- By Priyanka Payal
- Wed, 12 Apr 2023 01:01 PM (IST)
- Source:JND
KESHUB Mahindra, India’s oldest billionaire and chairman emeritus of Mahindra & Mahindra, passed away on Wednesday (12 April), at the age of 99. Indian National Space Promotion and Authorization Centre (INSPACe) chairman Pawan K Goenka confirmed the news on his Twitter handle.
"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 inspired by how he connected business, economics and social matters. Om Shanti," Pawan Goenka tweeted.
The news of his demise came days after Mahindra returned to the Forbes list of India’s Richest Billionaires for 2023. Mahindra’s net worth was estimated at $1.2 billion. Following his retirement as Chairman of Mahindra Group, on August 9, 2012, the billionaire handed over the reins to his nephew, Anand Mahindra.
During his tenure as chairman for 48 years, the Mahindra Group grew from being an automobile manufacturer to other sectors such as IT, real estate, financial services and hospitality.
In the initial stage of his career, Mahindra got involved in his father’s company, which started by manufacturing and selling utility vehicles, in 1947. He served as the chairman of the Mumbai-listed conglomerate from 1963 to 2012. When he stepped down from his post, he crowned nephew Anand Mahindra his successor.
A graduate of Wharton, University of Pennsylvania (USA), Mahindra revamped the company from an assembler of Willys Jeeps to a diversified conglomerate. Besides being known for its tractors and sports utility vehicles, Mahindra Group has also made its strong presence felt in software services, hospitality and real estate.
Mahindra was also a philanthropist and is known for his contribution to the cause of building ethical corporations in India. The veteran industrialist was a part of many prestigious organisations and committees.
From 2004 to 2010, Mahindra was a member of the Prime Minister’s Council on Trade and Industry.
As the news of Keshub Mahindra's demise went viral, Gautam Singhania Raymond Chairman and Managing Director paid last tributes to the industry titan.
Singhania tweeted, "Keshubji lived a glorious life guiding the growth of the Mahindra group for nearly five decades. With his endearing personality, he could navigate many a challenging situations. My deepest condolences to the family, employees, and well-wishers of Mahindra Group. RIP Keshub Mahindra."
Speaking about Keshub Mahindra, Anand Mahindra, Chairman of Mahindra Group, said, "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," he added.
