 "keshub mahindra")
Keshub Mahindra, former chairman of Mahindra & Mahindra, passed away at the age of 99 on Wednesday. He served as the chairman of the flagship company of the Mahindra Group for 48 years between 1963 and 2012. After that, he was the chairman emeritus of the firm.
Recently, Forbes revealed that he was India's oldest billionaire, with a net worth of $1.2 billion.
"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. 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," said Anand Mahindra, chairman of Mahindra Group.
Under Mahindra, the company went under a great deal of diversification. When he started working there in the company in 1947, its main business was manufacturing the iconic Willys Jeeps. Now, the group is a conglomerate with interests spanning automobile, energy, software services, real estate, hospitality and defence.
Who was Keshub Mahindra?
Born on October 9, 1923, in Shimla, Mahindra completed his graduation from Wharton at the University of Pennsylvania, USA.
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In 1945, his father, K C Mahindra, co-founded the company. In 1947, Keshub joined the company and assumed the role of chairman in 1963.
Mahindra & Mahindra was founded as Mahindra & Mohammed on October 2, 1945, as a steel trading company in Ludhiana. Mahindra brothers, Kailash Chandra Mahindra and Jagdish Chandra Mahindra, founded the company along with Malik Ghulam Muhammad.
In 1948, the company changed its name to Mahindra & Mahindra.
After Keshub, his nephew Anand Mahindra took over the company. Anand Mahindra is the grandson of Jagdish Chandra Mahindra.
He was known as a champion of education and had a close association with K C Mahindra Education Trust, which grants scholarships across categories.
Centre had also chosen Keshub to be part of several committees, including the Sachar Commission on Company Law, MRTP and the Central Advisory Council of Industries. From 2004 to 2010, the billionaire was a member of the Prime Minister's Council on Trade and Industry in New Delhi.
Various boards in both the private and public domain, including SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, and ICICI, have also seen his participation.
According to the company's website, Mahindra held key positions in the Apex Advisory Council of ASSOCHAM and the Employers' Federation of India.
He also founded Hudco (Housing and Urban Development Corporation Limited). He also served as the vice chairman of the Housing Development Finance Corporation and director of Bombay Dyeing and Manufacturing Co.
Keshub Mahindra was the chairman of Union Carbide India Limited (UCIL) in 1984. In December, 1984, a gas leak at UCIL's pesticide plant in Bhopal resulted in the death of over 15,000 people. This industrial disaster came to be known as the Bhopal gas tragedy.
In 1987, he received the Chevalier de l'Ordre National de la Legion d'honneur from the French government for his contributions to the industry.
