The former chairman of the Mahindra & Mahindra Group of Companies and one of India’s oldest billionaires, Keshub Mahindra, passed away on Wednesday in Mumbai at the age of 99. He presided over the conglomerate as chairman from 1963 until 2012. According to Forbes, Mahindra had a net worth of $1.2 billion.
After Keshub resigned in August 2012, his nephew Anand Mahindra assumed control of the business. He joined the company’s board in 1948 and was chosen to serve as chairman in 1963.
The Mahindra Group expanded from being an automobile manufacturer to other industry categories like IT, real estate, financial services, and hospitality over the 48 years Keshub Mahindra served as chairman. He was instrumental in forming partnerships with large international corporations like the Willys Corporation, British Telecom, Mitsubishi, International Harvester, and United Technologies, among others.
Former managing director of M&M, Pawan Goenka, announced Mahindra’s passing via his Twitter account. Separate confirmation of the report came from a corporate spokesperson. In due time, an official statement will be released.
Pawan Tweeted, “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 was inspired by how he connected business, economics and social matters. Om Shanti.”
Take a look at his tweet: https://twitter.com/GoenkaPk/status/1646012668103495681?s=20
Mahindra was born on October 9, 1923, in Shimla. He graduated from Wharton, a Pennsylvania university and joined the Mahindra & Mahindra Group in 1947. Following this, in the year 1963 he rose to the position of Chairman.
In the public and private 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. The founder and first chairman of HUDCO (Housing and Urban Development Corporation Limited), Vice-Chairman of Housing Development Finance Corporation Ltd., Chairman of Mahindra Ugine Steel Co. Ltd., Director of Bombay Dyeing & Manufacturing Co. Ltd., and Bombay Burmah Trading Corporation Limited, Mr. Mahindra also held these positions.
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