Mahindra & Mahindra today said its Chairman Keshub Mahindra will retire in August and his nephew Anand Mahindra will take over as Chairman and Managing Director of the USD 15.4 billion conglomerate.  

Keshub, who informed the M&M Board about his intention to retire at the conclusion of the forthcoming Annual General Body Meeting scheduled on August 8, 2012, will become Chairman Emeritus of the firm.  

Keshub said: "I am deeply touched by this gesture of the Board, whose wisdom has guided me and the company over the years, and whose trust and friendship have enriched me personally. It is gratifying to be able to hand over to the next generation at a time when the company's performance is at its best."