Episode summary
David Rubenstein Show: Anish Shah
The David Rubenstein Show
· · Hosts: David Rubenstein · Guests: Anish Shah
Summary
Anish Shah argues that Mahindra Group is both a large industrial conglomerate and a purpose-led company, operating in more than 20 industries across roughly 70% of India’s GDP. He says the group is the largest tractor maker in India and globally by volume, the largest SUV maker in India, and a major player in financial services, IT services, logistics, hospitality and real estate. He also says about 70% of sales are in India and 30% outside it, with the U.S. an important market for growth and partnerships.
Shah is strongly bullish on India’s long-term outlook, saying he expects 8% to 10% annual GDP growth for the next 20 years, driven by demographics, reforms and infrastructure. He says India could become the third-largest economy by 2030, and he frames the country as a capitalist, rule-of-law economy that is increasingly attractive to investors looking for an alternative to China. At the same time, he says a 50% U.S. tariff on Indian goods would be “not helpful” and a source of concern in an otherwise strong bilateral relationship.
The conversation also covers Shah’s career path and Mahindra’s culture. He describes moving from Mumbai to the U.S. for a Ph.D. at Carnegie Mellon, then working at Bain and GE Capital before joining Mahindra in 2014 and becoming CEO in 2021. He says the company’s founders embedded principles of meritocracy and social responsibility, and that those values still shape Mahindra’s strategy, succession planning and social programs, including education and women’s empowerment.
Key takeaways
- Shah says Mahindra gets about 70% of sales from India and 30% from overseas markets, with the U.S. a key growth area.
- He expects India to grow 8% to 10% a year for the next 20 years, driven by demographics, reforms and infrastructure.
- Shah says a 50% U.S. tariff on Indian products would be a concern, though he thinks the bigger opportunity is deeper U.S.-India investment and technology links.
- Mahindra is the largest tractor maker in India with a 45% market share, and Shah says it is also the largest tractor maker globally by volume.
- He says Mahindra’s founders built a meritocratic, purpose-led culture that still guides the company’s strategy and social initiatives.
Notable quotes
“We operate in more than 20 industries in 70% of India's GDP”
“India is in a very good shape and we strongly feel that India will grow 8 to 10% a year for the next 20 years”
“That clearly will not be helpful, but we see huge opportunity, David”
“We are the largest in India with a 45% market share and the largest automaker by volume globally”
“we are purpose led and performance driven, as we call it, but we start with purpose”
How the episode opens
This is my kitchen table and it's also my filing system. Over much of the past three decades, I've been an investor the highest calling of mankind I've often thought was private equity. And then I started interviewing.
Oh, I watch your interview interviews, Coach. I know how to do it. I've learned in doing my interviews how leaders make it to the top.
I asked him how much he wanted. He said to 50. I said, Fine.
I didn't negotiate with him. I didn't know due diligence to have something I'd like to sell and how they stay there. You don't feel inadequate now because being only the second wealthiest man in the world, is that right?
One of the largest and most successful companies in India is the Mahindra Group, a family owned conglomerate. I had a chance to sit down with the first person in 80 years to run that company who is not a member of the family, a Nisha. I sat down with him to talk about how he's taking Mahindra into a different route, not only as an exporter to the United States and other countries, but also enhancing what it's doing in India.
So for those people that don't know that much about India, what is the Mahindra Group and what does it actually make today with the Mahindra Group has been around for eight years now. We operate in more than 20 industries in 70% of India's GDP. We make SUVs.
We are the largest maker of SUVs in India. Light commercial vehicles, electric three wheelers. We are the largest tractor maker in India.
Farm equipment. And not just in India, but globally. We are the largest maker of tractors from a volume standpoint.
We are in financial services, IT services. We are the largest in logistics because the largest renewable invit in India.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- mahindra evolution
- india economic growth
- geopolitics
- leadership journey
- us tariffs
Companies and tickers mentioned
- Mahindra Group
Watch the episode
Watch “David Rubenstein Show: Anish Shah” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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