Keshub Mahindra, the former chairman of Mahindra and Mahindra Group, passed away at the age of 99 on Wednesday, Pawan K Goenka, Chairman of INSPAce informs in a tweet.
"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 meetings with him and was inspired by how he connected business, economics and social matters," says Goenka in a tweet.
Who was Keshub Mahindra?
Touted as the country's oldest billionaire with a net worth of $1.2 billion, Keshub Mahindra helmed Mahindra and Mahindra Group for 48 years between 1963 and 2012.
Born on October 9, 1923, in Shimla, Keshub Mahindra was an alumnus of the University of Pennsylvania in the USA. On October 2, 1945, his father Kailash Chandra Mahindra, co-founded the Mahindra Group as Mahindra and Muhammad, along with his brother Jagdish Chandra Mahindra and Malik Ghulam Muhammad. The company, at that time, only worked as a steel trading firm. Later in 1948, the company's name was changed as Mahindra and Mahindra.
In 1963, when Keshub Mahindra took over the company, Mahindra Group was focusing on the manufacturing of Willys Jeeps. However, under Keshub Mahindra’s leadership, the Mahindra Group underwent enormous diversification, including the company’s proliferation into tractors, sports and utility vehicles as well as into other sectors such as software services, real estate and hospitality. He was also known to have close association with KC Mahindra trust, which provides scholarships for higher studies.
During his tenure as the chairman of Mahindra Group, he also served as a member of various industry bodies. As per the company’s website, he was appointed by the overnment of India to serve on many Committees including the Sachar Commission on Company Law & MRTP and the Central Advisory Council of Industries. Between 2004 and 2010, Keshub Mahindra was a Member of the Prime Minister’s Council on Trade & Industry in New Delhi.
He was a member of the apex advisory council of ASSOCHAM and was the President Emeritus of the Employers’ Federation of India. He was also an Honorary Fellow of the All India Management Association, New Delhi and a member of the Council of the United World Colleges (International) in the United Kingdom.
He also served on several boards and councils in both the private and public domain, including SAIL (Steel Authority of India), Tata Steel, Tata Chemicals, Indian Hotels, IFC (International Financial Corporation) and ICICI. He was also the founder 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.
In 2012, his nephew Anand Mahindra took over as the chairman of the Mahindra Group.
"Mr. 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. Mr. 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," says Anand Mahindra in a statement.
Several industry leaders took to Twitter condoling Keshub Mahindra's demise. "I shall always cherish the memory of Mr Keshub Mahindra- a doyen of Indian industry. It was an honour to receive my degree from him at IIMA. I remember his kind words at the start of my career. Years later, I was to experience his inspiring leadership at Mahindra Group," tweets SP Shukla, chairman, Mahindra Aerospace.
Vinod Aggarwal, President, MD & CEO, SIAM says in a statement, "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."
