Keshub Mahindra: A leading industrialist very different from the ultra-rich

My first meeting with Keshub Mahindra was at a wedding. I had known the Labroo family from their Kashmir days and their son Sunny (Sanjay), who was to set up Asahi India Glass to supply to Maruti Suzuki, was getting married to Keshub’s daughter Leena.

What struck me about the man was his simplicity, despite the fact that he was then surely one of the leading industrialists in the country and was highly respected. Yet the wedding was low-key with a limited guest list, very simple, underplayed and did not take place in some lavish five-star hotel but at his home. And I realised later that was his lifestyle, in which ostentatious living was clearly a no-no. He was very different from the ultra-rich of those times.

 

Due to the connection with the Labroo family, we would meet on and off, in fact just two months ago on another family occasion. As MD and chairman of Maruti Suzuki, I shared no real business relationship with him. But his management style reflected his simplicity. He was close to his workers, the doors were always open for them, and he treated them as part of one big family. He was also a relationship builder and followed a lofty code of ethics to run his business.

Of course, he was part of the famous Bombay Club with Rahul Bajaj and the others. We were young then and did not understand why they were opposing competition, but later on in life on introspection we realised what they were doing. At that time, there was clearly no level playing field for Indian industrialists and they were simply asking for that to happen.

He was not very active in the CII at all when we were there — but what I know about him was that he was a thorough professional. He never really advised his son-in-law how to run his business nor did he interfere when his nephew Anand Mahindra charted out his own course for the group after he stepped down.

Of course, the biggest challenge he faced was when he was convicted by the courts with imprisonment of two years because he was non-executive chairman of Union Carbide when the Bhopal Gas Tragedy occurred. That order was ridiculous as it was absolutely unfair for a non-executive chairman, who was not even aware of what was going on, to be convicted. And the law was changed consequently so that such a thing does not happen again.

As far as his business is concerned, the mainstay was tractors in which it had a dominant position holding a substantial share, over 40 per cent, of the market. They had a big success with Bolero, which was a simple product designed for the rural markets. They tried the passenger car business, but were not very successful. But they have made their market in the lower end of the SUV market.

The life and times of Keshub Mahindra

• Born on Oct 9, 1923, in Shimla
• Graduated from Wharton at the University of Pennsylvania, US
• Joined the company, then known as Mahindra & Mohammed, in 1947; assumed role of chairman in 1963
• Led M&M’s diversification from steel to software, finance and hospitality; relinquished executive position in 1979
• Served as non-executive chairman of Union Carbide India Limited in 1984 when the Bhopal Gas Tragedy occurred, resulting in the deaths of over 15,000 people
• In 2010, was sentenced to two years in jail; later granted bail
• Received the Chevalier de l’Ordre National de la Legion d’honneur from the French government for his contributions to the industry in 1987
• Served as a member of the Prime Minister’s Council on Trade and Industry from 2004 to 2010
• Stepped down from his role of chairman of M&M in 2012; was chairman emeritus since then
• Passed away on April 12, 2023

A Fond Tribute
 

“Keshub Mahindra, an industrial pioneer and one of the founding fathers of the Indian auto­mobile industry, left an in­delible mark on our nation’s business history. His legacy of innovation, resilience, and dynamism harks back to Independent India’s early business deve­lop­ment and shines through over a long arc of time. As a champion of Indian man­u­facturing, he propelled the Indian automotive industry onto the global stage. Above all, he remains an enduring inspiration for generations of business leaders, exem­plifying the importance of building businesses on a strong foundation of values”

Kumar Mangalam Birla Chairman, Aditya Birla Group

Keshub Mahindra’s presence in my life was larger than life. He was my mentor — my friend, philoso­pher and guide. He was a director on the board of HDFC for over three decades and during this long association, he ingrained within us the importance of unwavering principles, ethics and values. Anyone who interacted with him always admired his impeccable mannerisms. Above all, he was always a champion for India, believing in the country’s true potential. A life well led till the end, but for India Inc., a void left forever. Rest in peace, my friend

Deepak Parekh Chairman, HDFC

Keshub Mahindra belonged to a particular league of gentlemen that has almost entirely gone extinct in his passing. He was a magnet for respect, not by his position or power, which always remained elegantly subdued, but by his immense charm and personality

Harsh Goenka, Chairperson, RPG Group

Pained by the demise of the former chair of Mahindra Group Keshub Mahindra ji. He was an exceptional business leader who shaped the Indian economy and transformed the Mahindra Group into a diversified conglomerate.

Nitin Gadkari Union minister of road Transport & Highways

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(As told to Surajeet Das Gupta)

R C Bhargava is chairman, Maruti Suzuki