Integrated Annual Report 2023-24

Our ESG Commitment

Embracing Sustainability
with Responsible
Business Practices

Guided by our vision of fostering a balanced society that protects future opportunities, we are committed to creating a more sustainable world. At Mahindra Accelo, we prioritise tackling key issues identified by thorough assessments. By carefully studying how these issues might affect our Company’s operations, we gain insights into stakeholders’ concerns, enabling us to develop lasting initiatives that create value for all involved.

We practise sustainability in everything we do.

  • Operations: Achieve carbon- and waste-free growth through energy efficiency and renewable energy

  • Products: Enable more sustainable design, business and marketing processes and conserve resources

  • Ecosystem: Advocate for policies, partnerships and commitments to strengthen our thought leadership

    Our Company has developed a sustainable framework to ensure that we deliver growth and profitability. Simultaneously, we aim to reduce our carbon footprint and give back to our communities by undertaking initiatives that contribute to a better tomorrow.

Mahindra Sustainability Framework

Building enduring businesses by rejuvenating the environment and enabling stakeholders to rise.

Partnering. Learning. Sharing.

Giving Back More than We Take

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

Environment
  • Product Stewardship
  • Green Product
  • Waste Management
  • Material and Energy Intensity
  • Green Logistic
  • Reduce, Reuse, Recycle
Social
  • Health and Safety
  • Human Rights
  • Impact on Society
  • Collective Bargaining
  • Community Development
  • Anti-Bribery and Anti-Corruption
Economic
  • 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

    At Mahindra Accelo, we have adopted the ‘Planet Positive’ framework and customised it to add elements to the 3 dimensions of greening ourselves, decarbonising our industries, and rejuvenating nature. Our Company has set both short-term and long-term targets for each dimension, enabling us to monitor progress effectively.

Greening Ourselves

  • Achieving Net-Zero on Scope 1 + 2 Emissions (RE Usage & Energy Efficiency)
  • Attaining Net-Zero on Water and Waste (Reuse, Reduce & Recycle)
  • Adopting Material Circularity (Reduce, Reuse & Green Material)

Decarbonising Our Industries (Addressing Scope 3)

  • Transitioning to a Green Portfolio (EVs in Auto, LMM & Logistics; Green Buildings and Resorts)
  • Supporting the Transition to Net-Zero Supply Chain (Logistics)
  • Promoting Industry Circularity (Auto Recycling)

Rejuvenating Nature

  • Promoting Regenerative Agriculture (Via Improved Farming Techniques)
  • Driving Afforestation at Scale (Hariyali Programme)
  • Investing in Green Technology (Solar, Hybrid, Storage)

Enablers

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

Measuring Impact for
Responsible Growth

Environmental

11%

Reduction in Energy Intensity

2,815 GJ

Renewable Energy Consumption

ZWL Certification

for All Our Plants

2,673 KL

Water Recycled

15%

Reduction in Scope 1 CO2 Emissions

Governance

9

Board of Directors

11.11%

of Women’s Representation on the Board

33.33%

Independent Directors

3

Committees of the Board

Environment

Prioritising Environmental
Stewardship for a
Sustainable Tomorrow

Our approach to sustainability encompasses integrating environmental sustainability into every facet of our operations, from pioneering business concepts to community engagement initiatives. We endeavour to minimise our environmental footprint through judicious management practices and advocate for responsible resource utilisation. Central to our mission is the drive for decarbonisation, aligning with India’s commitment to environmental stewardship.

Moving towards Decarbonisation*

2,816 GJ

Renewable Energy Consumed

32,137 GJ

Energy Consumed

0.074

Energy Intensity Per Unit of Production

4,375 MTCO2

Scope 1 + 2 Emissions

* unaudited numbers

At Mahindra Accelo, as we transition towards cleaner fuels to create a better future, our commitment to sustainable energy and energy efficiency forms a central pillar of our long-term strategy. Embracing the brand identity ‘The Decarbonisation Revolution,’ underscores our Company’s dedication to advancing environmental responsibility across our operations. Our commitment to reducing our environmental footprint is evident through our adoption of energy efficient technologies, implementing strategies to cut emissions, and integrating sustainable practices. Aligned with the SBTi framework, we have set ambitious targets for reducing emissions and minimising our carbon footprint.

By 2033, we aim to reduce:

  • Our direct (Scope 1) and indirect (Scope 2) emissions by 75%
  • Our Scope 3 emissions by 44%

Our Company’s commitment to sustainability is reflected in our energy reduction projects and efficiency programmes, including the deployment of solar panels at our Kanhe plant and forthcoming endeavours at other facilities. Additionally, we promote energy efficient practices like employee carpooling, recycling for waste management, and utilising recyclable materials and battery-operated forklifts.

During the year, we have also initiated the implementation of solar rooftop panels at Vadodara and Bhopal plants, which will be completed by FY 2024-25. The initiative aims to achieve 30% to 40% of the plant requirements through renewable energy. In the coming years, we also plan to carry out various other renewable energy projects to make our decarbonisation journey stronger.

