M&M elevates Goenka as MD
NEWDELHI: On Friday, Mahindra & Mahindra named Anand Mahindra as the executive chairman of the company, and Pawan Goenka as its managing director (the role was held by Mahindra for long).
Goenka joined M&M in 1993 from Detroit-based General Motors as head of research and development, and turned the tractor-maker into a automobile company with a strong play in utility vehicles segment. He played an important role in the launch of the Scorpio, Bolero and XUV 500, and also led the acquisition and turnaround of Korean auto major SsangYong.
Thechangecomesatatime when Mahindra thinks that the future is in electric vehicles, shared mobility, and self-driving cars. In recent interviews with HT, Goenka had said that the company has completed portfolio of electric vehicles at the entry level, and will now focus on the mid and high-end segment.
Born in a village in Harpalpur in Madhya Pradesh, Goenka has had a humble beginning. He is an introvert, and once told this writer that “he gets into problems for being straight forward.”
But, sometimes he does let out his emotions. He once said in an interview to Mint that 23 years ago, he found a friend in Mahindra. “The more people you know, the better it is… What matters more is the depth with which you have a relationship with a friend. A superficial relationship will probably only get you so far. An intimate relationship would be much more helpful.”
Separately, the company said its net standalone profit rose 27% to ₹1,163.27 crore for the second quarter ended September 30, 2016, compared to ₹915.38 crore a year-ago. Standalone revenue from operations stood at ₹11,363.63 crore during the period under review, against ₹9,834.41 crore a year-ago. Utility vehicles sales were at 52,287 units, up 15.6% from a year-ago, while domestic tractor sales were at 57,863 units, up 36.9%.