Mahindra & Mahindra today said the automotive sector of the utility vehicle major has entered into a long-term wage agreement with Bhartiya Kamgar Sena Union (BKS), at the company's Igatpuri plant, near Nashik.
''This agreement will be valid for a period of three and a half years, the release said.
Workers at the Nasik plant of Mahindra & Mahindra Ltd have been on a tools-down strike from 5 May in response to a disciplinary action initiated against an office bearer of the employees union for alleged acts of indiscipline.
The company, in an intimation to the Bombay Stock Exchange (BSE) had termed the strike ''illegal''.
The strike had affected work at the automotive sector of the company, according to the release. (See: Strike hits production at Mahindra & Mahindra's Nasik plant)
The $6.7 billion Mahindra Group is among the top 10 industrial houses in India. Mahindra & Mahindra is the market leader in multi-utility vehicles in India. It made a milestone entry into the passenger car segment with the Logan.
Mahindra & Mahindra is the only Indian company among the top tractor brands in the world.
The group has a leading presence in key sectors of the Indian economy, including the financial services, trade, retail and logistics, automotive components, after-market, information technology and infrastructure development.
Mahindra recently made an entry in the two-wheeler segment, which will see the company emerge as a full-range player with a presence in almost every segment of the automobile industry.
Mahindra's farm equipment sector has received the Japan Quality Medal - the only tractor company worldwide to be bestowed this honour. It also holds the distinction of being the only tractor company worldwide to win the Deming Prize.
The US-based Reputation Institute recently ranked Mahindra among the top 10 Indian companies in its Global 200: The World's Best Corporate Reputations list.
Mahindra is also one of the few Indian companies to receive an A+ GRI checked rating for its first Sustainability Report for the year 2007-08.