Keshub Mahindra to hand charge to nephew Anand in August

Keshub Mahindra, the chairman and managing director of India's largest utility vehicles manufacturer Mahindra & Mahindra (M&M), is set to retire in August, handing the baton to his nephew Anand Mahindra.

"It is gratifying to be able to hand over to the next generation at a time when the company's performance is at its best. I am confident that Anand (Mahindra) will retain and strengthen the values and principles that the Mahindras have stood for in the last six decades, and the group will continue to grow its leadership position across its various businesses,'' Keshub Mahindra said.

Keshub Mahindra  said he intended to retire after the company's AGM scheduled on 8 August 2012, but agreed to continue as its chairman emeritus. The company's board has also appointed Anand Mahindra as chairman and managing director, effective 8 August.

M&M was founded in Ludhiana as 'Mahindra & Mohammed' by brothers K.C. Mahindra and J.C. Mahindra, and Malik Ghulam Mohammed, as a steel trading company in 1945. After Indian independence and formation of Pakistan, Mohammed emigrated to Pakistan and became the nation's first finance minister.

Later in 1948, the company changed its name to Mahindra & Mahindra and Keshub Mahindra joined its board and was elected its chairman in 1963.

During the 48 years of his chairmanship, the Mahindra Group grew from a manufacturer of automobiles to a business conglomerate, with interests in auto components, IT, real estate, financial services and hospitality.