Mahindra staying in Bangladesh though it shuts subsidiary 

India's multinational automotive manufacturing company Mahindra & Mahindra's (M&M) said its existing business in Bangladesh will continue although it is shutting down its subsidiary Mahindra Bangladesh Pvt Ltd (MBPL) here.

Incorporated in 2019, the MBPL had been non-operational for nearly four years, said the Mumbai-based M&M in a statement today.

"Shutting down the entity would not interrupt Mahindra's prevailing business of import and distribution of a wide range of commercial, passenger, and utility vehicles as well as construction and agricultural equipment that have been under the operations of a branch office for more than two decades," said the M&M.

Mahindra has been offering a full range of products in Bangladesh since 1994. With over 50,000 customers, it markets a range of small commercial vehicles, tractors and trucks here.

Its partners in Bangladesh are leading business groups of the country such as Rangs Group and Karnaphuli Group, according to the statement.