Keshub Mahindra, India’s oldest billionaire and Mahindra & Mahindra chairman emeritus, died on Wednesday at the age of 99. According to Forbes, Mahindra had a net worth of $1.2 billion. On August 9, 2012, he stepped down as Chairman of the Mahindra Group, handing over the reins to his nephew, Anand Mahindra.
During Keshub Mahindra’s 48-year chairmanship, the Mahindra Group expanded from automobile manufacturing to other business segments such as information technology, real estate, financial services, and hospitality. He was instrumental in forging strategic alliances with global corporations such as Willys Corporation, Mitsubishi, International Harvester, United Technologies, British Telecom, and many others.
Keshub Mahindra has also served on several boards and councils in both the private and public sectors, including SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, and ICICI. Mr. Mahindra was also the Founder Chairman of HUDCO (Housing and Urban Development Corporation Limited), Vice-Chairman of Housing Development Finance Corporation Ltd, Chairman of Mahindra Ugine Steel Co. Ltd, and Director of Bombay Dyeing & Manufacturing Co. Ltd. and Bombay Burmah Trading Corporation Limited.
In an interview with Wharton magazine, Mahindra stated that JRD Tata was his role model. “If I had to choose two mentors, I would choose [industrialist] J.R.D. Tata from the business world and [social activist] Nanaji Deshmukh from the social and political world.” “One common thread among those I admire is their passion and dedication to providing assistance to unfortunate people who have not had opportunities in their lives,” he said.
