Anand Mahindra: Tension is increasing between India and Canada. India has stopped giving visas to Canadian citizens for the time being. Amidst the tension between the two countries, Mahindra Group has also given a big blow to Canada. Anand Mahindra’s Mahindra & Mahindra has announced the closure of its operations in Canada. The company has decided to close its Canada based company Resson Aerospace Corporation, Canada on voluntary basis. M&& had 11.18 percent stake in Rayson Aerospace Corporation.
Mahindra & Mahindra has informed the stock exchange in a regulatory filing that Rayson Aerospace Corporation, Canada has received the Certificate of Dissolution from Corporation Canada on September 20, 2023, information about which has been given to the company. Mahindra said that with this, Reson’s operation has stopped and under Indian Accounting Standards, it has nothing to do with it from September 20, 2023.
On liquidation of Rayson, the company will get 4.7 Canadian dollars, which is Rs 28.7 crore in Indian currency. After this news came out, there was a big fall in the stock of Mahindra & Mahindra on the stock exchange. The share closed at Rs 1583 with a fall of 3.11 percent or Rs 50.75.
This decision of Mahindra & Mahindra has dealt a big blow to Canada. But let us tell you that Canada Pension Fund has made huge investments in many Indian companies. According to public disclosure, the value of investment of Canada Pension Plan Investment Board in six Indian companies is more than Rs 16000 crore. These companies include Zomato, Paytm, Indus Tower, Nykaa, Kotak Mahindra Bank, Delhivery Is included.
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