Anand Mahindra takes over as M&M Chairman

Keshub, who was on the board of directors for 63 years handed over the baton to his nephew today

After leading the group for over 45 years, Keshub Mahindra today retired as Chairman of Mahindra & Mahindra group and said it is time to "break new grounds" for the company under his successor Anand.

Keshub, who remained as one of the directors on Mahindra & Mahindra's board for 64 years overseeing the group's metamorphosis from a steel trading company to a $15.4 billion diversified group, handed over the baton to his nephew and Vice-Chairman and Managing Director Anand Mahindra.

"I do want to stress that it has been a very difficult year and a most challenging one," Keshub told the company's shareholders in its Annual
General Meeting here.

He said there were problems stemming from many circumstances abroad like sovereign debts of many advanced economies, turmoil in the
Middle-East, weakening global economic environment and India's rising fiscal and current account deficits.

The 88-year old, who would continue to be Chairman Emeritus of the group, said: "By now, all of you know that after having enjoyed the
privilege of serving as a Director of your company for 64 years, and the honour of being Chairman of the Board for 48 years, I have decided
to hand over the baton to the younger generation."

Thanking the shareholders for their support, Keshub said it was time to "break new grounds", and the group was in good hands for going
forward.

"As you all know, Anand is a leader of great acumen, moving in step with technological advances and above all, passionate about preserving
what is 'core' to the company – integrity, ethics and inclusiveness," Keshub said.

Attending his last AGM as the Chairman of the group, Keshub took time off to sign autographs for shareholders. One of them also presented him
a painted portrait of his.

During the 48 years of his chairmanship, the Mahindra Group expanded from being an automobile manufacturer to other business segments like
IT, real estate, financial services and hospitality.

He played key roles in forging business alliances with global majors such as the Willys Corporation, Mitsubishi, International Harvester,
United Technologies, British Telecom and many others.

Mahindra had also served on a large number of Boards and Councils in both private and public domain. He was the founder Chairman of HUDCO,
and also served on many corporate boards, including SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC, ICICI and HDFC.

Besides, he also held the position of President of Employers' Federation of India and the Bombay Chamber of Commerce and Industry. He was a
member of the Sachar Commission on Company Law and Reforms, a member of the Prime Minister's Council on Trade and Industry and Chairman of
the Indian Institute of Management, Ahmedabad.