New Delhi: Mahindra & Mahindra Ltd (M&M) on Tuesday said 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 23 May. 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.
