Mumbai, Nov. 10 -- In an attempt to reduce cash burn and prioritize capital allocation to core businesses and other non-core divisions that offer visibility of at least 18% return on equity in the near to mid-term, Mahindra and Mahindra Ltd (M&M) on Tuesday said it has shutdown the Australia-based group company GippsAero Pty Ltd.

In June earlier this year, the company management had exited the US-based electric bike startup GenZe and halted further capital infusion into its ailing Korean subsidiary SsangYong Motor Company (SYMC). Few months ago, M&M pulled back new investments in its American subsidiary, Mahindra Automotive North America or Mana as it did not see adequate returns over the mid-term.

The steps are taken as M&M management ...