3 major steps to create a decarbonised future include:
MINIMISE

Energy Use and Switch to Cleaner Fuels

GENERATE

Renewable Energy

PURCHASE

Renewable Energy Credits & Carbon Credits

Efficient Water Management

Parameter FY 2021-22 FY 2022-23 FY 2023-24
Total Water 45,681 47,387 40,686
Water Recycled and Reused 2,913 2,922 2,701
Water Recycled 6% 6% 7%

Recognising the critical importance of water conservation, we have implemented comprehensive water management strategies at Mahindra Accelo. These strategies are aimed at optimising water usage and promoting responsible stewardship. By adopting technologies and best practices, we strive to minimise water consumption and maximise water recycling and reuse.

Our Company’s approach to optimising water usage and reducing dependence involves a range of measures, including:

  • Repurposing wastewater through Bio Sewage Treatment Plants (Bio STPs), drip irrigation techniques, and addressing water system leaks.
  • Conducting regular water audits and monitoring, and proactively preventing unnecessary water wastage to fine-tune consumption at each facility.
  • Harvesting rainwater at our Nashik plant is a step towards achieving a net water-positive status.

To get closer to our net water positive status, we have added to the rainwater harvesting capabilities in our Nashik plant during FY 2023-24. This helps to conserve and recharge about 18,000 cu mt of water per year.

Responsible Waste Disposal

Effluent and waste management stand as cornerstones of every business operation. A comprehensive environmental management system demands attention to both effluent and waste treatment and disposal. At Mahindra Accelo, we vigilantly monitor all effluent and waste streams to ensure responsible management and disposal practices.

Our Company recognises that efficient waste management is essential to our environmental stewardship. Therefore, we actively seek alternative disposal methods and explore reuse opportunities, transforming waste into valuable resources. This effort not only reduces costs and enhances operational efficiency but also aligns with our conservation goals.

Zero Waste to Landfill

Guided by our ‘Zero Waste to Landfill’ (ZWL) philosophy, we aim to divert a minimum of 99% of waste from landfills.

The Mahindra group has been an early adopter of the ‘Zero Waste to Landfill’ certification. At MAL, our Nashik plant was the first to achieve the ZWL certification in 2021. This year, all our plants have been successfully certified with Zero Waste to Landfill.

Social

Investing in People for
Nurturing Potential

United by our common goals and shared values, #TogetherWeRise triumphs over challenges, creating a better tomorrow for all.

At Mahindra Accelo, we prioritise fostering an inclusive workplace that encourages collaboration, innovation, and peak performance while championing Diversity, Equity, and Inclusion. Our Company’s dedication extends to ensuring the safety of all stakeholders. We deeply value the contributions of our employees, which have been instrumental in our success. We promote a culture of excellence by investing in their development and empowerment. Additionally, our Company’s commitment to providing a nurturing work environment and adopting innovative practices makes us the preferred employer.

Building an Inclusive Organisation

At Mahindra Accelo, our earnest commitment to inclusion and diversity is at the heart of our operations. Our Company relentlessly opposes all forms of discrimination, striving to create a workplace where everyone feels respected and empowered. This endeavour is not only crucial for attracting and retaining top talent but also reflects our dedication to upholding human rights and nurturing a diverse workforce. Gender equality stands as the bedrock of our diversity efforts, reinforcing our belief in fairness and equality for all. Additionally, our Company’s unfaltering dedication to inclusion and diversity fuels our mission to shape the workforce of tomorrow and champion a culture of equality and belonging.

POSH Training

Organising regular training sessions reinforce our zero-tolerance stance against sexual harassment. This empowers employees to speak up confidently against any misconduct.

Paternity Leaves

Supporting paternity leave to encourage shared parenting responsibilities fosters an inclusive environment for new fathers.

Young Accelo Council

Utilising our platform for young talent, including Gen Z, amplifies diverse perspectives and innovative ideas.

‘Is this me?’ Programme

Leveraging theatre-based learning, we address unconscious bias, particularly among hiring managers. It fosters a more inclusive workplace culture.

Particulars Male Employees (in %) Female Employees (in %)
Senior Management 88 12
Middle Management 91 9
Junior Management 98 2
Others 100 0
Total 96 4

Dr. Punita Kumar-Sinha

(Non-Executive and Independent Director)

Women Leaders in the Organisation

At Mahindra Accelo, we are on a dynamic journey to amplify women’s representation in leadership roles. By providing extensive assistance for pregnancy, childbirth, and childcare to our team, we ensure they can focus on their careers without any concerns. Moreover, our Company’s commitment extends to a promotion policy that is free from gender bias, guaranteeing authentic representation of women.

11.11%

of Women Directors

12%

of Leadership Positions Held by Women

Percentage of Women

33.33%

Key Management Personnel

Talent Retention

We aspire for more than mere skills in our new hires; we value personality, passion, and a shared commitment to our vision. At Mahindra Accelo, we cherish individuals we believe will drive innovation and propel our growth trajectory. In crafting an organisation prepared for both present demands and future challenges, we prioritise assembling a team equipped with the essential skills and capabilities to realise our strategic goals. Our Company aims to attract, onboard, and retain top-tier talent, fuelling our business transformation. Additionally, with robust HR policies and processes, we ensure the enduring vigour of our workforce.

