'Growth Gems' biz to power Mahindra's next leap

CHENNAI: Mahindra Group is betting on a clutch of fast-growing businesses beyond its core automotive and farm equipment operations, setting ambitious expansion targets across hospitality, real estate, logistics, renewable energy, electric mobility and aerospace as it seeks to build multiple long-term growth engines.The diversified conglomerate said its so-called "Growth Gems" - 12 businesses within the Mahindra Group - are well positioned to benefit from structural trends, including rising consumer spending, infrastructure expansion and digitalisation, and outlined medium-term goals for each of them."Our Growth Gems have continued to build momentum across businesses. Mahindra Lifespaces recorded a seven-fold increase in profit, while aerospace built a strong order book exceeding $1bn. The logistics business broke even after 11 quarters of losses, advanced technologies remains on a strong growth trajectory, and the trucks & buses business is well positioned following the SML acquisition," Anish Shah, Group CEO & MD, Mahindra Group, said in the company's latest annual report.

Among the key goals, the group plans to double room inventory to 12,000 keys at Mahindra Holidays & Resorts by FY30.