New Delhi, Nov. 11 -- Mahindra and Mahindra Ltd (M&M) has put up its shuttered Melbourne-based group company GippsAero Pty. Ltd on sale as it continues efforts 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.

M&M had in June exited its US-based electric bike startup GenZe, and halted capital infusion into the ailing Korean subsidiary SsangYong Motor Co. (SYMC). The Mumbai-based company had earlier pulled back new investments in its American subsidiary, Mahindra Automotive North America (Mana), as it failed to deliver adequate return on investments including profits.

The move is part of the M&M management'...