Initiatives Undertaken towards Talent Management Include:
Job Previews

Candidates get a clear understanding of roles before joining through technology-enabled previews facilitated by managers.

Sourcing Channels

We diversify our talent pool by tapping into university programmes, internships, job boards, and employee referrals, enhancing our talent acquisition funnel.

Intensive Industry Internship (III)

Engineering and management students gain practical experience while studying, fostering a mutually beneficial relationship.

Technology-Enabled Acceleration

Leveraging social media and digital platforms, we showcase our brand and value proposition, enhancing our talent acquisition strategies.

Personalised Candidate Journey

We prioritise an agile candidate experience with transparent job descriptions, frequent communication, and tailored assessments to attract top talent.

D&I in Talent Acquisition

We commit to long-term diversity and inclusion goals, providing recruitment partners with demographic data and market benchmarks for effective and accountable operations.

Employee Referral Programme

Utilising digital content and social media, we encourage referrals to fill roles and nurture a future talent pipeline, while highlighting our employee value proposition.

Enhancing Capabilities for Collective Growth

At Mahindra Accelo, we are committed to empowering our employees’ career paths, striving to foster a new generation of visionary leaders by enriching their technical skills. Through meaningful connections and shared experiences, our Company strengthens our teams, igniting creativity and problem-solving prowess. Additionally, our workplace is defined by policies that nurture a positive atmosphere, along with competitive compensation packages and abundant opportunities for learning and advancement.

We follow the 70-20-10 model for learning and development, where 70% of the learning comes from job-related experiences, 20% from interactions with others and 10% from formal educational events.

UDAAN

This programme is designed to upskill our next generation of employees, specifically those in junior management profiles and first-time managers.

Shadow the MD and Shadow
the Senior Leaders

Our ‘Shadow the MD/Shadow the Senior Leaders programme allows employees to learn directly from our senior leaders by shadowing them for a day.

Mentor on Call

Through this best practice, employees can contact senior mentors for guidance and advice.

Quality Utsav

With the Mahindra Accelo Quality Utsav, we aim to enhance our knowledge and drive a high quality and excellence culture within 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 on the theme of quality.

Harvard Manage Mentor (HMM)

Harvard Manage Mentor (HMM) offers over 20,000 products across 60+ skills and knowledge domains through Harvard Manage Mentor Spark. Employees can enhance their business skills over the course of a year with predefined Finance, Productivity, and Communications modules, among others. The completion of selected modules, is necessary for certification, and learning pathways are tailored to individuals’ skill inventories.

Leadership Discovery – Process Lab

In partnership with Celebratory Network, we unveiled Catalyst, a dynamic three-day experiential learning initiative designed to drive leadership discovery, self-awareness and transformation.

Overseas Trip

Accelo values and celebrates the achievements of its teams by organising overseas trips as a token of appreciation. In the fiscal year 2023, teams from different locations enjoyed a memorable trip to Singapore, marking a decade-long tradition of recognising and rewarding success.

Idea Generation Platforms

‘All Ideas Matter (AIM)’ is a digital platform where employees share improvement ideas across MAL departments. ‘Dare to Dream’ lets Acceloites submit ideas for ‘New Business Development,’ ‘Cost Efficiency,’ ‘Sustainability,’ and ‘Safety.’

Make the Right Move

We believe in nurturing and developing internal talent by providing growth opportunities and encouraging talent mobility. The ‘Make the Right Move’ initiative facilitates talent rotation and leadership development by offering internal talent opportunities to explore new profiles or work in new plants.

Annual Kaizen Mela

In the spirit of continuous improvement, we host an annual Kaizen Mela. It is a month-long celebration dedicated to recognising and rewarding employees’ efforts in driving continuous improvement across various locations. Employees actively participate and compete to showcase the Top 3 Best Kaizens, fostering a culture of innovation and efficiency.

The Accelo Leadership Conclave (ALC)

ALC is an annual event where the leaders of Accelo come together for strategic discussions, debates, and learning sessions. Over the course of three days, we immerse ourselves in insightful strategy sessions and enjoy opportunities for team bonding and fun activities.

In December 2023, the ALC took place at the prestigious Taj Krishna in Hyderabad, focussing on the theme ‘Accelerate Decarbonisation.’

  • During the conclave, we engaged in strategic discussions, debating the organisation’s direction and clarifying key objectives.
  • The learning sessions provided valuable skill- and knowledge-enhancing opportunities.
  • In addition to the serious business discussions, the ALC incorporated elements of fun and team bonding activities. It included a Dance Off competition that provided a lively platform for leaders to showcase their talents, fostering camaraderie and strengthening interdepartmental relationships.

Human Rights and Security Practices

Mahindra Accelo espouses egalitarian principles, firmly adhering to a non-discrimination policy based on factors, such as age, gender, religion, region, or any other relevant criteria. Advocating human rights isn’t merely a policy but a core principle ingrained in our ethos. Guided by our Human Rights Policy, we affirm our dedication to safeguarding the rights of all individuals.

We uphold dignity, equality, and fairness, condemning child labour and forced labour in all our operations. Non-discrimination is foundational to our Company’s ethos, promoting equality regardless of race or gender. Furthermore, through localised training sessions, all our security personnel are fully trained in Mahindra Accelo’s Human Rights Policies, ensuring compliance across the Board.

