Mahindra veteran Nanda steps down

TNN

Mumbai: Arun Nanda, Mahindra Lifespace Developers’s long-standing chairman and a “trusted adviser” of Mahindra Group chairman Anand Mahindra, has retired from his leadership position on Wednesday. Though the retirement age stipulated by the Mahindra Group for non-executive directors is 75 years, Nanda, 73, decided to cut short his term at Mahindra Lifespaces as he wanted to spend more time on social causes.

At Mahindra Lifespaces, Nanda will be succeeded by independent director Ameet Hariani as chairman. In recent years, Mahindra veterans Pawan Goenka and Bharat Doshi had retired from leadership positions.

At the company’s annual general meeting on Wednesday, Nanda told shareholders, “Much before my date of retirement, I had resigned as an executive director of M&M as I wanted to respond to my inner calling to work in the social sector. I will be 75 in 2024 and that urge is becoming stronger.” Nanda, however, continues on the boards of Mahindra Holidays & Resorts and Mahindra Holdings as chairman and director respectively.

Nanda joined the Mahindra Group in 1973 and has held several important positions within the diversified enterprise over the years. He was first inducted on the board of M&M in August 1992 and later was appointed on the boards of other Mahindra Group companies.

Group chairman Mahindra said, “Arun has been an invaluable part of the Mahindra Group and been instrumental in its growth and expansion, especially in the services business. He spearheaded the group’s foray into real estate and hospitality and set up Mahindra Holidays and Mahindra Lifespaces…Arun remains a trusted adviser and a friend and I wish him all the best as he continues his work within the group and with the industry.”