volatility in global financial markets remain sources of concern. Given its strong focus on cost controls, product innovation, and customer delight, the company is confident of meeting these challenges adequately.

________________

Note: Translation of rupee to dollar is a convenience translation at the average exchange rate for the twelve month period ended 30^th June, 2010.

About The Mahindra Group

Mahindra embarked on its journey in 1945 by assembling the Willys Jeep in India and is now a US $7.1 billion Indian multinational. It employs over 1,00,000 people across the globe and enjoys a leadership position in utility vehicles, tractors and information technology, with a significant and growing presence in financial services, tourism, infrastructure development, trade and logistics. The Mahindra Group today is an embodiment of global excellence and enjoys a strong corporate brand image.

Mahindra is the only Indian company among the top tractor brands in the world. It is today a full-range player with a presence in almost every segment of the automobile industry, from two-wheelers to CVs, UVs, SUVs and sedan. Mahindra recently acquired a majority stake in REVA Electric Car Co Ltd. (now called Mahindra REVA), strengthening its position in the Electric Vehicles domain.

The Mahindra Group expanded its IT portfolio when Tech Mahindra acquired the leading global business and information technology services company, Satyam Computer Services. The company is now known as Mahindra Satyam.

Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08 and has also received the A+ GRI rating for the year 2008- 09.

For further enquiries, please contact:

Ms. Roma Balwani

Sr. VP & Head – Corporate Communication

Mahindra & Mahindra Ltd

Tel: (91-22) 2490 1441

Fax: (+91-22) 2490 0830

Email: balwani.roma@mahindra.com

IDBI Fortis Life Insurance is one of India’s fastest growing new private life insurance companies having started operations in March 2008, leading with their innovative product ‘WealthsuranceTM’.

As on March 31st 2010, the company has collected more than 900 Cr in premiums (including 570 Cr of premiums collected in the FY 2009-10) with over 1,83,000 policies and over Rs 7,850 Cr in Sum Assured. IDBI Fortis Life Insurance already has a strong distribution network of over 1380 branches through their partner banks and intends to strengthen their distribution force further by aiming for 15000 distributors/agents this fiscal. At present, the company has 40 branches and plans to increase the branch network to 55 within this fiscal.

“With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances,” said Mr. G V Nageswara Rao, MD and CEO, IDBI Fortis Life Insurance.

IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe.

“WealthsuranceTM, our flagship product, is a unique combination that aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, WealthsuranceTM is a one-stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Monthly Guaranteed Interest Fund, Guaranteed Return Funds, Dynamic Guaranteed Funds, Equity Growth Fund, Nifty Index Fund, Midcap Fund, Bond Fund, Income Fund, Liquid Fund and Asset Allocator Options ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.” Mr. Rao added.

IDBI Fortis has recently launched Healthsurance Hospitalisation and Surgical PlanTM a power packed plan with a host of benefits that help you manage the extra financial burden that comes with hospitalisation. The company also recently launched IncomesuranceTM Endowment & Money Back Plan which is a first of its kind combination product of endowment and money back that gives the customers unmatched transparency and competitive interest rates in relation to the changing market conditions. HealthsuranceTM & IncomesuranceTM are new additions to their stable of other innovative products like HomesuranceTM a protective cover for home loans, BondsuranceTM, for guaranteed returns with life insurance cover, RetiresuranceTM for a comfortable life after retirement with lifelong pension and TermsuranceTM Protection Plan, for customers looking for a flexible protection plan and large insurance cover at an affordable cost. IDBI Fortis Life Insurance also offers MicrosuranceTM for affordable life insurance cover to groups and TermsuranceTM Grameen Suraksha, a low cost life insurance plan for rural markets.

Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance, said: “Thrissur ranks as the seventh best city in India to reside. Thrissur is a major financial and commercial hub of Kerala and a leading shopping centre for silks and gold jewelry. Thrissur also ranks first in the number of domestic tourists in Kerala. Apart from being the cultural nerve centre of Kerala, it is also a major academic hub and is home to several educational institutions. It’s a perfect blend of a business oriented and lifestyle centric market. So we at IDBI Fortis Life Insurance, see a major opportunity in Thrissur not only to expand our business through our distributor base but also to harness the alliances opportunities in the region. IDBI Fortis, one of the fastest growing life insurance companies in the country, will also create employment as well as self-employment opportunities for staff and distributors respectively.”
About IDBI Fortis
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Fortis own 26% equity each. At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2010, the company collected more than 900 Cr in premiums through over 183000 policies and over Rs 7850 Cr in Sum Assured.
Do visit www.idbifortis.com to know more
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 720 branches and 1228 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd.
Please visit www.idbibank.com to know more.

Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of 708 branches and 749 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
Please visit www.federalbank.co.in to know more.

Fortis is an international insurance group composed of AG Insurance, the overall market leader in life and non-life insurance in Belgium, distributing its insurance products through the network of BNP Paribas Fortis Bank and independent insurance brokers, and Fortis Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India.
Please visit www.fortis.com to know more.
For Further details:
Madhav Menon
09847033646

July 25, 2010, Mumbai: The 59th edition of the Mahindra Great Escape, one of India’s most loved off-roading adventures, concluded successfully in Panvel, near Mumbai with over 70 vehicles from the Mahindra stable manoeuvring the challenging route. Mahindra customers from Mumbai and neighbouring areas participated in the rally. The Panvel event received an overwhelming response from offroading enthusiasts.

The rally was flagged off by Mr. Rajan Wadhera, Chief Executive, Technology Product Development & Sourcing, Mahindra & Mahindra Ltd at 10:00 am from Panoramic Resort on the Mumbai-Goa Road, near Karnala Bird Sanctuary in Panvel district. Iconic Mahindra SUVs including the Scorpio, Bolero, Getaway, Legend, Major and Classic negotiated an arduous, undulating route of over 60 km to reach the finish point.

“We are delighted to have chosen Panvel, near Mumbai, as the venue for the 59^th edition of the Mahindra Great Escape.  The scenic yet challenging route was an off roader’s delight and gave Mahindra customers an idea of the tough and enduring nature of Mahindra vehicles. The adrenaline rush was palpable and the atmosphere was absolutely charged up. Infact, for the first time there were live tweets by participants on the Mahindra Great Escape, thereby adding up to the overall excitement. We plan to return with another fun-filled edition of the Great Escape, shortly,” said Mr. Vivek Nayer, Senior Vice President, Marketing, Automotive Sector, Mahindra & Mahindra Ltd.

This edition of the Mahindra Great Escape was conducted in association with JK Tyres, Bosch and Servo Lubricants. The Mahindra Great Escape route was chalked out by the Mahindra team, while the ‘With You Hamesha’ service team ensured that participants could enjoy the rally unhindered.

Mahindra Great Escape – a customer-centric initiative from Mahindra

Initiated in 1996, the Mahindra Great Escape is a non-competitive, off-road rally to encourage Mahindra customers to test the strength of their vehicles on terrain other than tarmac. Mahindra vehicles are tough and rugged and are known for their reliable nature. The Great Escape serves as a platform to highlight this incredible ability and experience the thrills of 4×4 adventures. Through the years, the Great Escape has acquired a reputation as one of India’s premier off-roading events with each edition seeing eager participation from die-hard Mahindra fans and customers alike. From the hills of Coorg and the tea estates of Munnar to the undulating sand dunes of Mandawa in Rajasthan, the Great Escape has blazed a unique trail across the length and breadth of India. The Mahindra Great Escape was recently held in Chandigarh, Hyderabad, Munnar in Kerala, Coorg in Karnataka, Goa and also at Shahpur near Mumbai.

About The Mahindra Group

Mahindra embarked on its journey in 1945 by assembling the Willys Jeep in India and is now a US $7.1 billion Indian multinational. It employs over 1,00,000 people across the globe and enjoys a leadership position in utility vehicles, tractors and information technology, with a significant and growing presence in financial services, tourism, infrastructure development, trade and logistics. The Mahindra Group today is an embodiment of global excellence and enjoys a strong corporate brand image.

Mahindra is the only Indian company among the top tractor brands in the world. It is today a full-range player with a presence in almost every segment of the automobile industry, from two-wheelers to CVs, UVs, SUVs and sedan. Mahindra recently acquired a majority stake in REVA Electric Car Co Ltd. (now called Mahindra REVA), strengthening its position in the Electric Vehicles domain.