Occupational Health and Safety

At Mahindra Accelo, prioritising the well-being of our employees is fundamental, with comprehensive health and safety measures in place to empower them to thrive and unleash their full potential. Investing in the welfare of our Company’s team involves a multi-faceted strategy. From promoting personal hygiene and enforcing safety protocols to providing protective gear, we focus on every aspect of employee well-being. In addition, Mahindra Accelo’s Safety Visits drive, spearheaded by senior executives, conducts regular site inspections to root out potential hazards. Moreover, our Company’s relentless commitment to eradicating unsafe practices underscores our dedication to fostering a culture of safety.

In FY 2023-24, our Company recorded 1 Total Recordable Cases (TRCs).

We adhere to ‘The Mahindra Safety Way’ (TMSW) model and conduct regular safety assessments to ensure compliance. Our Company’s Quality, Environmental, Occupational Health, and Safety (QEHS) policy prioritises safe working conditions, hazard elimination, employee training, worker involvement, and a safety-driven culture.

Employee Engagement Initiatives Undertaken across Locations

At Mahindra Accelo, our employee engagement revolves around the MCARES framework, prioritising employees’ needs in all operational aspects. This framework emphasises:

Career Growth

Alignment with our Company’s Vision

Recognition for Achievements

Empowerment through Communication and Autonomy

Strive for Balance and Sustainability

Our leaders foster personalised connections with employees through HR best practices like ‘Mann ki Baat…MD ke Saath’ for direct interactions with the Managing Director and ‘Baat Cheet and Strategy Connect with SLT’ for collective dialogues with the senior leadership team. Employees also have access to the ‘MD Mailbox’ for confidential communication with the Managing Director.

Our reward and recognition system, ‘STARS,’ also honours exceptional contributions through a bouquet of awards like Accelo Star, Innovation Awards, and Collaborative Champions. Moreover, at Mahindra Accelo, we maintain a vibrant workplace culture by celebrating diverse festivals and significant occasions, ensuring a lively environment year-round.

Awards Received for our Excellence

Fostering Customer Trust
with Value and Loyalty

Our philosophy revolves around prioritising client requirements and striving to be dedicated partners in enhancing their financial and operational performance. We actively seek feedback and employ a robust Quality Management System to maintain uncompromising quality standards.

Our commitment to quality and value ensures that we exceed customer expectations. Proximity to customers mitigates supply chain disruptions, as reflected in third-party satisfaction scores. Moreover, our culture of openness, digital transparency, and swift issue resolution fosters trust and enhances the overall customer experience.

Developing Relations

Nurturing strong customer relationships lies at the heart of our ethos. Our Company has developed advanced portals and systems, like our Customer Relationship Management Portal and Customer Support Portal, to swiftly address customer concerns. These platforms allow us to track response times and promptly implement corrective measures. At Mahindra Accelo, our commitment to resolving issues within a commendable timeframe underscores our dedication to exceptional service. Additionally, our Company’s proactive approach to seeking feedback and ongoing improvement ensures that we constantly adapt to meet our customers’ dynamic needs.

Our teams maintain seamless communication channels with our esteemed customers, gaining profound insights into their expectations and evolving requirements. Furthermore, by staying closely connected and actively soliciting feedback, we continuously enhance our products and services to align with our customers’ preferences.

Ensuring Satisfaction

External Customer Satisfaction Index studies evaluate Mahindra Accelo’s performance against evolving customer expectations. The consistent 80+ CSI scores since 2019 reflect our dedication to delivering optimal solutions and a customer-centric approach that sets us apart.

* survey not conducted in 2020 & 2021 due to Covid

Empowering Change with
Stronger Communities

Grounded in the spirit of #TogetherWeRise, Mahindra Accelo is committed to backing communities as they strive for a brighter tomorrow. Through grassroots initiatives in education, healthcare, gender equality, and disaster resilience, our Company stands united with communities, fostering their well-being and resilience. Recognising their pivotal role in shaping our collective future, we reaffirm our commitment to nurturing positive change today for a stronger tomorrow.

Vision

In line with our Core Purpose, our CSR Vision is to focus our efforts within the constituencies of girls, youth, and farmers by innovatively supporting them through programmes designed in the domains of education, health, women’s empowerment, and environment while harnessing the power of technology.

Our Approach

At Mahindra Accelo, we allocate 50% of our CSR resources to sponsor Nanhi Kali, a key M&M programme empowering disadvantaged girls through education. The remaining 50% funds community projects near our operational hubs, led by local stakeholders, to create lasting impact. Our Company’s focus on education and community infrastructure ensures long-term benefits, bolstered by collaborations with NGOs and agencies for enhanced effectiveness. Additionally, our CSR champions assess local needs and oversee project implementation, guaranteeing enduring impact.

Stories of Impact

Nanhi Kali Foundation

Nanhi Kali, our parent company’s flagship CSR initiative, stands as a beacon of our CSR efforts. It is dedicated to fostering the holistic development of underprivileged girls. Through the provision of annual educational kits and supplementary support, we’ve empowered 2,720 girls residing near our facilities in Maharashtra and Gujarat. Additionally, offering complimentary remedial classes and technical training bridges educational gaps, laying the foundation for brighter futures and empowered communities.

