M&M's Arun Nanda is stepping down as executive director to become a social entrepreneur. He talks with Forbes India about his past success and beyond
Arun Nanda
Title: Stepped down as excecutive director on the board of Mahindra & Mahindra
Age: 60
Career: He joined M&M in 1973, when he was 23 years of age, in the accounts department as a management trainee. Was promoted to the board in 1992 at the age of 40. In 1994 was put in charge of the services sector.
Education: Chartered accountant
Hobbies: Classical singing, playing golf and playing the tabla
What was the turning point for Mahindra Holidays? When did it become a good story?
I think when people started using the product, the team has put in a lot of effort tin Mahindra Holidays – our product is different. It’s a very composite business model, very different business model, very well thought through and I think – consistent delivery of service to the customer. That is something we have mastered. But the first 5 years Club Mahindra made losses. It tolk us a lot fo effort to build this institution. But look at it today, its rocking. We are already the third most valuable hospitality company, Taj, Oberoi and us, and we’re a close second to Oberoi. And I started this company with 18 crores of rupees. That’s what we put in to this company. When we did the pre IPO values last year we got a billion dollar valuation. Today its about 4300 crores in 12 years. And first 5 years we made losses. Most people didn’t know Mahindra Holidays would do this well. Its 4300 market cap, 27 resorts, 110,000 members. Its growing steadily.
(This story appears in the 05 February, 2010 issue of Forbes India. To visit our Archives, click here.)