Keshub Mahindra, former chairman of Mahindra & Mahindra, passes away; PM Modi expresses condolences
Keshub had joined the M&M board in 1948 and was elected Chairman in 1963. He played key roles in forging business alliances with global majors.
Keshub Mahindra passes away: Keshub Mahindra, India's oldest billionaire and Chairman Emeritus of Mahindra & Mahindra, passed away at the age of 99. He had a net worth of $1.2 billion and is known to for expanding the business of Mahindra Group during his long tenure of 48 years.
He retired as chairman of the company in August 2012 and his nephew Anand Mahindra took over as Chairman and Managing Director of the then $15.4 billion conglomerate.
Who was Keshub Mahindra?
Keshub Mahindra had joined the M&M board in 1948 and was elected Chairman in 1963. During the 48 years of his chairmanship, the Mahindra Group expanded from being an automobile manufacturer to other business segments like IT, real estate, financial services and hospitality.
He played key roles in forging business alliances with global majors such as the Willys Corporation, Mitsubishi, International Harvester, United Technologies, British Telecom and many others.
Keshub had also served on a large number of Boards and Councils in both private and public domain. He was the founder Chairman of HUDCO, and also served on many corporate boards, including SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, ICICI and HDFC.
Besides, he also held the position of President ASSOCHAM, the Employers' Federation of India and the Bombay Chamber of Commerce and Industry.
He was a member of the Sachar Commission on Company Law and Reforms, a member of the Prime Minister's Council on Trade and Industry and Chairman of the Indian Institute of Management, Ahmedabad.
Keshub Mahindra passes away: PM Narendra Modi condoles death
Prime Minister Narendra Modi expressed condolences over Keshub Mahindra's death, saying that the industry doyen will be remembered for his contributions to world of business and his philanthropic works. "Anguished by the passing away of Shri Keshub Mahindra Ji. He will be remembered for his contribution to the world of business and his philanthropic efforts. Condolences to his family and friends. Om Shanti," he tweeted.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.