Empowering 2,720

Young Girls

Building Pathways for Accessible Education

Education is crucial to developing human capital and is a fundamental right of every individual. In response to the pressing need for accessible and innovative education, our initiative integrates technology into educational infrastructure, ensuring holistic student development. By addressing sanitation and health concerns, particularly menstrual hygiene, we strive to create conducive learning environments that foster academic success and well-being for all students.

Making Digital Education Accessible

2 Schools

Technologically upgraded

Amid our dedication to digital education, we recognise the pivotal role technology plays in uplifting communities. As part of our corporate social responsibility efforts, we’ve implemented transformative projects in Wadivarhe village in Igatpuri taluka, Nashik district, and in Manjusar village in Savli taluka, Vadodara district.

Futuristic Classroom is a modernised concept of education in the Indian education scenario that will provide quality education to students by helping them in better concept formation, concept elaboration, improvement in basic skills and academic achievement. It is a new vision in education. The use of interactive technology can bring about a huge change in education. E-desk and e-podium can make learning environment extremely amazing. Futuristic Classroom will surely develop 21st century skills among the students with the ‘Techno Savvy’ approach. This seamless integration of technology develops a collaborative and dynamic learning culture where teachers can pay personalised attention to each student.

The positive response from education authorities, teachers, parents, and village representatives underscores the transformative impact of these initiatives. Witnessing an increase in student enrolment and enthusiasm, these schools equipped with modern and immersive learning tools exemplify our commitment to fostering educational upliftment and community development.

Upgrading Educational Infrastructure

Infrastructure Developed in

9 Schools

Understanding the fundamental role that a nurturing educational environment plays in shaping young minds, we have made it a priority to uplift the educational infrastructure in government primary schools.

When faced with the reality of inadequate facilities, such as at a Zila Parishad school in Shilatane village near Lonavla, where the condition of the toilet block was concerning, we responded promptly. Following a thorough assessment, we undertook the task of constructing a modern, well-equipped facility, bringing much-needed facilities to students and relief to their parents.

Additionally, guided by our enduring commitment to uplifting rural education, we have extended support to schools near our upcoming plant in Supa, Ahmednagar. Initiatives like providing play equipment and digital boards in two Zila Parishad schools aim to create nurturing environments conducive to holistic learning experiences.

Furthermore, recognising the importance of technology, we have supplied a computer and computer table to a Zila Parishad school in Naygaon near Kanhe, Pune, ensuring equitable access to essential resources for every child.

Promoting menstrual hygiene among girl students

Understanding the challenges faced by rural school girls, especially in maintaining menstrual hygiene, is crucial. To address this issue and promote hygiene among adolescent girls, we installed sanitary pad dispensers and used pad incinerators in village schools in Nashik and Vadodara. This initiative not only addresses a pressing need but also brings smiles to the faces of girl students, empowering them with dignity and comfort during their menstrual period.

Making Education Accessible

200 Bicycles

Distributed to School-Going students

The lack of accessible transportation facilities in villages is one of the leading causes of dropouts among school students. Girls and students living far away, sometimes even more than 3 km from the school, who are eager to learn, experience discouragement from parents to travel distances for schooling due to security concerns.

To change this scenario, we distributed 200 bicycles to students for travelling to school. This initiative not only inspired the young minds to dedicatedly invest their time in developing their knowledge but also facilitated them with a means to reach the schools comfortably. Every pedal they take represents a step towards a brighter future.

Empowering Rural Women Financially

It is the ethos of our Group to uplift women in rural areas, where their voices often fade amid inequality and we realise it is crucial to provide such women with avenues for economic empowerment. In harmony with this, we aim to nurture confidence and equip these women with the tools to assert their rights and shape their futures through training in micro-business management and the provision of seed capital for those facing financial barriers.

In Nashik, our company collaborated with an NGO to empower a group of 83 women from marginalised villages surrounding our factory. Today, these women have established successful businesses from their homes, paving their paths to prosperity. Their journey highlights the transformative impact of empowerment and collective effort.

403

Women Empowered

Contributing towards a Greener Future

The Earth, which sustains us all, must be healthy in order for our business operations to be successful. Keeping this in mind, we are committed to environmental stewardship, extending our efforts beyond mere operations.

Through the Mahindra Hariyali programme, each of our MAL plant locations participated in tree planting activities during the year. We selected suitable spots and planted a variety of trees, including native species, near our facilities. With every sapling, we sow the seeds of sustainability, fostering a greener tomorrow for generations to come.

2,860

Trees planted

Awards Received for our Excellence

Runner-Up ESOPS Awards 2023

Governance

Accelerating Growth with
Effective Governance

At Mahindra Accelo, robust corporate governance principles are integral to our operations, and we take immense pride in upholding them. Our Company’s corporate governance is synonymous with creating and enhancing long-term, sustainable value for all our stakeholders. This encompasses regulators, employees, customers, vendors, investors, and society, achieved through ethically driven business practices. Additionally, ensuring fair and transparent management of our Company’s affairs is of utmost importance to us.

Our commitment to strong leadership and effective corporate governance practices is deeply embedded in our culture and ethos. Backed by a diverse and experienced Board of Directors, transparent policies, and an unyielding dedication to ethical business conduct, we remain firm in our mission to generate enduring value for all stakeholders.

Throughout the fiscal year, our Board of Directors comprised 9 members, including the Managing Director and 8 Non-Executive Directors, with 3 of them serving as Independent Directors.

Board’s Focus during the Year

At the heart of Mahindra Accelo’s corporate governance framework is our Board, which is responsible for overseeing how management serves and safeguards the long-term interests of all stakeholders. Moreover, our Company firmly believes that an active, well-informed, and diverse Board is essential for upholding the highest standards of corporate governance.

The Board remains persistent in its commitment to enhancing stakeholder value through sustainable business practices, guided by enduring governance principles deeply rooted in the esteemed Mahindra legacy. Drawing from the rich heritage of fair, ethical, and transparent practices across the Group, the Board ensures that these values permeate every aspect of our operations.

Ensuring that our business functions align strategically with both the organisation’s core values and those of the Mahindra Group is paramount. To achieve this, the Board diligently leverages its various committees to foster coherence and synergy, thereby promoting our endeavours’ continued success and integrity.

Ethical Business Practices

At the very core of Mahindra Accelo’s business philosophy lies a firm commitment to fairness and accountability. Ethical conduct, integrity, and a steadfast dedication to values that bolster and maintain stakeholders’ trust form the bedrock of our Company’s corporate governance ethos. Additionally, with a rich legacy steeped in fair, ethical, and transparent governance practices, we ensure that the highest standards of ethical and responsible behaviour permeate every level of our organisation.

By implementing vigilant oversight measures and rigorous cybersecurity protocols, we strive to foster an environment characterised by accountability and fairness across all facets of our operations. Moreover, we strongly believe that robust corporate governance is pivotal in driving business growth and ensuring sustainable performance.

Vigil Mechanism

Our vigil mechanism, implemented through our Company’s Whistle-Blower Policy, provides a platform for Directors, employees, and all stakeholders to report genuine concerns. These concerns include unethical behaviour, suspected fraud, or violations of the code. This mechanism includes adequate safeguards against victimisation of those who utilise it and ensures direct access to the Chairperson of the Audit Committee. Mahindra Accelo maintains a stringent process for handling complaints, which the Audit Committee reviews on a quarterly basis.

Cybersecurity

Mahindra Accelo prioritises robust cybersecurity procedures to maintain data integrity and accessibility. Routine backups prevent data loss, ensure compliance with data protection laws and safeguard personal data. Additionally, stringent security measures are in place to protect employee, vendor, and client data, adhering to regulations for maximum security.

Value Chain

Ensuring quality assurance within our supply chain is our top priority. Mahindra Accelo sources automotive steel from reputable Indian mills and electrical steel from the global leader, Nippon Steel. Our Company’s facilities leverage advanced technology to streamline processing and minimise waste, with continuous quality checks maintaining high standards consistently. Two TPM-certified plants enable the sharing of best practices to surpass customer expectations. Moreover, in alignment with M&M’s goal to utilise a percentage of green steel by 2030, Mahindra Accelo collaborates with suppliers to adopt environmentally friendly practices, thereby reducing emissions throughout the production process. Furthermore, this proactive approach underscores our Company’s commitment to delivering exceptional products, while upholding environmental responsibility throughout our value chain.

Corporate Governance Standards and Policies

At Mahindra Accelo, we strive to conduct our business and strengthen our relationships in a dignified, distinctive, and responsible manner. Our Company adheres to ethical standards to ensure integrity, transparency, independence, and accountability in dealing with all stakeholders. We have implemented various codes and policies to uphold these values. Some of these include:

Code of Conduct for Directors and Employees

Policy on Appointment/Removal of Directors and Senior Management Personnel

Policy for Remuneration of the Directors, Key Managerial Personnel and Other Employees

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

Board of Directors

Mr. Bharat Doshi

Chairman

is a former Executive Director and Group CFO of Mahindra and Mahindra Limited. During his tenure, he led the conceptualisation and establishment of Mahindra & Mahindra Financial Services Limited and served as its Chairman 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. Doshi has received multiple awards as “India’s Best CFO” and was inducted as a Founding Member to the CFO Hall of Fame for a lifetime of contribution to the field of Finance.

Mr. Sumit Issar

Managing Director

is the Managing Director (MD) of Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited) and Mahindra Steel Service Centre 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 postgraduate in Marketing with over 21 years of experience in Sales, Marketing, Sourcing and Supply Chain Management.

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

Sumit started his career as a Graduate Engineer Trainee in 1995 with M&M Ltd. Since then, he has been associated with various roles, including – Sales and Operations, Product Development, Sourcing, Supply Chain Management and Business Development.

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 Accelo (formerly known as Mahindra Intertrade) into 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. Ranjan Pant

Non-Executive and Non-Independent Director

is a CEO advisor and consultant specializing in global strategy and change management. With a tenure spanning over three decades, he has leveraged his expertise across diverse industries and international conglomerates.

Mr. Ranjan Pant began his career at Bain & Co., Management Consultants where he spearheaded the energy and utilities practice, delivering strategic advisory services.

He held the position of Director of internal consulting at General Electric company, focusing on operational excellence and mergers & acquisitions.

Mr. Pant’s key areas of expertise includes:

Strategic Planning: portfolio strategy, pricing-based valuation, and capital investment timing.

Operational Management: post-merger integrations, enhancing manufacturing productivity and accelerating new product introductions.

Corporate Governance: orchestrating corporate venture capital initiatives and managing conglomerate corporate center roles.

Human Resources Strategy: senior leadership transitions and CEO compensation strategies.

Technology and Innovation: platform business models and artificial intelligence product development.

Mr. Pant contributed as a Board Director and committee member in leading corporations, including HDFC Life Insurance Company Limited, DSP Blackrock Investments Private Limited, and Schneider Electric Infrastructure Limited.

Mr. Pant is on the Board of Governors of the Indian Institute of Management Indore (IIM-Indore) where he Chairs the Personnel Committee and also on the Governing Body of Mahindra University – Hyderabad.

He has, for several years, been a member of the jury panel for K C Mahindra Education Trust for post graduate scholarships.

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

His Directorships includes:

Mahindra and Mahindra Limited: Non-Executive and Non-Independent Director

Mahindra Accelo Limited (formerly known as Mahindra Intertrade Limited): Non-Executive and Non-Independent Director

Mahindra Auto Steel Private Limited: Non-Executive and Non-Independent Director

Point RP Consulting Private Limited (OPC): Director

Schneider Electric President Systems Limited: Independent Director and Chairman

Mr. Parag Shah

Non-Executive and Non-Independent Director

is Founder and Partner of Amara Partners, a mid-market Private Equity fund. Amara Partners provides growth capital to businesses and supports entrepreneurs in strategy, innovation, digitization, change management, governance and business transformation.

In a career spanning over 25 years, Parag has held various positions with the Mahindra Group and in his last role, he was a Member of the Group Executive Board. Parag has extensive experience in building new businesses, turn arounds, joint ventures, mergers & acquisitions and IPOs. He was the Managing Partner of Mahindra Partners, the 1 Bn USD Private Equity and Venture Capital division of the Group that was in charge of diverse businesses like Logistics, Renewable Energy, Retail, Manufacturing (Steel components, Conveyor Systems, Boats), Consulting, Media and Healthcare. He had also set up the Group Silicon Valley office for technology investments and start-up partnerships. Parag was Chairman of GPMD program, Co-Chairman of the Group Diversity Council, Member of Group Sustainability & an Executive Committee member of various councils of Mahindra Learning University. He was the Group lead for business representation in Israel.

Parag is a Director on several companies such as Mahindra Accelo, Mahindra Waste to Energy, The Indian and Eastern Engineer Company, Global Chess League (Geneva) & PSL Media and Communication. He is also an Independent Director on the board of HDFC AMC Ltd.

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 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, CII National Healthcare Council, American Alumni Association in addition to other external associations. He is also an angel investor & is on the Board of Trustees of The IndUS Entrepreneurs(TiE), Mumbai.

Parag has been recognized by Economic Times & Spencer Stuart as India’s Top 40 Business Leaders under the age of 40. He was also featured by India Today as ‘Leaders of Tomorrow’ in their anniversary issue.

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 currently the Group Chief Technology Officer at the Mahindra Group. He 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. He is part of the Group Executive Board and is a Director on the Board of Mahindra Accelo, Mahindra TEQO, & Bristlecone Limited. He is a member of AI for India-2030 council at the World Economic Forum.

Mr. Mohit Kapoor joined the Mahindra Group in October 2020 from DBS Bank where he was the head of technology optimization and head of Asia Hub at Hyderabad. He led the development of digital banking capabilities focusing on technology innovation across Data/AI, Cloud, DevOps amongst other deep engineering areas. He brings with him over 30 years of experience in Global Technology & Operations. Prior to joining DBS, he was the Chief Technology Officer for Bank of Americas global business services across the world and the CIO at MphasiS before that.

He is an Electronics Engineer with advanced management and leadership certification from Cornell and Georgia Tech.

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 the Audit, Stakeholders Relationship, and Risk Committees for many Boards. Ms. Kumar-Sinha also chairs IIT Delhi’s Investment Advisory Board. Currently, she is the Founding Partner of 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 the 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 the CFA Institute, has been a member of the CFA Society Boston and India, is a TiE Charter Member, and is 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 ‘Best Woman Director’ in 2016 by the 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

is an Independent Director, a Fellow of the Institute of Chartered Accountants of India and of the Institute of Company Secretaries of India, an Associate of the Institute of Chartered Accountants of England and Wales and a 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 Boards of other companies and advises businesses on governance, performance and strategy.

Vice Admiral Anil Kumar Chopra

PVSM, AVSM (RETD.) Non-Executive and Independent Director

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 combat 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 apex Defence Acquisition Council,he was engaged in the 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 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. He speaks and writes on strategic affairs and has been active in India’s strategic dialogues with a number of countries.

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.

