Mahindra Lifespaces announces the appointment of Mr Arvind Subramanian as MD and CEO of the Company

The Board of Mahindra Lifespace Developers Ltd. in its meeting on 14 May 2020 approved the appointment of Mr Arvind Subramanian as Managing Director & Chief Executive Officer with effect from 1 July 2020. He will succeed Ms Sangeeta Prasad who, after a distinguished career of over eleven years with the Mahindra Group, has decided to pursue other interests and had tendered her resignation to the Board of the company on 7th February. At the request of the Board she graciously agreed to stay on till 30th June to ensure smooth transition.

Arvind joined the company as Chief Executive Officer of Mahindra Happinest, the affordable housing business, in September 2018. Under his leadership Happinest has established itself as an innovator and an emerging leader in the affordable housing sector in India. Arvind led successful new sales launches and ahead-of-time project completions. Arvind has been an advocate of the power of digital and Mahindra Lifespaces has been a front-runner in embracing technology in sales, customer service, project management and property management.

Arvind has over 23 years of experience, starting his professional career with the Tata Administrative Service, the central management cadre of the Tata Group. He spent close to fifteen years with Boston Consulting Group (BCG) where he was Partner & Managing Director. At BCG, Arvind was the global topic leader for the 'Next Billion Consumers', picked by Financial Times as one of The Fifty Ideas That Shaped Business Today. He was also tasked with setting up and leading BCG's Centre for Customer Insight.

Commenting on his appointment, Mr Arun Nanda, Chairman of Mahindra Lifespace Developers Ltd. said, "Mahindra Lifespaces is poised for strong growth in a rapidly consolidating market. At Happinest, Arvind has demonstrated his ability to imagine and engineer a new future for the sector, for the company and for our customers. I am confident he will bring the same pioneering spirit to build on the strengths that Mahindra Lifespaces possesses."

Prior to joining the Mahindra Group, Arvind was Regional CEO at a leading real estate developer. Arvind holds an MBA from the Indian Institute of Management, Ahmedabad and a B.Tech. from the Indian Institute of Technology, Madras.

Shares of MAHINDRA LIFESPACE DEVELOPERS LTD. was last trading in BSE at Rs.181.9 as compared to the previous close of Rs. 183.95. The total number of shares traded during the day was 3053 in over 359 trades.

The stock hit an intraday high of Rs. 194 and intraday low of 178.2. The net turnover during the day was Rs. 559242.

Source : Equity Bulls

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