After 48 years at the helm, Keshub Mahindra on Wednesday stepped down as chairman of the Mahindra group amid cheers and tears at the company's 66th annual general meeting (AGM).
Mahindra, who has been on Mahindra and Mahindra's (M&M's) board for 64 years, will, however, continue as chairman emeritus.
The announcement came at a day when the group reported a 25.9% year-on-year rise in net profit at Rs. 778 crore during the April-June quarter.
Under his chairmanship, M&M grew from an assembler of Willys jeep to a $15.4-billion diversified group with strong presence in automotive, tractor, information technology and financial service businesses.
Responding to shareholder queries at the end of the AGM, the 88-year old industry veteran said, "With this I cease to be the chairman of Mahindra & Mahindra. I pass on the position to Anand."
Following his announcement, nephew and new chairman Anand Mahindra touched his feet.
A graduate from Wharton USA, Keshub Mahindra joined the family business in 1947.
In a letter to shareholders prior to the AGM, Mahindra urged them to "support Anand lavishly" in his new role as chairman.
Responding to shareholder queries, the outgoing chairman said the company's new electric car, from the Mahindra Reva stable, will be launched in October.
M&M inducted Vishaka Desai, president and CEO of Asia Society and Vikram Singh Mehta, chairman of Shell Group of Companies in India on its board of directors.