After being the Chairman of realty firm Mahindra Lifespace Developers Lt for over 12 years, Arun Nanda has retired from the position, even though he will continue to be associated with the Mahindra group.
Nanda will continue as the Chairman of Mahindra Holidays & Resorts (I) Ltd and Holiday Club Resorts Oy, Finland and as a Director of Mahindra Holdings Ltd, the company said in a statement.
On Wednesday, Mumbai-based Mahindra Lifespace said that Nanda, Chairperson (Non-Executive Non-Independent) of the company, will retire with effect from July 28.
He was appointed as the Chairman with effect from March 15, 2010, and was associated with the company since its inception in 1994.
At the company, Nanda will be succeeded by Ameet Hariani, Non-Executive Independent Director, according to a regulatory filing.
''Arun has been an invaluable part of the Mahindra Group and been instrumental in its growth and expansion, especially in the services business. He spearheaded the Group’s foray into real estate and hospitality and set up Mahindra Holidays and Mahindra Lifespace,'' Mahindra Group Chairman Anand Mahindra said.
Mahindra also said that his leadership and guidance over the decades enabled these businesses to flourish and become key contributors to the diversity of the group.
''He has been a mentor to several other businesses within the group and his work in the social sector, particularly for senior citizens is laudable. Arun remains a trusted advisor and a friend and I wish him all the best as he continues his work within the group and with the industry,'' Mahindra said.
Nanda joined the Mahindra Group in 1973 and has held several important positions within the group over the years.
He was inducted to the board of Mahindra & Mahindra Ltd (M&M) in August 1992 and resigned as Executive Director in March 2010 to focus on the social sector and create a favourable ecosystem for senior citizens.
Nanda continued as a Non-Executive Director of M&M from April 2010 to August 2014.
On his retirement from Mahindra Lifespace, Nanda said he wants to spend more time with his foundations working with senior citizens and skilling youth, particularly in the tribal areas.
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