M&M chairman Anand Mahindra and executive director Pawan Goenka at the launch of TUV300 in Pune on September 10, 2015. Photo: Suryakant Niwate
Mahindra & Mahindra (M&M) said Monday it has incorporated its agricultural equipment rental services arm Trringo.Com as a wholly-owned subsidiary.
"Trringo.Com is incorporated as a wholly-owned subsidiary of M&M with an initial subscription of 50,000 shares of Rs 10 each aggregating Rs 5 lakh," the Mumbai-based utility vehicle major said in a regulatory filing.
An organised farm equipment rental service through a franchise-based model using new-age digital technology, Trringo-com was incorporated on May 23.
Its operations will be initially limited to India.
Trringo will use a proprietary digital platform as an enabler to process orders and pass them on to the nearest franchisee through location-based mapping.
Franchisee could also tie up with tractor owners in the vicinity enabling them to rent out equipment to farmers on a commission basis.
Besides, large farmers who own expensive, high-end equipment can rent out their assets, optimising utilisation based on seasonality, cutting across geographies.
The stock was trading at Rs 1,291.30 on BSE, up 0.38% from its previous close.