ESG Approach

our ESG focus

We remain committed to prioritising the issues identified as important to our business in our materiality assessment. By mapping the potential impact of these issues on our operations, we have gained a better understanding of the needs and aspirations of our stakeholders. This has enabled us to effectively translate stakeholder engagement into long-term value-creation activities that benefit all our stakeholders.

We practise sustainability in everything we do.

Achieve carbon and waste-free growth through energy efficiency, and renewable energy


Enable more sustainable design, business and marketing processes, and conserve resources


Policy advocacy, partnership, and commitments strengthen our thought leadership

We have developed a sustainable framework to ensure that we deliver growth and profitability while reducing our carbon footprint and giving back to our communities by undertaking initiatives that contribute towards a better tomorrow.

Mahindra Sustainability Framework
Building enduring businesses by rejuvenating the
environment and enabling stakeholders to Rise
Enabling Stakeholders to Rise
  • Build a great place to work
  • Foster inclusive development
  • Make sustainability personal
Rejuvenating the Environment
  • Achieve carbon neutrality
  • Become water positive
  • Ensure no waste to landfill
  • Promote biodiversity
Building Enduring Business
  • Grow green revenue
  • Mitigate risk, including climate risk
  • Make supply chain sustainable
  • Embrace technology and innovation
  • Enhance brand equity
Partnering. Learning. Sharing.
Giving back more than we take
Sustainable Growth
  • Product Stewardship
  • Green Product
  • Waste Management
  • Material and Energy Intensity
  • Green Logistic
  • Reduce, Reuse, Recycle
  • Health and Safety
  • Human Rights
  • Impact on Society
  • Collective Bargaining
  • Community Development
  • Bribery and Corruption
  • Suppliers
  • Environment Investments
  • Local Hiring
  • Economic Value Generated
  • Climate Change Implication
Mahindra Group Sustainability Mandate
Planet Positive Framework
Ambition: Global ESG Leader
Vision: Together We Rise for Planet Positive
Greening Ourselves
  • 1.

    Net Zero on Scope 1+2 Emissions*
    (RE usage & energy efficiency)

  • 2.

    Net Zero on Water and Waste*
    (Reuse, reduce & recycle)

  • 3.

    Adopting Material Circularity*
    (Reduce, reuse & green material)

Decarbonising Our Industries (addressing Scope 3)
  • 4.

    Transitioning to a Green Portfolio
    (EVs in Auto, LMM & Logistics; Green buildings & resorts)

  • 5.

    Supporting the Transition to Net-zero Supply Chain*

  • 6.

    Industry Circularity*
    (Auto recycling)

Rejuvenating Nature
  • 7.

    Promoting Regenerative Agriculture (via improved farming techniques)

  • 8.

    Afforestation at Scale
    (Hariyali program)

  • 9.

    Investing in Green Technology
    (Solar, hybrid, storage)

Leading on Reporting & Disclosures
Incubator for Green Technology
Leadership Positioning through Communication
Active Voice for Climate Advocacy
Practical Capability Building Plan

We have adopted the ‘Planet Positive’ framework and customise it to add elements on the 3 dimensions of greening ourselves, decarbonising our industry, and rejuvenating nature. We have set short-term and long-term targets against each element and monitor progress.


Widening our scope
of environment

We are deeply committed to promoting environmental sustainability in all aspects of our business operations. Our goal is to ensure that resources are recycled and utilised in a responsible and efficient manner. We constantly monitor our environmental footprint to minimise our impact on the environment and actively pursue long-term sustainability initiatives through technological innovation in both our operations and products.
Science-Based Targets (SBT)

Science-based targets help companies to create operational frameworks based on a clear roadmap in line with the Paris Agreement to reduce GHG emissions. As per the Paris Agreement, governments, businesses and organisations worldwide have joined hands to limit global warming to well below 2°C above pre-industrial levels, aiming to limit warming to 1.5°C. 

We have set our emission and carbon footprint reduction targets following the SBTi framework and are wholly committed to adopting sustainable business practices to strengthen the global fight against climate change.

75% by 2033

Direct (Scope 1) & Indirect (Scope 2)

44% by 2033

Scope 3

Climate Change

We are determined to align our operations with India’s commitment to achieve Net Zero emissions by 2070. As a responsible corporate, we are doing our bit to conserve the environment and our initiatives are focussed on the reduction of Greenhouse Gas (GHG) emissions.

We have also identified climate-related risks for our business, and actions are initiated to mitigate these risks.

Energy reduction projects and efficiency programmes
  • Maximise the use of renewable energy
  • Achieve science-based targets
  • Accomplish carbon neutrality targets
  • Tree plantation
Carbon Neutrality

Carbon neutrality refers to the achievement of net zero carbon dioxide emissions. It can be done in two ways by balancing carbon dioxide emissions through its removal, via carbon offsetting or by eliminating emissions altogether.

The offsetting of emissions can be made in one business/sector by reducing them somewhere else, i.e., through investments in renewable energy, energy efficiency or other clean, low-carbon technologies.

This is a crucial step towards effectively controlling our carbon emissions, and we are committed to finding more opportunities for energy savings and reduced GHG emissions.

We are undertaking several projects to cut down on our energy use and boost the use of renewable energy sources, and we have chalked out a roadmap for achieving carbon neutrality.

Create a Better Future

Energy Use & Switch to Cleaner Fuels


Renewable Energy


Renewable Energy Credits & Carbon Credits

Energy Management
Years FY 2021-22 FY 2022-23 % Change
Tonnes of Production 2,96,617 5,12,610 73%
Total Energy (GJ) 32,684 49,630 52%
Specific Energy 0.110 0.097 (12%)
RE Consumption (GJ) 2,442 1,922 (21%)
Share of RE 7% 4% (48%)
Water Consumption and Conservation

Water is an essential life-giving resource and we take proactive steps to control its consumption by avoiding unnecessary wastage. Recycling forms an important step in our wastewater management strategy. Some of our initiatives include reusing wastewater by treating it in Bio Sewage Treatment Plants (Bio STP), rainwater harvesting, drip irrigation and arresting leakages.

Water Data
Years FY 2021-22 FY 2022-23 % Change
Total Water 44,978 47,387 5%
Water Recycled and Reused 2,913 3,065 5%
% Water Recycled 6% 6% 0%
Operational Eco-efficiency
Zero Waste

Landfill diversion has become an extremely important part of environmental stewardship, owing to the decreasing landfill space. With our ‘Zero Waste to Landfill’ (ZWL) philosophy, we aim to reduce our landfill usage significantly, with at least 99% of our waste being diverted from landfills. By exploring alternative solutions of disposal or further use, the initiative helps us turn waste into valuable resources. Additionally, diverting waste from landfill and maximising its potential helps our businesses to cut costs and increase process efficiency. Through conservation efforts and the reuse of raw materials, the Zero Waste to Landfill initiative will not only improve manufacturing process efficiency but also minimise its negative environmental impact.

