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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, bdnews24.com reported citing a PTI report.
As a result, MBPL has been liquidated and ceased to exist from Tuesday.
From March 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 per cent of the consolidated net worth of the Mumbai-based automaker.
On September 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”.