The Mahindra Group expanded its IT portfolio when Tech Mahindra acquired the leading global business and information technology services company, Satyam Computer Services. The company is now known as Mahindra Satyam.

Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08 and has also received the A+ GRI rating for the year 2008- 09.

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Q1 Highlights – F11

• Gross Disbursement up by 76% at Rs. 2854 crores.
• Total Income up by 22 % at Rs.401 crores
• PAT up by 85 % at Rs.74 crores

Consolidated

Q1 Highlights – F11

• Total Income up by 23% at Rs.413 crores
• PAT up by 86% at Rs. 80 crores

Mumbai, July 23, 2010: Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), a leading player in providing financial services in the rural and semi-urban markets, has registered on a standalone basis, a growth of 85% in its Profit After Tax (PAT) during the quarter ended 30^th June, 2010 with a PAT of Rs. 74 crores in comparison to Rs. 40 crores for the same period previous year.  Its Total Income at Rs. 401 crores during the quarter ended 30^th June,2010 was 22% higher compared to Rs. 329 crores during the same period previous year.

During the period, the Company’s gross disbursement registered a growth of 76% at Rs. 2854 crores for the first quarter ended 30^th June, 2010, as compared to Rs.1617 crores during the same period previous year.

While maintaining its leadership position as the largest retail financier for the Mahindra range of vehicles and tractors, the Company is also a significant player in car finance and has increased its presence in Heavy Commercial Vehicles & Construction Equipment. MMFSL currently has a network of 487 offices and total asset under management above Rs. 10500 crores.

The Company maintained its quality of assets through continued focus on NPA reduction coupled with buoyant rural cash flow. The Company was able to broad base its sources of funding by including several new banks.

On a consolidated basis, the Total Income for the quarter ended 30^th June, 2010 increased by 23% to Rs.413 crores from Rs. 336 crores and the Profit After Tax (PAT) increased by 86% to Rs.80 crores from Rs.43 crores in the corresponding period of the previous year.

SUBSIDIARIES

Mahindra Insurance Brokers Limited (MIBL)

During the first quarter ended 30 June’10, MIBL registered a growth of 44.8% in its income at Rs.11.15 crores as against Rs.7.70 crores in the previous year. The Profit After Tax (PAT) rose by 49.5% at Rs. 4.41 crores as against Rs.2.95 crores registered for the same period previous year.

Mahindra Rural Housing Finance Limited (MRHFL)

MRHFL has disbursed Rs. 39.7 crores during the quarter ended 30 June’10 as against Rs.11.99 crores disbursed during the same period a year ago. The Company made a profit (PAT) of Rs. 1.11 crore during the first quarter ended 30^th June, 2010 as compared to profit of Rs. 0.19 crore made during the quarter ended 30^th June, 2009.

About Mahindra & Mahindra Financial Services Ltd

Mahindra & Mahindra Financial Services Ltd (MMFSL), part of the US$ 7.1 billion Mahindra Group, is one of India’s leading non-banking finance companies with a pan India presence. Focused on the rural and semi-urban sector, it provides finance for utility vehicles, tractors and cars and has the largest network of branches amongst NBFCs operating in these areas.

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IDBI Fortis Life Insurance is one of India’s fastest growing new private life insurance companies having started operations in March 2008, leading with their innovative product ‘WealthsuranceTM’.

As on March 31st 2010, the company has collected more than 900 Cr in premiums (including 570 Cr of premiums collected in the FY 2009-10) with over 1,83,000 policies and over Rs 7,850 Cr in Sum Assured. IDBI Fortis Life Insurance already has a strong distribution network of over 1380 branches through their partner banks and intends to strengthen their distribution force further by aiming for 15000 distributors/agents this fiscal. At present, the company has 38 branches and plans to increase the branch network to 55 within this fiscal.

“With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances,” said Mr. G V Nageswara Rao, MD and CEO, IDBI Fortis Life Insurance.

IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe.