MAL Nashik is one of the first steel service centre to achieve Zero Waste to Landfill and continues to be recertified for the second consecutive year. Our target is to have all our plants certified for ZWL.

Decarbonising the Auto Industry to Create a Circular Economy

Aligned with the global push towards de-Decarbonisation and circular economy, we set up CERO (Mahindra MSTC Recycling Private Limited) as a joint venture with MSTC, a Government of India enterprise. CERO is India’s first Government-authorised vehicle recycler.

We started CERO to recycle end-of-life vehicles (ELVs) in an eco-friendly and organised manner. We have set two clear goals - making the roads of India cleaner and safer and reducing India’s reliance on scrap steel imports. The company operates under the brand name ‘CERO’, which is Spanish for ‘zero’, as it has a zero-tolerance policy towards ‘pollution’ during the recycling of vehicles, untreated discharge, and unsafe and unethical procedures. With this objective, the company has set up a presence at 41 locations across India to collect & recycle ELVs.

The automated plants adhere to all environmental and legal requirements set forth by the State Pollution Control Boards (SPCBs) and the Central Pollution Control Board (CPCB) for the recycling of vehicles. These facilities use cutting-edge gear to depollute, disassemble, and scrap ELVs, while preventing any hazardous waste from leaking. ~70% of a car’s body is made of steel, which is returned to the melting furnaces and then transformed into secondary steel, thus replacing the imported scrap steel. 12,000+ end-of-life vehicles have been recycled by CERO to date, helping us save ~ 11,750 tonnes of CO 2.

We have also been able to pump ~ 8,000 tonnes of recycled steel back into the economy since our inception, preserving the following natural resources.


Tonnes Iron Ore


Tonnes Coal


Tonnes Limestone


Lakh Litres of Furnace Oil

Social: Human Resources

Driving holistic
people development

At the heart of our organisation lies a core belief of #TogetherweRise. To bring this belief to life, we seamlessly integrate talent with agile operations, fostering a collaborative culture in the workplace. We prioritise the growth and development of our people while fostering an inclusive and safe environment that allows them to be their authentic selves. This approach enables us to attract and retain top talent, building a robust and resilient workforce that is equipped to tackle challenges and drive success. Thanks to our industry-best practices, we are continuously recognised as a Great Place to Work.

Accelo Employee Experience
Great Place to Work® Institute

We participate annually in the Great Place to Work® Institute’s assessment of workplace culture, and our present ranks are as follows:

Ranked 3rd in ‘India’s Great Mid-size Workplaces’ in 2022

Recognised in India’s Top 25 Best Workplaces in Manufacturing, 2023

Recognised as India’s Best Workplaces: Building a Culture of Innovation by All, 2023

Employee Engagement Framework
  • Our employee engagement framework is MCARES - Our ‘employee first’ approach manifests in all our endeavours, helping us nurture our agility and inclusive culture. Our engagement practices are anchored on the following themes:
  • Career: Goal setting and performance discussion, career growth and aspiration, learning, and development
  • Alignment: Vision and value, commitment, camaraderie
  • Recognition: Timely and appropriate, encourage to outperform, learn from failures
  • Empowerment:Communication, autonomy to innovate, accountability, collaborative work environment
  • Strive: Walk the talk, work-life balance, sustainability, wellness
Employee Learning & Development

Our leadership development framework focusses on creating leaders who are prepared for the future. We promote a continuous learning culture and emphasise on creating a diverse talent pool to achieve inclusive success. We follow the 70-20-10 Model for Learning and Development wherein 70% of the learning is from job-related experiences, 20% from interaction with others and 10% from formal educational events.

Some of our Best Practices in Employee Learning and Development include:


Our UDAAN programme is designed to upskill our Gen Next employees, specifically those in junior management positions. UDAAN, which means ‘soaring high,’ is a learning and development initiative aimed at building and developing capabilities for the future.

Leaders Teach Series:

Our ‘Leaders Teach Series’ focusses on real-world applications in the workplace. These are strategic and operational specialists in their industries, taught by internal senior executives and HR facilitators, with the ability to provide the best insights.

Shadow the MD and Shadow the Senior Leader:

Our ‘Shadow the MD/Shadow the Senior Leader’ programme allows employees to learn directly from our senior leaders by shadowing them for a day. They can learn about agile decision-making, stakeholder management, and time optimisation.

Mentor on Call:

A mentor can be a sounding board during an employee’s career. Through this best practice, employees can contact senior mentors for guidance and advice.

Innovation and Best Practices:

We promote learning in a multi-product, multi-location organisation through cooperation, information exchange, and companionship. It is also an opportunity to recognise and highlight the great work of various functions/departments and plants, motivating and engaging employees across organisational levels. To promote healthy competition and learning, we organise intra-company events and competitions like Mahindra Accelo Best Practices, Mahindra Accelo Innovation Competition, and Kaizen Mela.

Ideas Generation Platforms:

All Ideas Matter (AIM) is a digital platform, calling all employees to contribute their ideas for improvements, so they can be implemented in any department/division of MAL. This enables the employees to share both small and big ideas with our Company. ‘Dare to Dream’ is a best practice enabling Acceloites to submit their ideas related to ‘New Business Development’, ‘Cost Efficiency’, ‘Sustainability’, ‘Safety’ and ‘Safety’, among others.

Quality Utsav:

Our mantra is to always adhere to the highest standards of quality. We keep finding ways to continuously improve our operations. With the Mahindra Accelo Quality Utsav, we aim to enhance our knowledge and drive a culture of High Quality and Excellence within each of our employees. Quality Utsav is celebrated for 30 days wherein Team HR and the Business Excellence Team together host various events, chats, quizzes, and competitions focussed around the theme of quality.

Talent Mobility and Engagement

Our talent acquisition team partners with leaders to identify strategic business needs and thus achieve talent mobility and engagement goals for organisational expansion and growth.

Make the Right Move:

Our HR Practice ‘Make the Right Move’ provides opportunities to internal talent as we expand across geographies.

Job Previews:

Our potential employees get an opportunity to understand the job profile suitably before accepting the offer. Managers invest time in hiring, and we leverage technology to showcase job previews.

Sourcing Channels:

We utilise university hiring, internship programmes, diverse talent, job boards, and employee referrals to establish new sourcing models and optimise our sourcing channels. We have focussed on ‘powering’ the talent sourcing funnel and gaining access to various talent cohorts.

Intensive Industry Internship (III):

We provide opportunities for engineering students to work while still in academia. It’s a win-win strategy as we hire result-driven interns who are passionate about outcomes.

Technology-Enabled Acceleration:

We use social media, LinkedIn, WhatsApp, mobile recruitment and videos to showcase our employer brand and employee value proposition. These social/digital platforms have helped us leverage leading talent acquisition techniques with HR analytics.

