Anand Mahindra crowned chairman of Mahindra & Mahindra

Anand MahindraAnand Mahindra has officially taken over from uncle Keshub Mahindra as the company's chairman at the company's 66th annual general meeting.

Keshub Mahindra, 88, who led the Mahindra & Mahindra for about 48 years, on Wednesday retired as chairman of the group, saying, "It is time to break new ground."

"By now, all of you know that after having enjoyed the privilege of serving as a Director of your company for 64 years, and the honour of being chairman of the board for 48 years, I have decided to hand over the baton to the younger generation."

During his chairmanship, the Mahindra Group branched out from automobile business to other businesses like IT, real estate, financial services and hospitality.

He was instrumental in M&M forging global business alliances with companies such as the Willys Corporation, Mitsubishi, International Harvester, United Technologies, British Telecom and others.

He had also served on various 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.