Mahindra's New CEO Seeks To Revive Growth At $19 Billion Group

Anish Shah has his task cut out for him. The $19 billion group's SUV market share has plunged to 13%, from 50% seven years ago.

Mahindra & Mahindra Ltd., the Indian sports utility vehicle maker better known for its tractors and farm equipment, is betting on electric cars and digital services to revive its fortunes under new chief executive officer Anish Shah. Shah, 51, has his task cut out for him. The $19 billion group's SUV market share has plunged to 13%, from 50% seven years ago. It has struggled with failing investments and the pandemic's blow to the automobile industry, which led it to report quarterly losses last year, its first in nearly two decades. Last week, it ended plans to collaborate with Ford Motor Co. That's all in the past, said Shah, who was previously Mahindra's chief financial officer. "At this point I'm looking at it as more of a growth story rather than a turnaround story," he said in an interview. Shah is setting out a road map to revive the Mahindra Group, a 76-year-old conglomerate that is exiting money-losing businesses and writing down almost all losses in a restructuring. The executive, who has worked at the group for seven years, said its future growth will be underpinned by SUVs, electric vehicles and digital startups.