Mumbai, November 13, 2013: Mahindra & Mahindra today announced the appointment of Mr. V S Parthasarathy as Chief Financial Officer of the company with effect from November 14, 2013. The decision was taken at a board meeting of the company where Mr. Bharat Doshi, Executive Director & Group Chief Financial Officer of the company decided to step down after a distinguished career spanning 40 years of service in the Mahindra Group, of which 21 years were as an Executive Director.
Mr. Doshi has decided to step down from his executive position with effect from November 13, 2013 and has been appointed an Additional Director of the company with effect from November 14, 2013.
At this meeting, the board also approved the appointment of Mr. S. B. Mainak as an Additional Director with effect from November 13, 2013 representing the Life Insurance Corporation of India on the Board of Directors of the company.
Mr. Mainak is a Chartered Accountant and is the Managing Director of Life Insurance Corporation of India and is also on the Boards of the National Stock Exchange of India Limited and Stock Holding Corporation of India Limited.
The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.
A USD 16.2 billion multinational group based in Mumbai, India, Mahindra employs more than 155,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.
In 2012, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. In 2013, the Mahindra Group received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category.
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Mahindra & Mahindra Ltd.
Phone: +91 22 2490 1441