Three Things to Know About Escorts Group Chairman Rajan Nanda The veteran entrepreneur passed away at 76 earlier this week
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Businesses are built and destroyed with time but its an entrepreneur vision to see and conquer the right opportunities and once such man to be celebrated its - Rajan Nanda
After a brief illness, Escorts Group Chairman Rajan Nanda passed away at 76 earlier this week. The second generation entrepreneur is survived by his wife Ritu Nanda along with two children - Nikhil Nanda and Natasha Nanda – and their respective families.
The company presently is one of the leading manufacturers of tractors along with agri-machinery, construction, material handling equipment and railway equipment.
As the world bids adieu to Nanda, Entrepreneur India's glances through the various aspects of the veteran entrepreneur's life:
The Chairmanship
At the age of 23, in 1965, Nanda joined the company to assist his father and the founder of H P Nanda.
In the year, 1995, when his father stepped down after a 50-year long period serving as the founder-chairman, Nanda took over the chairmanship.
Escort's company website describes him as a visionary and astute leader who has navigated the group in times of unprecedented challenges in the domestic economy.
"His focus is on strengthening Escorts foundation by leveraging inherent design and development capabilities, instituting lean manufacturing practices, and better use of assets to move up the value chain," it added.
The Highlights
Under his leadership, in 2010, Escort became the first Indian company to indigenously design Backhoe Loaders, while in 2011 it launched the country's first inverter tractor FT45.
Meanwhile, in 2015, Escort's released Anti-Lift Tractor – India's first lift-resistant tractors for commercial haulage operations.
Additionally, in the same year, the company also partnered with Cognizant to digitally transform business operation with the aim to upgrade its customer experience.
The Bollywood Connection
While most of us are aware the Amitabh Bachchan's Daughter Shweta Bachchan is married to Nanda's Son Nikhil, very few know about his Kapoor-family connection.
Nanda's wife – Ritu is the daughter of Veteran Superstar and Director Raj Kapoor and granddaughter of Prithviraj Kapoor
What Next?
As it's 2022 mission, Escort is aiming at INR 10,000 revenue with 13-14 per cent EBITA. In 2017, Escort registered INR 4167 revenue with 8 per cent EBITA.
While we say goodbye to a magnificent visionary entrepreneur, all eyes are glued at Nikhil Nanda, who is also the managing director of the group, to navigate the Escort's 2022 vision.
Meanwhile, last month, while announcing the company's quarter result, Junior Nanda said, "Escorts has seen a positive momentum in the first quarter of this fiscal with a strong performance in June reflecting both farm optimism as well as a warm reception for Escorts products with innovative technologies. We are in a continuous process of developing solutions that are intelligent, environmentally safer and providing better value to our customers."
