M&M inducts Nisaba Godrej and Muthiah Murugappan as independent directors

Firm seeks shareholders nod to reduce stake in Ssangyong Motor

Mahindra and Mahindra has appointed Nisaba Godrej and Muthiah Murugappan as additional directors (Independent and Non-Executive) on the Board of Directors of the Company, with effect from August 8, 2020 for a period of five years. The company issued a notification on the matter to the stock exchanges.

Godrej, chairperson and managing director of Godrej Consumer Products, has been a key architect of GCPL’s strategy and transformation in the last decade. During this period, GCPL’s market capitalisation has risen twenty-fold. A BSC graduate from the Wharton School at the University of Pennsylvania and an MBA from Harvard Business School, Godrej is passionate about girls' education, the human mind, trekking and equestrian sports.

M&M’s board also approved the appointment of Murugappan as an Additional Director (Independent and Non-Executive) on the Board for five years with effect from 8th August, 2020.

An MBA from the London Business School and a B.Sc in Management Sciences from University of Warwick (Warwick Business School), he has been with the Murugappa Group since 2007 and now heads the nutraceuticals business of the group's flagship, EID Parry India. For over a decade now, he has been working with start-ups and Micro VC funds (as an angel investor/LP ) in the areas of SaaS, e-commerce, deep tech and consumer goods.

Meanwhile, M&M has also sought shareholders' approval for reducing company’s stake in SsangYong Motor Co, its subsidiary in Korea, to less than 50 per cent. This is to induct potential investors into the company or to otherwise meet the funding requirements of SYMC through sources other than the company. The subsidiary has been incurring losses and has been identified as one of the several companies M&M wants to exit, as part of the long term capital allocation strategy.