The Vice Chairman and MD of the M&M group, Anand Mahindra has recently announced that he is stepping down from the post of Chairman of Mahindra Forgings.

According to the statement issued by the company, Hemant Luthra has been elevated to the post of Non-Executive Chairman. It is to be mentioned here that Hemant Luthra has served the company as a director so far.

In a statement issued to the media, Anand said that the company has grown by leaps and bounds under the leadership of Hemant and he further added that Hemant has made the company a truly global player as it now has almost the global clients in its roster.

Moreover, Mahindra mentioned the fact that it is an attempt to further professionalize the Mahindra group and hence he himself is resigning from the post of Chairman of the company.

There is no denying to the fact that the Mahindra Group is considered to be one of the professionally managed business houses in the domestic circuit but analysts are also supporting the fact that as the company was loss making Anand has chosen to move on.