Mahindra & Mahindra has announced its internal Carbon Price of US $10 per ton of carbon emitted. Mahindra's carbon price is aligned with its business commitment to reduce its Green House Gas emissions by 25% over the next three years. Carbon Pricing is an internationally recognized business tool that enables companies to create resources which are invested in low carbon technologies, which help reduce future emissions and lower operating costs.

According to Dr. Pawan Goenka, Executive Director, Mahindra and Mahindra Ltd, "Mahindra is a pioneer in sustainability and is deeply committed to the creation of low carbon businesses. We have reduced our carbon emissions over the years and this new Carbon Price will help accelerate innovation and drive our investments in energy efficient and renewable technologies. We hope this encourages other companies to take action at a time when India's emissions are set to rise in a BAU scenario, in step with the country's economic growth."

(Continued on next page)