Constructing a Personalised Candidate Journey:

We map applicant touch points for an Agile Candidate Experience. Transparent job descriptions, frequent HR connects, and meaningful candidate experience is emphasised. We use technical and behavioural assessment programmes to attract and retain top employees. The Talent Acquisition team engages potential candidates on the profile’s ‘meaning’ and ‘relevance’ and its link to the candidate’s career goals.

D&I in Talent Acquisition:

We believe long-term diversity and inclusion commitments promote real change. We ensure that recruitment partners have access to workforce demographic data and relevant market benchmarks, to operate effectively and with accountability.

Employee Referral Programme:

This helps us fill open roles and build a talent pipeline for future profiles. Digital content, social media updates, LinkedIn, WhatsApp, mobile recruitment, and videos are used to elucidate our employee value proposition.

Impactful Leadership Connect

Leaders make special efforts to ensure a personalised connection with employees across levels.

Mann ki Baat…MD ke Saath:

It is an individualised, confidential forum for employees to share feedback, suggestions, complaints or improvements with the MD. Our MD and Senior Leadership Team periodically evaluate suggestions, ideas, and we have implemented initiatives based on employee suggestions.

Baat Cheet with SLT/Strategy Connect with SLT:

It is a forum wherein the Senior Leadership Team (SLT) together connects with all employees to share important business strategic updates, seek feedback and suggestions.

MD Mailbox:

Employees can write to our MD directly about any challenges, concerns, issues, suggestions, and happy moments, among others. This mailbox is accessed exclusively by our MD – Mr. Sumit Issar and employees are assured complete confidentiality.

Employee Recognition and Celebrations

Our reward and recognition programmes are about thanking employees for their special efforts and also celebrating together

Special Thanks and Recognition System (STARS):

The overarching idea is to inspire and urge Team MAL to raise the bar through the public recognition of their accomplishments. We offer a variety of rewards and recognition under the STARS programme, including Accelo Star, Collaborative Champions, Alternative Thinking Award, Customer First Award, as well as several techniques for rewarding and recognising employees on an individual, team and corporate level.

Fun/Celebrations/Stress Busters:

At MAL, we celebrate various festivals, national and international days of importance both centrally and locally (at plants), keeping the vibe of the workplace happy, thriving and vibrant throughout the year.

Diversity, Equity and Inclusion

We are committed to fostering an environment that empowers individuals to Rise by respecting, embracing, and nurturing their ideas, opinions and experiences. By promoting an inclusive and empowering culture, we recognise each person’s uniqueness and appreciate what they bring to the workplace, sans the burden of biases.


We promote ‘Zero Tolerance’ towards any form of harassment at work. Annual training on the Prevention of Sexual Harassment (POSH) policy are held and it is mandatory for all employees to attend. We also have several interventions such as the ‘Speak Up’ campaign, which encourages employees to speak up right away in the event of any wrongdoing.

Super Women At Accelo Group (SWAG):

SWAG, as the name suggests, is the vibe of the women employees networking and support group focussing on connecting, having fun, nurturing well-being and promoting learning. We have organised various sessions under SWAG, some of which have been extended to the women in our employees’ families and extended families, along with the inclusion of male employees. Some sessions in FY23 included ‘Success Stories’, ‘Women in Tech’, and a Video featuring all the women at MAL as they shine at the workplace.

D&I Council:

We have a D&I council which strives to create and foster a culture of inclusion, equity and empowerment. The council works on multiple projects in this space.

Accelo Women’s Council:

The Accelo Women’s Council is dedicated to creating progress in gender equality and women’s empowerment. It focusses on interventions to increase the number of women employees, highlight their challenges and concerns, and organise events centred around women and their aspiration, while fostering their physical and psychological well-being.

Young Accelo Council:

A larger segment of our workforce comprises young talent, the Generation Z and beyond. The Young Accelo Council plays an important role in ideation and gathering insights to leverage this generational diversity.


In a child’s upbringing, a father has an equal and significant role. We believe that both parents are responsible for caring for a child. Aligned with this philosophy we have a Paternity Leave policy for our male employee, giving fathers a chance to share caregiving duties with the new mother.

Is this me?:

Unconscious biases are learned assumptions, beliefs and attitudes. Bias is normal, though they can promote preconceived notions. Understanding these prejudices can help us experience a more inclusive and diversified reality. ‘Is this me?’ is a theatre-based learning intervention wherein through theatre employees understand the concept of bias and how we can together #Breakthebias. This programme also includes hiring managers who plays a vital role in talent acquisition and engagement.

Social: Customer

Putting customers
at the heart of
our strategies

Our progress has always been centred around putting the customer first by prioritising their needs and promptly addressing their concerns. Our wide selection of products has been tailored to meet the specific requirements of our customers, and we remain dedicated to working closely with them to stay up-to-date with their evolving priorities and preferences.
Ensuring Best-In-Class Quality and Consistency

We prioritise quality and consistency to provide our clients with the best possible products and services. We recognise that quality is critical to gaining a competitive advantage, which is why we continuously seek quality recommendations from our consumers. Our approach is centred around meeting the specific requirements of our customers, and we have established a customer-centric approach to achieve this goal.

To ensure consistent quality, we have implemented a robust Quality Management System that includes Quality Planning, Quality Control, and Quality Assurance. We maintain quality throughout the supply chain, starting with our raw materials. Our facilities conduct thorough quality tests on automotive steel sourced from reputable Indian mills. Additionally, we import electrical steel from Nippon steel, the world’s leading CRGO supplier.

Our modern facilities use advanced technology to process raw materials, minimising waste and producing reliable results. Consistent output checks are conducted to ensure that we only supply high-quality goods. We have two TPM-certified plants and strive to internalise and implement learnings across all plants to exceed customer expectations.

Maintaining Transparency

We believe in open communication with our customers and authorities, which is why they are welcome to audit any of our facilities at any time. We provide our customers with full access to our accounting, order book management, and invoicing operations through digital channels, ensuring complete transparency in our processes. Furthermore, we transparently address customer complaints and have created a portal to expedite the resolution of issues. Our commitment to transparency allows us to build trust with our customers and provide them with a seamless experience.

Expanding the Value-Added Product Portfolio

We have consistently delivered value-added products to our clients, catering to their needs. We initially started with coil trade and supply in the automotive space before expanding to processing steel and supplying slit coils and cut-to-length flat sheets. To enhance the value chain, we also began blanking these sheets to offer specific profiles to our customers, effectively completing our journey from steel to components.

In the electrical steel segment, we began by delivering CRGO steel coils and have since expanded to offer laminations, fully built-up cores, flux plates, and core assembly. This allows our customers to focus on their core business and eliminates the need for inventory management and storage of laminations. Our electrical stampings business can deliver stator and rotor stampings from CRNO steel coils, and we offer additional services such as Aluminium Injection, Die Casting, and CNC Machining to provide our customers with multiple services from a single source.

