India's oldest billionaire Keshub Mahindra passes away at 99

Keshub Mahindra, India's oldest billionaire and chairman emeritus of Mahindra & Mahindra, passed away on Wednesday aged 99.

Mahindra had a net worth of $1.2 billion. After retiring from his position as Chairman, Mahindra Group, on August 9, 2012, he handed over the reins to his nephew, Anand Mahindra.

During the 48 years of his chairmanship, the Mahindra Group expanded from being an automobile manufacturer to other business segments like IT, real estate, financial services and hospitality.

He played key roles in forging business alliances with global majors such as the Willys Corporation, Mitsubishi, International Harvester, United Technologies, British Telecom and many others.

"The industrial world has lost one of the tallest personalities today. Shri Keshub Mahindra had no match; the nicest person I had the privilege of knowing. I always looked forward to mtgs with him and inspired by how he connected business, economics and social matters. Om Shanti," Pawan Goenka tweeted.

Mahindra graduated from Wharton, University of Pennsylvania, USA. He joined the company in 1947 and became the Chairman in 1963.

He has also served on several Boards and Councils in both the private and public domain, including SAIL, Tata Steel, Tata Chemicals, Indian Hotels, IFC and ICICI. Mr. Mahindra was also the Founder Chairman of HUDCO (Housing and Urban Development Corporation Limited); Vice-Chairman of Housing Development Finance Corporation Ltd; Chairman Mahindra Ugine Steel Co. Ltd; Director of Bombay Dyeing & Manufacturing Co. Ltd. and Bombay Burmah Trading Corporation Limited.