Domestic auto major Mahindra & Mahindra Ltd on Wednesday said it has raised Rs 1.11 crore from online auctioning of the first unit of all-new version of SUV Thar, which is set to be launched on October 2.
Mahindra has matched the amount raised at the auction and the total proceeds of Rs 2.22 crores will be donated towards coronavirus pandemic relief work, a release said.
The idea of the auction was to harness Thar's iconic status to galvanise the country during this trying time and aid its fight against COVID-19 pandemic, it said.
The online auction, which lasted for six days, witnessed almost 5,500 registrations from nearly 550 locations across the country.
The auction reserve price was set at Rs 25 lakh, and the winning bid was placed at Rs 1.11 crore, M&M Ltd in the release.
The winner has chosen Swades Foundation to receive the entire proceeds from the auction and support COVID-19 relief work, it added.
"It is heartening to see the interest and generosity that this auction for the all-new Thar#1 has garnered from across every corner of the country. We will be contributing an amount equal to the bid amount, to the Swades Foundation, which is the winner's charity of choice," said Pawan Goenka, MD and CEO, Mahindra & Mahindra Ltd.
The hard-fought auction garnered interest among several bidders, including those from big cities and small towns, it said.
According to the company, there were 37 bidders who put their top bid value at more than Rs 50 lakhs and four bidders placed their top bids at over Rs 1 crore.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU