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)
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
Social
5%
Women in the
Workforce
10.47
Person Hours of
Training
4.33
MCARES Score
₹3.57 crore
CSR Investment
11,591
Lives Touched
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
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.
Organising regular training sessions reinforce our zero-tolerance stance against sexual harassment. This empowers employees to speak up confidently against any misconduct.
Supporting paternity leave to encourage shared parenting responsibilities fosters an inclusive environment for new fathers.
Utilising our platform for young talent, including Gen Z, amplifies diverse perspectives and innovative ideas.
Leveraging theatre-based learning, we address unconscious bias, particularly among hiring managers. It fosters a more inclusive workplace culture.
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:
Candidates get a clear understanding of roles before joining through technology-enabled previews facilitated by managers.
We diversify our talent pool by tapping into university programmes, internships, job boards, and employee referrals, enhancing our talent acquisition funnel.
Engineering and management students gain practical experience while studying, fostering a mutually beneficial relationship.
Leveraging social media and digital platforms, we showcase our brand and value proposition, enhancing our talent acquisition strategies.
We prioritise an agile candidate experience with transparent job descriptions, frequent communication, and tailored assessments to attract top talent.
We commit to long-term diversity and inclusion goals, providing recruitment partners with demographic data and market benchmarks for effective and accountable operations.
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.’
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.
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