Getting Closer to our Customer

To minimise the impact of supply chain interruptions on costs, raw material availability, and market share, we believe that being as close to the customer as possible is crucial. Our manufacturing plants are strategically located in Western and Southern automotive steel centres, and we ensure a continual supply of electrical steel from locations in West, North, Central, and South India. By being closer to our customers, we can reduce costs, expedite complaint resolution, and improve supply chain management. This has been reflected in our unbiased third-party customer satisfaction index scores.

Strengthening Customer Relationship Management

We have developed a Customer Relationship Management Portal/Customer Support Portal to manage customer complaints and efficiently ensure the best possible customer experience.

To ensure prompt resolution of complaints, we track customer response time, the number and PPM of complaints, and conduct root cause analysis, followed by swift corrective and preventive actions as necessary. We are committed to reducing turnaround time (TAT) and aim to resolve most customer complaints within seven days.

As part of our continuous efforts to provide exceptional customer service, we offer value-added products, improve our digital activities, and stay connected with our consumers.

Enhancing Customer Connect

Our senior management, sales, plant, and quality teams maintain constant communication with our customers to better understand their expectations and requirements. We reach out to our customers through various channels:

Senior Management Customer Visit: Our senior management meets with customers every month to understand their needs and expectations.

Customer Connect: Our sales team uses this portal to update the status of customer interactions.

Customer Visit Calendar: This portal helps us schedule visits, record meeting minutes, flag concerns, and provide updates on new business development.

Customer Page: This portal offers live updates on delivery, compliance, and quality to enhance transparency and ensure accountability from our teams.

Customer Support Portal: We have digitised our end-to-end customer complaint handling process to resolve customer problems quickly.

Display of Voice of Customer at Each Plant: We showcase the customer’s pulse, positive points that need to be sustained, OFIs with root causes and actions at each plant.

By leveraging these channels, we ensure that we stay connected with our customers, receive timely feedback, and continuously improve our products and services to meet their evolving needs.

Customer Satisfaction Index (CSI)

We conduct external Customer Satisfaction Index (CSI) studies to ensure fair and transparent evaluations of our procedures. These studies review our customers’ changing needs, requirements, and expectations, compare our practices with industry benchmarks, and identify strategic and tactical improvement priorities. Our commitment to providing the best solutions and a customer-centric approach is reflected in our consistently improving CSI scores. This year, we achieved our highest score of 95

Customer As a Promoter Score (CAPS)

CaPS (Customer Advocacy Performance Score) is an important metric measuring the number of customers recommending our brand to others. An external agency evaluates this score on an annual basis, which provides insights and highlights opportunities for improvement. However, due to the COVID-19 pandemic, the Mahindra Group did not conduct the CaPS survey from FY 2019-20 to FY 2021-22.

Social: Community

Building empowered

At MAL, we believe that fulfilling our social responsibilities is crucial for sustainable progress. We are committed to ensuring the well-being and happiness of our communities as we recognise their integral role in driving our future growth. Therefore, we firmly believe that creating a positive impact today is essential in securing a brighter tomorrow.

Futuristic Class Room at Zilla Parishad School Kanhe. We have created a state-of-the-art, fully digital interactive classroom at Zilla Parishad School Kanhe, Pune, to drive the cause of Digital India. This classroom provides a whole new experience to young, curious minds. The digital workstations at each desk eliminate the need for books, pens, and notebooks. Instead, each desk features an interactive screen, headphones, a keyboard, a CPU, and a stylus pen.

The teacher can control what students see and read from a central podium, allowing for a more engaging and interactive learning experience. The teacher can also create lesson plans and evaluate student answers instantly on the computer screen. Parents can receive updates on their child’s progress via SMS, making it easier for them to stay involved in their child’s education.

To uplift the livelihoods of our neighbouring communities, we have undertaken several initiatives that focus on promoting education, healthcare, skill development, women’s empowerment, environmental conservation, and disaster management. Our goal is to make a meaningful and lasting impact on society by actively engaging with and supporting our communities.

This innovative concept has been very well received and appreciated by the school’s principal, teachers, and students. By embracing technology in the classroom, this school is helping shape the future of education in India and paving the way for a more digitally connected society.


Student beneficiaries at Zilla Parishad School


School bags donated to rural students in Zilla Parishad School near our plants at Pune

Transforming End of Life Bus into a Digital Classroom

We transformed an end-of-life bus acquired from the state road transport department into a modern digital classroom and donated it to a Government Junior High School in a rural village near Greater Noida. Fitted with the latest laptops and technology, this initiative promotes digital education and helps bridge the digital divide, providing equal opportunities for education and personal growth. The project also demonstrates our commitment to sustainability and environmental responsibility. We are proud to have partnered with the Government Junior High School in this village and are excited to see the positive impact this digital classroom will have on the students’ lives.

Women Empowerment

One of our group’s primary areas of focus is empowering women. We firmly believe in enhancing women’s livelihoods in rural areas and enabling them to achieve financial independence. This, in turn, empowers them to gain a more significant voice for their rights within society.

To this end, we selected a group of 25 girls from low-income family backgrounds in villages near our plant in Pune. These girls had passed the Secondary Certificate examination (10th standard) and were trained in basic nursing. Upon successfully clearing the examination, they were placed in nearby nursing homes, enabling them to make a decent living.

In addition, we selected a group of 60 women from villages near our plant in Nashik to start micro businesses and create a source of income. With the help of an NGO that specialises in this field, these women were trained and provided with seed capital to buy the necessary equipment to run their chosen businesses. Around 30 of these women have already started their businesses and are happy with our support.

At our Vadodara plant, we partnered with the Indian Red Cross Society to provide basic healthcare training to 25 women from poor backgrounds. After six months of training, these women were awarded certificates from the Red Cross, enabling them to take up jobs at various hospitals to care for patients.

We also provided retail sales and customer handling training to a group of 20 women at our Vadodara plant with the help of a specialised agency. Some of these women have already been placed as receptionists and at retail sales counters. These initiatives are part of our ongoing efforts to empower women and improve their socio-economic status.

Nanhi Kali Foundation

Nanhi Kali, our parent company’s flagship CSR initiative, aims to provide holistic development to young girls from underprivileged backgrounds till the 10th standard by providing an annual supply kit. As part of this initiative, we sponsored 1,950 girls from regions near our factories in Maharashtra and Gujarat, providing them with free remedial after-school lessons and technical training. This program helps bridge the education gap and provides a better future for these young girls.