“WealthsuranceTM, our flagship product, is a unique combination that aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, WealthsuranceTM is a one-stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Monthly Guaranteed Interest Fund, Guaranteed Return Funds, Dynamic Guaranteed Funds, Equity Growth Fund, Nifty Index Fund, Midcap Fund, Bond Fund, Income Fund, Liquid Fund and Asset Allocator Options ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.” Mr. Rao added.

IDBI Fortis has recently launched Healthsurance Hospitalisation and Surgical PlanTM a power packed plan with a host of benefits that help you manage the extra financial burden that comes with hospitalisation. The company also recently launched IncomesuranceTM Endowment & Money Back Plan which is a first of its kind combination product of endowment and money back that gives the customers unmatched transparency and competitive interest rates in relation to the changing market conditions. HealthsuranceTM & IncomesuranceTM are new additions to their stable of other innovative products like HomesuranceTM a protective cover for home loans, BondsuranceTM, for guaranteed returns with life insurance cover, Retiresurance® for a comfortable life after retirement with lifelong pension and TermsuranceTM Protection Plan, for customers looking for a flexible protection plan and large insurance cover at an affordable cost. IDBI Fortis Life Insurance also offers MicrosuranceTM for affordable life insurance cover to groups and TermsuranceTM Grameen Suraksha, a low cost life insurance plan for rural markets.

Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance, said: “With the rapid infrastructural developments, Delhi is not only the largest commercial center in northern India, but also , one of the largest consumer markets today, coupled with the easy availability of skilled labour that attracts foreign investment. So we at IDBI Fortis Life Insurance, see a major opportunity in Delhi not only to expand our business through our distributor base but also to harness the alliances opportunities in the region. IDBI Fortis, one of the fastest growing life insurance companies in the country, will also create employment as well as self-employment opportunities for staff and distributors respectively.”
About IDBI Fortis
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26% equity each. At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2010, the company collected more than 900 Cr in premiums through over 183000 policies and over Rs 7850 Cr in Sum Assured.
Do visit www.idbifortis.com to know more
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 720 branches and 1210 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd.
Please visit www.idbibank.com to know more.

Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of over 660 branches and 690 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
Please visit www.federalbank.co.in to know more.

Fortis is an international insurance group composed of AG Insurance, the overall market leader in life and non-life insurance in Belgium, distributing its insurance products through the network of BNP Paribas Fortis Bank and independent insurance brokers, and Fortis Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India.
Please visit www.fortis.com to know more.
For Further details:
Kavita
Concept PR
09873705751

Presents a suite of innovative products catering to different needs

PANIPAT, JULY 19, 2010: IDBI Fortis Life Insurance formally launched its branch at Panipat today. The branch is located on the 1st Floor Excel tower, Khasra No. 3673, Naka Pati Rajputan, GT Road, near Sanjay Chowk, Panipat.

IDBI Fortis Life Insurance is one of India’s fastest growing new private life insurance companies having started operations in March 2008, leading with their innovative product ‘WealthsuranceTM’.

As on March 31st 2010, the company has collected more than 900 Cr in premiums (including 570 Cr of premiums collected in the FY 2009-10) with over 1,83,000 policies and over Rs 7,850 Cr in Sum Assured. IDBI Fortis Life Insurance already has a strong distribution network of over 1380 branches through their partner banks and intends to strengthen their distribution force further by aiming for 15000 distributors/agents this fiscal. At present, the company has 38 branches and plans to increase the branch network to 55 within this fiscal.

“With changing lifestyles, more and more people want to invest their money for long term wealth building. We hope to target this segment with our unique wealth-building products that will help their investments grow by protecting it from unforeseen circumstances,” said Mr. G V Nageswara Rao, MD and CEO, IDBI Fortis Life Insurance.

IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe.

“WealthsuranceTM, our flagship product, is a unique combination that aims to provide people with protected growth. The product is designed to ensure that the hard-earned money that is invested is not susceptible to unforeseen circumstances. With comprehensive investment choices, protected by powerful insurance options, all presented with a reasonable charge structure, WealthsuranceTM is a one-stop solution to a customer’s wealth building plans. WealthsuranceTM offers investment choices such as Monthly Guaranteed Interest Fund, Guaranteed Return Funds, Dynamic Guaranteed Funds, Equity Growth Fund, Nifty Index Fund, Midcap Fund, Bond Fund, Income Fund, Liquid Fund and Asset Allocator Options ensuring that the customer would find all his investment requirements satisfied with this one powerful product. The powerful insurance benefits of WealthsuranceTM ensure that a customer’s wealth plan is not affected by unforeseen events that may strike them.” Mr. Rao added.

