Keshub Mahindra was an astute businessman who put the Mahindra Group in top gear

Mahindra Group chairman emeritus Keshub Mahindra, who passed away in Mumbai on Wednesday morning at the age of 99, was a pioneer of the Indian auto industry and a visionary doyen who helped expand the group into multiple sectors, said business and political leaders.

"Keshub Mahindra was and will always remain a source of inspiration for me and the entire Mahindra Group," Mahindra Group chairman Anand Mahindra said in a statement. "He was a man of principles and led from the front to preserve the legacy of the company's founders which has ensured that the organisation has remained rooted in ethics, values and good corporate governance."

Further, he said, "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."


"Pained by the demise of the former chair of Mahindra Group Keshub Mahindra ji," Union road transport and highways minister Nitin Gadkari said in a post on microblogging site Twitter. "He was an exceptional business leader who shaped the Indian economy and transformed the Mahindra Group into a diversified conglomerate."

Industry peers mourn loss
"His legacy will inspire future generations of entrepreneurs. My deepest condolences to his family and colleagues. Om Shanti," Gadkari had tweeted.

Helming Mahindra Group for 48 years, the graduate from Wharton, University of Pennsylvania, transformed the Mumbai-based firm from a steel trading company to a federation of companies with diversified interests in IT services, hospitality and real estate sectors. Keshub Mahindra was conferred the Economic Times Lifetime Achievement Award in 2009, in recognition of his contribution to building Indian industry.

He was among the earliest promoters who trusted professional managers to run his company. When he relinquished his executive position in 1979, BR Sule took over as managing director. After Sule, professionals such as RK Pitambar and Kumar Sardesai were appointed as managing directors.

After his superannuation in 2012, the next generation led by his nephew Anand Mahindra and the professionals appointed by the company continued to benefit immensely from his oversight and wisdom, said people close to him.

"Even after he retired, he was completely on top of things, when I would go to meet him, there was nothing that I could tell him which he wasn't aware of. He was totally updated," said Pawan Goenka, former managing director, Mahindra & Mahindra.

During his tenure as a chairman, Keshub Mahindra, along with Anand, managed to convince the company's board that Scorpio, the first sports utility vehicle launched by the group in 2002, was the company's future, said Goenka. Industry peers mourned the demise of the industry doyen and India's oldest billionaire, who passed away a few months short of hitting a century. "Keshub Mahindra has been an icon in the Indian and international business community. Over the years, he has been a leader and statesman and has always acted with dignity. He always was a true friend and will be remembered for his good counsel and selflessness," Ratan N Tata, chairman, Tata Trusts, wrote on Twitter.

Baba N Kalyani, chairman, Bharat Forge, tweeted, "Keshub Mahindra was not just a visionary business leader but also a philanthropist and a mentor to many of us. His contribution to the Indian automotive industry is unparalleled; passion for innovation and commitment to excellence inspired everyone who worked with him."

Arun Nanda, director and veteran of 50 years at the group, said Keshub Mahindra was a philanthropist at heart, a person with very high ethical standards and, more importantly, a person with unmatched humility combined with vision, a great value system and a desire to empower and trust people.

"For me, he was not only the group chairman, he was a father figure, a great motivator who not only made me an intrapreneur from an accountant, but most importantly taught me the values by which to live life," said Nanda.

"I got to know Keshub from my time in HUL as an independent director on his board," said Ashok Ganguly, a veteran board member at Mahindra Group. "I admired his vision and nurturing of professional managers and outstanding leaders."

People close to Keshub Mahindra said he was known for his unostentatious and unassuming ways and was loved and trusted by all - from watchman and a general manager to the workers in the factory.

Mahindra's demise marks an end of an era which bears testimony to the struggle home-grown companies faced in the pre-liberalisation years, followed by the entry of multinationals when the economy opened. Mahindra was sceptical of economic reforms that opened up the India economy and put it on a fast track. He was a member of the so-called Bombay Club which opposed liberalisation of the economy, but later he changed his views.