Health and Hygiene

Our Company spearheaded an initiative to install sanitary napkin dispenser machines and incinerators in six secondary schools close to our plants in Vadodara and Nashik. The purpose of this endeavour is to address the pressing issue of menstrual hygiene among adolescent girls in rural areas. The schools were also furnished with a one-year supply of sanitary napkins and an annual maintenance contract for the machines. This initiative aims to benefit approximately 1,650 female students and raise awareness about menstrual hygiene.

Furthermore, we arranged an eye check-up camp at a government school near our Vadodara plant, where we screened 240 students. Among them, 40 students were identified with vision problems and were provided free spectacles. Additionally, we held a voluntary blood donation drive at our Vadodara plant, and the collected units of blood were donated to a charitable blood bank.

Tree Plantation

In the year under review, we planted 3,124 trees near our facilities in Nashik and Vadodara as part of our Green initiative. This endeavour aligns with our parent company’s objective to plant one million trees annually under the ‘Mahindra Hariyali’ project.


Trees planted by MAL since inception


Progressing with
responsible governance

Corporate Governance at Mahindra Accelo Limited, formerly known as Mahindra Intertrade Limited (MAL), is dedicated to creating and enhancing long-term sustainable value for all stakeholders. We recognise stakeholders as partners in our success and are committed to maximising their value. Our stakeholders include regulators, employees, customers, vendors, investors, and society as a whole.

We believe that effective Corporate Governance Practices form the solid foundation upon which enduring commercial enterprises are built. Our organisation’s culture and mindset are the driving forces behind good governance practices. We have a strong leadership team that upholds and exemplifies effective Corporate Governance Practices, which are deeply rooted in our Company’s culture and ethos.

Our commitment to ethical business conduct, integrity, and adherence to values strengthens and maintains stakeholders’ trust. Transparency, fairness, and ethical governance practices have always been the cornerstone of our Company. We strive to uphold the highest standards of ethical and responsible conduct throughout our organisation.

At Mahindra Accelo, we understand that Corporate Governance is about fostering valuable relationships and trust with all stakeholders. We consider our stakeholders as vital partners in our journey, including customers, local communities, employees, suppliers and distributors, trade unions, NGOs, investors and shareholders, as well as government and regulatory authorities. We remain dedicated to maximising stakeholder value and ensuring their trust is upheld in everything we do.

For effective implementation of the Corporate Governance Practices, our Company has a well-defined policy framework inter-alia, consisting of the following:

  • Codes of Conduct for Directors and Employees of our Company
  • Whistle Blower Policy
  • Policy on Prevention of Sexual Harassment
  • Anti-Bribery and Anti-Corruption (ABAC) Policy
  • Policy on Gift and Entertainment
  • Corporate Social Responsibility Policy
  • Safety, Occupational Health and Environment Policy
  • Policy on Appointment/Removal of Directors and Senior Management Personnel
  • Policy on the remuneration of Directors, Key Managerial Personnel and other Employees

In 2021, we won the ‘Best Governed Company’ award in the Unlisted Segment, Medium Category, at the 21st edition of the Institute of Company Secretaries of India (ICSI) National Awards. This recognition continues to validate our ‘Best-in-Class’ Corporate Governance Practices and reflects our transparent and ethical dealings with all stakeholders across the entire value chain.

A report on the Company’s Corporate Governance for the FY 2022-23 forms part of our Company’s Annual Report.

Board of Directors

Mr. Bharat Doshi


Mr. Sumit Issar

Managing Director

Mr. Parag Shah

Non-Executive and Non-Independent Director

Mr. Mohit Kapoor

Non-Executive and Non-Independent Director

Ms. Ami Goda

Non-Executive and Non-Independent Director

Mr. Sudhir Mankad

Non-Executive and Independent Director (upto 22nd June, 2022)

Dr. Punita Kumar-Sinha

Non-Executive and Independent Director

Mr. Ashok Kumar Barat

Non-Executive and Independent Director

Mr. Ranjan Pant

Non-Executive and Non-Independent Director (w.e.f. 23rd June, 2022)

Vice Admiral Anil Kumar Chopra (Retd.)

Non-Executive and Independent Director
(w.e.f. 23rd June 2022)

Mr. Bharat Doshi

is a former Executive Director and Group CFO of Mahindra and Mahindra Limited. He was also the Chairman of Mahindra and Mahindra Financial Services Limited from 2008 to 2016. He was nominated as a Director on the Central Board of Directors of the Reserve Bank of India in March 2016, for a period of four years. He is the Chairman of the Board of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited), since December 2006, Director on the Board of Mahindra Holdings Limited, member of Board of Governors of the Mahindra United World College of India, Mahindra Foundation (USA) and Mahindra Foundation (UK). He is also one of the trustees of Mahindra Foundation, K. C. Mahindra Education Trust and Lalit Doshi Memorial Foundation. He was an Independent Director on the Boards of both Dr. Reddy’s Laboratories Limited. (2016 to 2021) and Godrej Consumer Products Limited (2001 to 2019).

He also serves on the Advisory Board of Excellence Enablers, an organisation committed to promoting corporate governance in India. He is also a member of the Global Leadership Council of LeapFrog Investments, one of the leading impact investing firms. He served as the President of the Bombay Chamber of Commerce and Industry for the year 2009-10. Mr. Doshi is a Fellow Member of the Institute of Chartered Accountants of India and the Institute of Company Secretaries of India and holds a Master’s degree in Law from Mumbai University, India. He is an alumnus of Harvard Business School (PMD) and a Fellow of the Salzburg Seminar on ‘Asian Economies: Regional and Global Relationships’.

Mr. Sumit Issar
Managing Director

is the Managing Director (MD) of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and Mahindra Steel Service Center Limited. He is also a Board member of Mahindra Auto Steel Pvt. Ltd. and Mahindra MiddleEast Electrical Steel Service Centre (FZC).

Sumit is a Mechanical Engineer (Hons.) from Birla Institute of Technology and a post-graduate in Marketing with over 21 years of experience in Sales, Marketing, Sourcing and Supply chain management.

Sumit has also attended Mahindra Universe programme at the Harvard Business School. He has completed Mahindra Group’s 18-month long Future Leadership Program (FLP) at IMD Lausanne, Yale School of Management and MLU Nashik along with a General Management Program at IIM Bangalore for M&M.

Sumit started his career as a Graduate Engineer Trainee in 1995 with M&M Ltd. He has been associated with various roles including – Sales and operations, Product development, Sourcing, Supply chain management and Business development since then.

Sumit has played a critical role in forming joint ventures with potential global partnerships. He has been a key member of the leadership team and has played a pivotal role in transforming Mahindra Intertrade to a multi-vertical steel solutions company, leading to his position as Managing Director of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and Mahindra Steel Service Centre Limited in October 2015.

He was awarded CEO with HR orientation award at Malaysia Best Employer Brand Awards 2016 and Next Generation Leader Award 2016 at Manufacturing Today Awards 2016.

