India’s oldest billionaire, Keshub Mahindra, the chairman emeritus of Mahindra & Mahindra, passed away on Wednesday at the age of 99. Mahindra had a net worth of $1.2 billion, according to the Forbes list. He announced his retirement as chairman of the Mahindra Group on August 9, 2012, and appointed his nephew Anand Mahindra to take over.
During the 48 years he was chairman, the Mahindra Group expanded from being a vehicle manufacturer to other business sectors, including IT, real estate, financial services, and hotels. He had a key role in establishing alliances with major global firms, including Willys Corporation, British Telecom, Mitsubishi, International Harvester, United Technologies, and several more.
What people tweeted:
One of today’s towering characters has left the corporate sector. No one is nice than Shri Keshub Mahindra, whom I have recognised for years. I always looked forward to our meetings and was motivated by the way he integrated issues in business, economics, and society. Om Shanti” tweeted Pawan Goenka.
Mahindra received his degree from Wharton, University of Pennsylvania, USA. He joined the Mahindra & Mahindra Group in 1947 and rose to the position of Chairman in 1963. Moreover, he was born on October 9, 1923, in Shimla.
He has also held positions on several boards and councils in the public and commercial sectors, including those for SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, and ICICI. All of these positions are held by Mr Mahindra, who is also 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 president of Bombay Burmah Trading Corporation Limited.
Mahindra stated that J.R.D. Tata was his role model in an interview with Wharton magazine. “If I had to choose two of my mentors, I would choose industrialist J.R.D. Tata from the corporate world, and social activist Nanaji Deshmukh from the social and political world. The enthusiasm and devotion of individuals I like to helping the unfortunate who have not had the opportunity to achieve something in their life is one thing in common, he remarked.
READ ALSO: Nykaa shares drop 2%, while Macquarie estimates a stock decline of 23%
