Full throttle ahead

In 2009, M&M formed another joint venture, with the Yueda Group of China, a major player in automobiles and tractors, mining, infrastructure and real estate.

"Our experience so far has been rewarding. We share an excellent rapport with the local government as well as our JV (joint venture) partners. We will continue to evaluate further opportunities as and when they arise," he says.

An ardent admirer of China's dazzling economic prowess, Mahindra believes that there is certainly much that India can learn from its neighbor.

"China always thinks big, and that is something we must learn to do. China's public investment programs and the timely execution of massive infrastructure projects have deep lessons not just for India, but for the whole world," he says.

Mahindra is of the view that for India's economy to expand rapidly and sustainably, it needs to engender cooperative competition between different regions as China has done.

"Certain provinces on China's eastern seaboard have raced ahead of their compatriots inland, and are benchmarks for the rest of the country," he says. "We, too, need to encourage our states and regions to improve on their performance and measure themselves against states and regions that are outperforming."

But Mahindra believes that his country has to evolve a uniquely Indian model of growth, by taking into account prevailing socioeconomic conditions and a vastly different environment. Stressing the importance of cordial relations between China and India, the business magnate opines: "It is not only critical for Asia but also for the world."

"Both countries have matured and are now viewing their relationship more and more in terms of their economic interests. At one time India and China accounted for over 50 percent of global GDP," he says.

With a great appetite for global business, for the past few years, M&M has been making million-dollar acquisitions across the globe. Its largest outbound deal involved buying a 70 percent stake in South Korea's Ssangyong Motor Company.

"We hope our Ssanyong products will enable us to gain a share of the growing SUV market," he says.

Other strategic acquisitions include the purchase of Punjab Tractors, which doubled the company's share of the tractor market, and Kinetic Motor's two-wheeler business. He also led the purchase of a 55.2 percent stake in Reva Electric Company due to his interest in producing electric vehicles.

Last year, the automotive component businesses signed a global alliance agreement with CIE Automotive, a Spanish company that is one of the main suppliers of components for the automobile sector in Europe, Brazil, North America and China. The agreement led to the formation of a global automotive component supply network, which has combined annual sales of approximately $3 billion.

"It will give our components business a quantum jump in scale," he says.

Mahindra also spearheaded the group's entry into aviation, as the group has acquired aerospace companies including Plexion Technologies (India), Engines Engineering (Italy) and GippsAero (Australia).

But Mahindra is not just an aggressive globe-trotting purchaser. He understands the value of human resources, which are vital for any organization to grow. He is a firm believer in empowering people and giving them free rein to develop their ideas into a feasible business plan.

"Of course, people's empowerment requires significant risk-taking, but we need to change the way we think about people. We need to look beyond hierarchy," he says.

He believes education is vital to creating top-class human resources, and it has always been on the top of his agenda. In 1996 Mahindra founded Nanhi Kali, which supports the education of underprivileged young girls.

"Driving positive change is inseparable from the brand and that is what we try to do through our philosophy," he sums up.

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