Sumit has played a pivotal role in successfully forming CERO (Mahindra MSTC Recycling Private Limited), a joint venture between Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and MSTC (a Government of India enterprise under the Ministry of Steel) to establish India’s first authorised vehicle recycling facility at Greater Noida. This facility is India’s first in organised sector, fully compliant with environmental norms and focusses on pollution-free recycling.

In his free time, he likes to watch movies and is an avid follower of cricket. Sumit lives in Mumbai with his wife, Rashi and their two daughters.

Mr. Parag Shah
Non-Executive and Non-Independent Director

is Head, Mahindra Accelo and a member of Group Executive Boards of the Mahindra Group. He is also the Member of Group Sustainability Council. In a career spanning 22+ years, Parag has held various positions within the Mahindra Group. He has extensive experience in building new businesses, start-ups, turn arounds, joint ventures and mergers and acquisitions.

Parag is a Director on the Boards of several companies such as Mahindra Accelo Limited (Formerly known as Mahindra Intertrade Limited), Mahindra Marine Private Limited, Mahindra Waste to Energy Solutions Limited, New Delhi Centre for Sight Limited, The Indian and Eastern Engineer Company Private Limited and PSL Media & Communications Limited. He is a member of the Group Diversity Council. He is the Group lead for business representation in Israel. He is also an Independent Director on the Board of HDFC Asset Management Company Limited.

Prior to his current assignment, Parag was the Managing Partner of Mahindra Partners, the USD 1 billion Private Equity and Venture Capital division of the Group responsible for incubation, turnaround and investments in several sectors like Cleantech, Retail, Boat Manufacturing, Consulting, Media, Healthcare, Conveyor Systems, AI and Analytics.

Parag holds a BS Degree in Computer Engineering from the Illinois Institute of Technology with special electives in Psychology and Manufacturing Technology. He is also a graduate of the General Management Program from Harvard Business School.

Parag has been recognised by the Economic Times and Spencer Stuart as India’s Top 40 Business Leaders under the age of 40. He was also featured by India Today as part of the ‘Leaders of Tomorrow’ in their anniversary issue. Parag has been an Executive Committee Member of the CII National Committee on Private Equity and Venture Capital, FICCI Solar Energy Task Force, CII National Committee on Renewable Energy, American Alumni Association in addition to other external associations. He is part of the CII National Healthcare Council. He is also an angel investor and is on the advisory board of Trustees of The IndUS Entrepreneurs, Mumbai (TiE).

Parag is affiliated with various NGO associations such as Sabarkanta Relief Committee and S&G Charitable Trust. He has also been a Founder Director of ‘Executives Without Borders’, an NGO based in USA.

Mr. Mohit Kapoor
Non-Executive and Non-Independent Director

is the Group Chief Technology Officer at the Mahindra Group. Mohit is responsible for driving the Group’s ambitious digital transformation agenda, working closely with the Group businesses and by leveraging emerging technologies to create new business models and transform customer experiences across the diverse set of companies. Mohit is a part of the Group Executive Board and is a Director on the Board of Mahindra Accelo Limited (Formerly known as Mahindra Intertrade Limited) and Bristlecone India Limited. Mohit also chairs the AI and digital tech committee at FICCI. Mohit joined the Mahindra Group in October 2020 from DBS Bank where he was the Head of Technology Optimisation and Head of Asia Hub at Hyderabad. He led the development of digital banking capabilities focussing on technology innovation across Data/AI, Cloud and DevOps, amongst other deep engineering areas. Mohit brings with him 30+ years of experience in Global Technology and Operations with the last 17 years in Banking and financial services industry. Prior to joining DBS, he was the Chief Technology Officer for Bank of America’s global business services across the world and the CIO for Mphasis before that. Mohit is an Electronics Engineer with Advanced Management and Leadership certification from Cornell and Georgia Tech.

Ms. Ami Goda
Non-Executive and Non-Independent Director

in her current role leads Financial Planning and Analysis for the overall Mahindra Group. Ami joined the Mahindra Group in 2020. She has extensive experience spanning 17 years, primarily in all facets of Finance. She has held positions of responsibility in Business Finance, Commercial Finance, Supply Chain Finance, Pricing, Deal structuring and Financial Planning. Prior to joining M&M, she was with General Electric (GE) where she was responsible for the USD 1 billion Equipment and Services business for Onshore. Wind Asia region. During her 14 years at GE, she has worked across multiple business environmental Financial services, Healthcare, Transportation, Renewables Onshore and across geographies – Asia, Growth markets and India. She serves on the Boards of several Mahindra Group companies in India as well as overseas. Ami holds an MBA degree from Narsee Monjee Institute of Management Studies, Mumbai.

Mr. Sudhir Mankad,
IAS (Retd.)
Non-Executive and Independent Director (upto 22nd June, 2022)

has served in senior positions, both with the Government of India and the Government of Gujarat. He holds a Master’s degree in History from the University of Delhi. His last assignment was as Chief Secretary, Government of Gujarat. Additionally, he has served as a Director/Chairman on the Board of several cement, power, fertiliser and finance companies. He is associated with several educational institutions and NGOs. He served as a Director on the Central Board of Reserve Bank of India from 2016-2020. Mr. Sudhir Mankad has served as a Non-Executive Chairman of GIFT City project from 2007 to 2023.

Dr. Punita Kumar - Sinha
Non-Executive and Independent Director

is a PhD and CFA, who has focussed on investment management and governance roles during her 30-year career. Ms. Kumar-Sinha has been investing in emerging markets since the late 1980s and pioneered some of the first foreign investments in the Indian subcontinent in the early 1990s.

She serves as an Independent Director and Chairs Audit, Stakeholders Relationship, and Risk Committees for many Boards. Ms. Kumar-Sinha Chairs IIT Delhi’s Investment Advisory Board. Currently, she is the Founding Partner, Pacific Paradigm Advisors, an independent investment advisory firm focussed on Asia, and a Senior Advisor to companies in India and North America. She is also Co-Founder of ParadigmARQ, an India-focussed quantitative AIF. Prior to this, Ms. Kumar-Sinha was a Senior Managing Director of Blackstone and the Head & Chief Investment Officer of Blackstone Asia Advisors. Prior to joining Blackstone, Ms. Kumar-Sinha was a Managing Director and Senior Portfolio Manager at Oppenheimer Asset Management Inc. and CIBC World Markets, where she also managed India and Asia funds. She has also worked at Batterymarch (a Legg Mason company), Standish Ayer & Wood (a BNY Mellon company), JP Morgan, and IFC/World Bank.

