New Delhi: Keshub Mahindra, chairman emeritus of Mahindra & Mahindra and India’s oldest billionaire, passed away at the age of 99, on Wednesday.
Mahindra has a USD 1.2 billion net worth. On August 9, 2012, he announced his retirement as Chairman of the Mahindra Group and gave the helm to his nephew, Anand Mahindra. His death comes days after he re-entered the Forbes list of India’s Richest Billionaires for 2023.
In 1947, Mahindra joined his father’s business, which had first produced and sold utility vehicles. From 1963 through 2012, he served as the conglomerate’s chairman.
The Mahindra Group evolved from being a car manufacturer to other industry categories including IT, real estate, financial services, and hospitality over the 48 years he served as chairman.
He was instrumental in forming partnerships with large international corporations including the Willys Corporation, British Telecom, Mitsubishi, International Harvester, United Technologies, and many more.
Mahindra received his degree from Wharton, University of Pennsylvania. He began working for the business in 1947, and in 1963 he was named chairman.
In both the private and the public sectors, he has also held positions on a number of boards and councils, including those for SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, and ICICI. Mahindra founded HUDCO (Housing and Urban Development Corporation Limited), served as Vice-Chairman of Housing Development Finance Corporation Ltd., Chairman of Mahindra Ugine Steel Co. Ltd., and was a director of Bombay Dyeing & Manufacturing Co. Ltd. and Bombay Burmah Trading Corporation Limited.
Speaking about Keshub Mahindra, Anand Mahindra, Chairman, Mahindra Group, said, “Keshub Mahindra was and will always remain a source of inspiration for me and the entire Mahindra Group. He was a man of principles and led from the front to preserve the legacy of our founders which has ensured that the organisation has remained rooted in ethics, values and good corporate governance. Keshub Mahindra was known for his astute business acumen that helped in transforming Mahindra into a diversified federation of companies. His compassion, and people-centric approach made him a global business icon, who was much loved and respected”.
“The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing. I always looked forward to mtgs with him and inspired by how he connected business, economics and social matters. Om Shanti,” Pawan Goenka tweeted.
“The Indian Automobile Industry today lost one of it’s pioneers Shri Keshub Mahindra, at the age of 99. His leadership in the early years of the journey of the Indian Auto Industry had led to India being recognised as an important player globally and also helped in India becoming a manufacturing hub for the Automobile sector. He was the President of SIAM during the year 1964. SIAM and the Indian Automobile Industry condoles the passing away of a true visionary and pray for the departed soul to rest in peace,” said Vinod Aggarwal, President, SIAM and MD & CEO, VECV.
FADA, the dealer’s body said, “We are deeply saddened by the sudden passing of Shri Keshub Mahindra, Chairman Emeritus – Mahindra & Mahindra. Our hearts go out to his family and loved ones during this difficult time. Our thoughts and prayers are with the Mahindra & Mahindra family as they cope with this immense loss. May his soul rest in peace.”
