New Delhi: Mahindra & Mahindra (M&M) on Wednesday said it has incorporated Mahindra Airways as a wholly-owned subsidiary.
"Mahindra Airways is incorporated as a wholly-owned subsidiary of Mahindra Holdings Ltd (MHL). The initial subscription by MHL into Mahindra Airways is Rs 5 lakh," the company said in a regulatory filing.
MHL in turn is a wholly-owned subsidiary of Mahindra & Mahindra Ltd.
The company said that Mahindra Airways Ltd has been incorporated as a wholly-owned subsidiary "to carry on, engage in or provide services of all kinds related to or involved in the smooth operations and management of Aircraft and machines of all kinds related to or capable of being flown in the air."
The company has been set up to operate the internal aircraft owned by Mahindra, it added.
Mahindra & Mahindra stock today ended 0.22 per cent up at Rs 1,453.30 apiece on BSE.