Ms. Kumar-Sinha is frequently featured in the media and at global conferences as an expert commentator on Asian capital markets and women’s issues. Ms. Kumar-Sinha has a PhD and a Master of Finance from the Wharton School, University of Pennsylvania. She received her undergraduate degree in Chemical Engineering with Distinction from the Indian Institute of Technology (IIT), New Delhi. She is an MBA and is a CFA charterholder. Ms. Kumar-Sinha is a member of CFA Institute, has been a member of the CFA Society Boston and India, a TiE Charter Member, and a member of the Council on Foreign Relations. Ms. Kumar-Sinha has been awarded the Distinguished Alumni Award from IIT Delhi. She has also been awarded the ‘Best Woman Director’ in 2016 by Asian Centre for Corporate Governance and Sustainability. She has been listed in BW Business World’s ‘Top 100 Most Influential Women in India’ in 2023, 2022 and 2021.

Mr. Ashok Kumar Barat
Non-Executive and Independent Director

an Independent Director, is a Fellow of the Institute of Chartered Accountants of India and of the Institute of Company Secretaries of India, Associate of the Institute of Chartered Accountants of England and Wales and CPA, Australia. He has held responsible and senior leadership positions in various Indian and multinational organisations, both in India and overseas. He is on the Board of other companies and advises businesses on governance, performance and strategy.

Mr. Ranjan Pant
Non-Executive and Non-Independent Director (w.e.f. 23rd June, 2022)

is a CEO Advisor, Global Strategy & Change Management consultant with over 30 years experience. In the last two decades, he has been a Board Director of several major companies.

He earned a Bachelor in Mechanical Engineering Honours from BITS, Pilani and an MBA in Finance from The Wharton School, University of Pennsylvania.

Pant began his career at Bain & Co., a Consulting firm, where he led the energy and utilities practice. He was also a director of internal consulting at General Electric. Pant has multi-Industry hands on implementation and Board experience, examples:

Strategic: Portfolio Strategy, Pricing based Valuation, Capital Investment timing, Customer as Net Promoter;

Operations: Post Merger Integration, Manufacturing productivity, Supplier Value Managed Relationships, Parts count simplification, New Product Introduction (NPI) speed, Crossfunctional NPI co-location;

Corporate: Role of Conglomerate corporate centre, Corporate Venture Capital;

Human Resources: Senior Leadership transition, CEO Compensation;

Digital: Platform business model, Artificial Intelligence product development;

Board Director Committees: Shareholder, Nomination, Compensation, Audit, CSR

Pant is and has been a Board Director in leading companies, such as, HDFC Life, DSP Blackrock, Schneider Electric President Systems, BHEL. Pant is on the Board of Governors of the Indian Institute of Management Indore (IIM-Indore), where he Chairs the Personnel Committee.

He has, for several years, been a member of the jury panel for K C Mahindra Education Trust scholarships for post graduate studies for Indian students. He is also on the governing Board of Mahindra University (Hyderabad).

Vice Admiral Anil Chopra
Non-Executive and Independent Director (w.e.f. 23rd June 2022)

Commissioned into the Indian Navy in 1975, Vice Admiral Anil Chopra rendered forty years of distinguished service in uniform.

He has the unique distinction of having been the Commander-in-Chief of both the combatant commands of the Indian Navy, i.e. the Western Naval Command, and the Eastern Naval Command; as well as being the Director General of the Indian Coast Guard for three years in the immediate aftermath of the 2008 Mumbai terror attacks.

At sea, Admiral Chopra commanded the Western Fleet, the Navy’s principal strike formation; the aircraft carrier, INS Viraat; the destroyer, INS Rajput; and the missile corvette, INS Kuthar.

As Assistant Chief of Naval Staff, he was responsible for the Navy’s Future Force development, and its long-term Perspective and Financial Planning. As a Member of the Defence Acquisition Council, chaired by the Defence Minister, he was involved with formulation of policies for the development of India’s defence industrial base in the private and public sectors.

Whilst in service, he was the Chairman of three national bodies – the Offshore Security Coordination Committee; the Maritime Search and Rescue Board; and the Oil Spill Disaster Contingency Board. He has also been on the Board of Goa Shipyard, Ltd; and the Patron of the Sea Cadet Corps.

After retiring from active service, Admiral Chopra was a Member of the National Security Advisory Board, which provides inputs on multifarious security issues to the apex National Security Council(NSC).

Admiral Chopra has been a Distinguished Fellow with a number of think-tanks including ORF, Gateway House, the Delhi Policy Group and the Vivekananda International Foundation. He has also been on the Governing Council of the United Services Institution, the National Maritime Foundation, and the Mahindra Leadership University.

The admiral was posted abroad to Europe and the US on several assignments, including a year as a Senior Fellow at the US Atlantic Council in Washington. He speaks and writes extensively on strategic affairs and has been active in India’s strategic dialogues with a number of countries, notably France, EU, Japan and the US.

Admiral Chopra is an Independent Director on the Board’s of Mahindra Accelo Limited (Formerly known as Mahindra Intertrade Limited) and its Subsidiaries, Mahindra Steel Service Centre Limited and Mahindra Auto Steel Private Limited.

He is a graduate of National Defence College, New Delhi; the Naval War College, Mumbai; the Defence Services Staff College, Wellington; and the National Defence Academy, Khadakvasla; and an alumnus of the Lawrence School, Lovedale; the Sherwood College, Nainital; and the La Martiniare College, Lucknow. He obtained his Bachelor of Science degree from the Jawaharlal Nehru University, and his Masters and M.Phil in Defence Studies from Chennai University.

For his distinguished service, he was awarded the Param Vishisht Seva Medal (PVSM) in 2013 and the Ati Vishisht Seva Medal (AVSM) in 2007, by the President of India.

Management team

Mr. Vijay Arora
Chief Operating Officer

Mr. Vijay Arora, Chief Operating Officer at Mahindra Accelo (Mahindra Accelo Limited and its subsidiaries), is also a Director in Mahindra Steel Service Centre Limited, Mahindra MSTC Recycling Private Limited (CERO Recycling – India’s first auto recycling company), Mahindra Electrical Steel Private Limited, and a member of the Senior Leadership Team at Mahindra Accelo (Mahindra Intertrade Limited and its subsidiary companies). With 30+ years of experience in handling various portfolios covering strategy, manufacturing, projects, and business excellence, he has played a key role in setting up and spearheading all the new initiatives that our Company has ventured into: Power Transformers, Electrical Stampings, Automotive Blanking and Distribution Transformers, among others. Driven by passion with a penchant for innovation and advancements in IT, he has distinguished achievements in scaling up businesses and promoting excellence in systems and processes. Presently, he is spearheading CERO, which is the most ambitious project of foray into automotive recycling, and it is the first of its kind in India. He is also leading its diversification into the e-commerce space. As part of the Senior Leadership Team, he played a vital role in making Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) one of India’s ‘Great places to work’, ranking 3rd in the mid-size segment within the top companies in India in 2022.

On the personal front, he loves reading, travelling, and exploring new places. Digital technology and innovation fascinate him, and he is always looking forward to new challenges in life.