Ms. Ami Goda

Non-Executive and Non-Independent Director (upto 30th May, 2023)

has an extensive experience of 17 years primarily in Corporate Finance. She has held positions of responsibility in Business Finance, Commercial Finance, Supply chain Finance, Pricing, Deal structuring and Financial Planning. She has joined Mahindra & Mahindra Limited from General Electric (GE) where she was responsible for the $1Bn Equipment and Services business for Onshore Wind Asia region. During her 14 years at GE, she has worked across multiple business segments - Financial services, Healthcare, Transportation, Renewables Onshore and across geographies - Asia, Growth markets and India. Ami is an MBA from Narsee Monjee Institute of Management Studies, Mumbai.

Currently she is working as a Chief Financial officer at Mahindra & Mahindra Ltd., Farm Equipment Sector, Kandivali from 1st April 2023.

Ami is married to Alok Dhar and are based in Mumbai. In her free time, she loves to read, goes hiking and listens to ghazals.

Bharat Goenka

Non-Executive and Non- Independent Director (w.e.f. 30th May, 2023)

is a finance professional with a passion for unlocking value. He has 25 years of work experience across different businesses (Soaps, Soups, Soft Drinks, Metals & Automobiles), different functions (Sales, Supply chain & Finance) and across different geographies (India, China, Singapore, Dubai, Zurich, and US). He joined M&M in 2020 as the CFO for the Automotive Division and worked closely with the leadership team to transform the Automotive business over the last three years. He moved to the Corporate Office as SVP Group Financial Planning & Analysis in May 2023 and works closely with all the group companies on performance management, capital allocation and value unlock initiatives. Prior to joining M&M, he spent more than 20 years, most of which was at Hindustan Unilever Ltd. Bharat is a Chartered Accountant with articleship from Pricewaterhouse.

Management Team

Mr. Vijay Arora

Chief Operating Officer

Mr. Vijay Arora, is the Chief Operating Officer and member of the Senior Leadership Team at Mahindra Accelo. He is the Board member of Mahindra Steel Service Centre Limited and Mahindra MSTC Recycling Private Limited (CERO).

He has 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. Besides expansions in Steel vertical, He spearheaded Mahindra Accelo ‘s most ambitious project under its Subsidiary CERO, foraying into Automotive recycling - first of its kind in India and its diversification into E-Commerce space, devising the complete business strategy and its Roll out pan India. Presently spearheading Mahindra Accelo’s next state of art Green field ventures into Automotive Stampings with a 3000t Transfer press line at Chakan, Pune, an “A class” (2000t+1000tx3) Tandem press line for outer Skin panels at Supa near Pune along with a fully automatic Robotic Weld Shop for Automotive Steel Assemblies at Chakan.

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 & 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 the 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 FirstCry.com.

Apart from the Mahindra Group, Mr. Saroj has worked with Hindustan Unilever 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 LLM) 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 & Mahindra Limited as a Management trainee and thereafter worked as a Consultant, Company Secretary of IMP Powers Limited (listed on the BSE Ltd. and NSE Ltd.), 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 15 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.

Corporate Information

  • Board of Directors

    • Bharat Doshi

      Chairman

    • Sumit Issar

      Managing Director

    • Ranjan Pant

      Non-Executive and Non-Independent Director

    • Parag Shah

      Non-Executive and Non-Independent Director

    • Mohit Kapoor

      Non-Executive and Non-Independent Director

    • Dr. Punita Kumar-Sinha

      Non-Executive and Independent Director

    • Ashok Kumar Barat

      Non-Executive and Independent Director

    • Vice Admiral Anil Kumar Chopra (Retd.)

      Non-Executive and Independent Director

    • Ami Goda

      Non-Executive and Non-Independent Director (upto 30th May, 2023)

    • Bharat Goenka

      Non-Executive and Non-Independent Director (w.e.f. 30th May, 2023)

  • Chief Financial Officer

    • Mr. Saroj Khuntia

  • Company Secretary

    • Ms. Romali Malvankar

  • Audit Committee

    • Ashok Kumar Barat

      Chairman

    • Dr. Punita Kumar-Sinha

    • Parag Shah

    • Ami Goda

      (upto 30th May, 2023)

    • Bharat Goenka

      (w.e.f. 30th May, 2023)

    • Vice Admiral Anil Kumar Chopra (Retd.)

  • Nomination and Remuneration Committee

    • Ranjan Pant

      Chairman

    • Bharat Doshi

    • Dr. Punita Kumar-Sinha

    • Ashok Kumar Barat

    • Mohit Kapoor

    • Vice Admiral Anil Kumar Chopra (Retd.)

  • Corporate Social Responsibility Committee

    • Parag Shah

      Chairman

    • Sumit Issar

    • Vice Admiral Anil Kumar Chopra (Retd.)

  • Bankers

    • Axis Bank Limited
      HDFC Bank Limited
      ICICI Bank Limited
      Kotak Mahindra Bank Limited
      State Bank of India
      HSBC Bank

  • 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 – 400 063

  • Registered Office

    • Mahindra Towers, P. K. Kurne Chowk, Worli,
      Mumbai - 400 018, India
      CIN: U51900MH1978PLC020222
      Tel. No.: +91 22 24935185/5186
      Email: [email protected]
      Website: https://www.mahindraaccelo.com

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