IDBI Fortis has recently launched Healthsurance Hospitalisation and Surgical PlanTM a power packed plan with a host of benefits that help you manage the extra financial burden that comes with hospitalisation. The company also recently launched IncomesuranceTM Endowment & Money Back Plan which is a first of its kind combination product of endowment and money back that gives the customers unmatched transparency and competitive interest rates in relation to the changing market conditions. HealthsuranceTM & IncomesuranceTM are new additions to their stable of other innovative products like HomesuranceTM a protective cover for home loans, BondsuranceTM, for guaranteed returns with life insurance cover, RetiresuranceTM for a comfortable life after retirement with lifelong pension and TermsuranceTM Protection Plan, for customers looking for a flexible protection plan and large insurance cover at an affordable cost. IDBI Fortis Life Insurance also offers MicrosuranceTM for affordable life insurance cover to groups and TermsuranceTM Grameen Suraksha, a low cost life insurance plan for rural markets.

Mr. Murali Iyer, National Head – Agency & Alliances, IDBI Fortis Life Insurance, said: “Panipat is a historic city with good infrastructure for industries. Apart from being known for textiles and carpets, it is the biggest centre for quality blankets and carpets in India and has a handloom weaving industry. At the same time Panipat also has heavy industry, with government projects in Oil refineries and Thermal power stations.. It’s a perfect blend of a business oriented and lifestyle centric market, making Panipat a good opportunity to not only to expand our business through our distributor base but also to harness the alliances opportunities in the region. IDBI Fortis, one of the fastest growing life insurance companies in the country, will also create employment as well as self-employment opportunities for staff and distributors respectively.”
About IDBI Fortis
IDBI Fortis Life Insurance Co Ltd is a joint-venture of IDBI Bank, India’s premier development and commercial bank, Federal Bank, one of India’s leading private sector banks and Fortis Insurance International, a multinational insurance giant based out of Europe. In this venture, IDBI Bank owns 48% equity while Federal Bank and Fortis own 26% equity each. At IDBI Fortis, we endeavor to deliver products that provide value and convenience to the customer. Through a continuous process of innovation in product and service delivery we intend to deliver world-class wealth management, protection and retirement solutions to Indian customers. Having started in March 2008, in just five months of inception we became one of the fastest growing new insurance companies to garner Rs 100 Cr in premiums. The company offers its services through a vast nationwide network across the branches of IDBI Bank and Federal Bank in addition to a sizeable network of advisors and partners. As on March 31st 2010, the company collected more than 900 Cr in premiums through over 183000 policies and over Rs 7850 Cr in Sum Assured.
Do visit www.idbifortis.com to know more
About the sponsors of IDBI Fortis Life Insurance Co Ltd
IDBI Bank Ltd. continues to be, since its inception, India’s premier industrial development bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost commercial banks, with a wide range of innovative products and services, serving retail and corporate customers in all corners of the country from 720 branches and 1228 ATMs. The Bank offers its customers an extensive range of diversified services including project financing, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients. As part of its development activities, IDBI Bank has been instrumental in sponsoring the development of key institutions involved in India’s financial sector – such as the Securities and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and National Securities Depository Ltd.
Please visit www.idbibank.com to know more.

Federal Bank is one of India’s leading private sector banks, with a dominant presence in the state of Kerala. It has a strong network of 708 branches and 749 ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network. In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
Please visit www.federalbank.co.in to know more.

Fortis is an international insurance group composed of AG Insurance, the overall market leader in life and non-life insurance in Belgium, distributing its insurance products through the network of BNP Paribas Fortis Bank and independent insurance brokers, and Fortis Insurance International with subsidiaries in the UK, France, Hong Kong, Luxembourg (Non-life), Germany, Turkey, Russia and Ukraine, and joint ventures in Luxembourg (Life), Portugal, China, Malaysia, Thailand and India.
Please visit www.fortis.com to know more.
For Further details:
Sanjeev Kocchar
09815617676