Mr. Diwakar Srivastava
VP – Commercial (Service Centres)

Mr. Diwakar Srivastava, VP (Commercial), is a Professional Accountant with 36 years of rich and varied experience within the Group. His career spans accounts, sales, accounts, logistics, indirect taxation, commercial, statutory compliance and industrial relations. Diwakar is well-versed in SAP and has good experience in crisis management at production facilities.

Currently, Mr. Diwakar holds the responsibility of Commercial and Industrial Relations for Mahindra Accelo Group.

Ms. Nora Bhatia
VP – Human Resources and Corp. Administration

Ms. Nora Bhatia, VP (Human Resources and Corp. Administration), has over two decades of experience in Human Resources, encompassing mature businesses and the start-up ecosystem. She is a recipient of the ‘HR Professional of the Year’ award at the Middle East HR Leadership Awards, in addition to being awarded Asia’s Best Employer Brand Award. Nora is a CII HR Assessor for the CII National HR Excellence Model. She is a Marshall Goldsmith certified coach. She holds a Master’s degree in HR from NMIMS and a Bachelor’s degree in Commerce from the University of Mumbai.

Mr. Saroj Kumar Khuntia
Chief Financial Officer

Mr. Saroj Kumar Khuntia (Chief Financial Officer) is a Chartered Accountant with 21+ years of varied experience in strategic planning, fund raising, capital allocation, new business setup, mergers and acquisitions, taxation, risk management, compliance, and internal controls, among others. He has been associated with the M&M Group for the last 12.5 years, and currently holds the position of Chief Financial Officer of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and Mahindra Auto Steel Private Limited, since August 2020. Before joining Mahindra Accelo, he had been the Chief Financial Officer at Mahindra Electric Mobility Limited (Bengaluru), since July 2017. Prior to Mahindra Electric, he was a CFO at Mahindra Retail Private Limited, where he played a key role in the demerger of a division of the business and restructuring with a common brand with

Apart from the Mahindra Group, Mr. Saroj has worked with Hindustan Lever Limited, Harman International, Dairy Farm International, and Ikanos Communications Private Limited.

Ms. Romali M. Malvankar
Company Secretary

Ms. Romali M. Malvankar (B. Com, ACS and LL.M) is the Company Secretary of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and its subsidiary company, Mahindra Steel Service Centre Limited. She is an Associate Member of the Institute of the Company Secretaries of India, a Commerce graduate, and has completed her Master’s in Business Laws from Mumbai University. She started her career at Mahindra and Mahindra Limited as a Management trainee and thereafter worked as a Consultant, Company Secretary of IMP Powers Limited (Listed on BSE and NSE), worked with Sun Pharmaceutical Industries Limited (where she was responsible for corporate secretarial compliances of the Listed entity), and with KGK Group of Companies. She has an overall corporate professional experience of 14 years in handling compliances under various Corporate Laws, including the SEBI regulations, Companies Act, FEMA regulations, and RBI guidelines, among others, coordinating and conducting the Board and General Meetings, maintaining corporate secretarial records, undertaking statutory filings, managing secretarial/compliance audits, ensuring good corporate governance practices, and liaisoning with regulatory and statutory authorities, including the Ministry of Corporate Affairs, SEBI, Stock Exchanges, Registrar of Companies, and Depositories, among others. She was bestowed with the Governance Professional Award 2021 at the 21st ICSI National Award for Excellence in Corporate Governance.


for excellence

Awarded 3rd in India’s Great Place to Work – Mid-size Workplaces Category in 2022

Awarded India’s Best Workplaces in Manufacturing 2023 - Top 25

Awarded India’s Best Workplaces ‘Building a Culture of Innovation for All’ 2023

Awarded Runners Up for Excellence in Training & Skill Development by Manufacturing Today 10th Conference & Awards 2022

Awarded Excellence in Supply Chain Management in Large Industry Category by Manufacturing Today 10th Conference & Awards 2022

Awarded Organisation with Innovative HR Practices by Asia Pacific HRM Congress & Awards

Awarded Best Advance in Employee Engagement, Best Innovation in Brand Management & CSR for Women Empowerment by Asian Leadership Awards

Awarded Winner in the Quality stream under the large Industry Category by Confederation of Indian Industries (CII) National Competitiveness Summit 2022


Mr. Bharat Doshi
Mr. Sumit Issar
Managing Director
Mr. Parag Shah
Non-Executive and Non-Independent Director
Mr. Mohit Kapoor
Non-Executive and Non-Independent Director
Ms. Ami Goda
Non-Executive and Non-Independent Director
Mr. Sudhir Mankad
Non-Executive and Independent Director (upto 22nd June, 2022)
Dr. Punita Kumar Sinha
Non-Executive and Independent Director
Mr. Ashok Kumar Barat
Non-Executive and Independent Director
Mr. Ranjan Pant
Non-Executive and Non-Independent Director (w.e.f. 23rd June, 2022)
Vice Admiral Anil Kumar Chopra (Retd.)
Non-Executive and Independent Director (w.e.f. 23rd June 2022)
Chief Financial Officer
Mr. Saroj Khuntia
Company Secretary
Ms. Romali Malvankar
Audit Committee
Mr. Ashok Kumar Barat
Mr. Sudhir Mankad
(up to 22nd June 2022)
Dr. Punita Kumar-Sinha
Mr. Parag Shah
(w.e.f. 1st April 2022)
Ms. Ami Goda
Vice Admiral Anil Kumar Chopra (Retd.)
(w.e.f. 23rd June 2022)
Nomination and Remuneration Committee
Mr. Ranjan Pant
Chairman (w.e.f. 23rd June 2022)
Mr. Sudhir Mankad
Chairman (upto 22nd June 2022)
Mr. Bharat Doshi
Dr. Punita Kumar-Sinha
Mr. Ashok Kumar Barat
Mr. Mohit Kapoor
Vice Admiral Anil Kumar Chopra (Retd.)
(w.e.f. 23rd June 2022)
Corporate Social Responsibility Committee
Mr. Parag Shah
Chairman (w.e.f. 1st April 2022)
Mr. Sudhir Mankad
(up to 22nd June 2022)
Mr. Sumit Issar
Vice Admiral Anil Kumar Chopra (Retd.)
(w.e.f. 23rd June 2022)
Axis Bank Limited
HDFC Bank Limited
ICICI Bank Limited
Kotak Mahindra Bank Limited
State Bank of India
Auditors BSR & Co. LLP
Chartered Accountants 14th Floor, Central B Wing, and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063
Registered Office
Mahindra Towers, P. K. Kurne Chowk, Worli, Mumbai - 400018, India CIN: U51900MH1978PLC020222 Tel. No.: +91 22 24935185/5186 Email: [email protected] Website:
Value Creation Paradigm