Days after re-entering the Forbes billionaire list of 2023, Keshub Mahindra passed away at the age of 99 on Wednesday. The chairman emeritus of Mahindra & Mahindra held the title of India’s oldest billionaire with a net worth of $1.2 billion. After serving as the Mahindra group chairman for 48 years, he retired in 2012 and passed on the baton to nephew Anand Mahindra.
(PTI)
Former managing director of M&M, Pawan K Goenka took to Twitter and wrote,“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. Om Shanti.”
5 things to know about Keshub:
- An alumnus of Wharton, University of Pennsylvania, Keshub joined his father’s company in 1947. He helped steer the conglomerate from being a mere utility vehicle manufacturer to expand into software services, hospitality, and real estate sectors. The originally automotive focused Mahindra group is now known for its diverse business portfolio.
- Under his leadership, M&M acquired Punjab Tractors and Gujarat Tractors, South Korean company SsangYong Motor, entered the two-wheeler market and also marked a foray into the electric vehicle (EV) market by buying REVA. He was also instrumental in stitching business partnerships with Willys Corporation, Mitsubishi, International Harvester, United Technologies, British Telecom among others.
- Keshub, also known for his philanthropic pursuits, worked closely with KC Mahindra Education Trust, which grants scholarships across categories. He also founded Housing and Urban Development Corporation (HUDCO).
- The Mahindra patriarch has served on the boards of several companies including SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, and ICICI. He was also part of the Sachar Commission on Company Law & MRTP and the Central Advisory Council of Industries and a member of the Prime Minister’s Council on Trade & Industry in New Delhi from 2004 to 2010.
- He received the Chevalier de l’Ordre National de la Legion d’honneur from the French government for his efforts in transforming India’s indigenous auto industry.
