Mahindra Holidays and Resorts India Ltd.'s Non-Executive Director and Chairman Arun Nanda has notified the board that he will not seek reappointment, consistent with the age limit for the role and will retire after 50 years of service.
Nanda will retire at the upcoming AGM on July 25, according to the press statement issued on Tuesday.
"I am blessed to have had the opportunity to be part of the Mahindra Group for five decades. It's been a long journey from a young accountant to be able to set up and manage new and diverse businesses for the Group," Nanda said.
Nanda joined Mahindra Group in 1973 as an accountant, and in 1976, he moved to Pune to take over as CFO and company secretary of Mahindra Sintered Products.
"Arun Nanda has been a stellar ‘Intrapreneur' of the Mahindra Group for several decades. Among his many initiatives, his contribution to the Group's diversification into the leisure and hospitality sector stands out. When Arun established Mahindra Holidays, vacation rental and holiday companies were relatively unknown concepts in India," Anand Mahindra, chairman of Mahindra Group, said.
"Not only has he established the company's leadership in India, he has made acquisitions that have made us a global player. This is an incredible achievement. I thank him for his contribution to Mahindra Holidays success story and wish him many happy and productive years ahead," he said.
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