The Board of Directors of Mahindra & Mahindra Ltd. at its Meeting held on 21st March, 2007 has declared an Interim Dividend at the rate of 75% i.e. Rs. 7.50 per Ordinary Share of the face value of Rs.10 each to the Shareholders of the Company for the financial year ending 31st March, 2007.

The Interim Dividend, together with the tax thereon, will absorb a sum of Rs. 209.84 crores and will be paid to those persons whose names stand registered in the Books of the Company as on 26th March, 2007, the Record Date fixed for the payment of Interim Dividend.

Over and above this, the Board will take a decision on final dividend when it meets to adopt the accounts for the year ended 31st March, 2007.

- End -

For further enquiries, contact:
Ms. Roma Balwani
Sr. GM - Head, Corporate Communication
Phone: (+91-22) 24975176
Fax: (+91-22) 2490 0830
Email: balwani.roma@mahindra.com