Industrialist Anand Mahindra Recalls His 'Best Decision'
The rise and rise of Kotak Mahindra Group has been nothing short of meteoric. "An investment of Rs 1,00,000 made in Kotak Group in November 1985, is worth Rs 1,400 crore today - a compounded growth rate of 40 per cent over the past 32 years," Uday Kotak, executive vice chairman and managing director of Kotak Mahindra Bank recently said. An early backer of the Kotak Group has been industrialist Anand Mahindra, who recently tweeted that it has been one of his best decisions.
In reply Mr Kotak said this:
The Kotak Mahindra Group was incorporated in 1985 as Kotak Capital Management Finance Limited. This company was promoted by Uday Kotak, Sidney A. A. Pinto and Kotak & Company. Industrialists Harish Mahindra and Anand Mahindra took a stake in 1986, and that is when the company's name was changed to Kotak Mahindra Finance Limited. In 2003, Kotak Mahindra Finance was converted into a commercial bank.
Today, Kotak Mahindra Group is one of India's leading financial services conglomerates. Effective April 1, 2015, ING Vysya Bank merged with Kotak Mahindra Bank. As of December 31, 2016, Kotak Mahindra Bank has a national footprint of nearly 1,350 branches.
