Mahindra Holidays & Resorts India Chairman Arun Nanda to retire

New Delhi: Mahindra Holidays & Resorts India Ltd (MHRIL) Chairman Arun Nanda and a key member of the leadership of the Mahindra group will retire after 50 years of service, the company said on Tuesday.

Nanda has notified the board that he will not seek reappointment, consistent with the age limit for non-executive roles, and thereby will retire at the upcoming AGM on July 25, 2023, MHRIL said in a statement.

He had joined the Mahindra group as a young accountant in then Calcutta in 1973. In 1976, he moved to Pune to take over as CFO and Company Secretary of Mahindra Sintered Products, it said.

In 1986, he was transferred to the parent company to take over as the Company Secretary and Head Legal, among other positions.

Nanda also served as Executive Director at Mahindra & Mahindra Ltd from August 28, 1992 to March 31, 2010, and subsequently as Non-Executive Director till August 8, 2014.

"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," Mahindra Group Chairman Anand Mahindra said.

Among his many initiatives, his contribution to the group's diversification into the leisure and hospitality sector stands out, Mahindra said, adding, "When Arun established Mahindra Holidays, vacation rental and holiday companies were relatively unknown concepts in India. Today, as Arun announces that he will step down from his Chairmanship, Club Mahindra is the largest vacation ownership brand outside the USA." During his career with the Mahindra Group, Nanda ran a diverse set of businesses.

"His most significant achievements include the group's diversification into leisure and hospitality, and the pioneering work he did in setting up Mahindra World Cities in Chennai and Jaipur," the statement said.