Mahindra Lifespace Developers Ltd, the real estate and infrastructure development arm of the Mahindra & Mahindra Group, has appointed the head of its affordable housing unit as its new managing director and chief executive officer.
Arvind Subramanian, who is currently serving as the CEO of Mahindra Happinest, will take over the new role from July, Mahindra Lifespace said in a stock exchange filing. He will take over from Sangeeta Prasad, who submitted her resignation in February.
Mahindra Lifespace is poised for strong growth in a rapidly consolidating market, the company chairperson Arun Nanda said.
“At Happinest, Arvind has demonstrated his ability to imagine and engineer a new future for the sector, for the company and our customers,” he added.
Subramanian joined Happinest in September 2018 and was responsible for its business strategy, and sales drives and project completions.
According to his LinkedIn page, he is an alumnus of the Indian Institute of Technology-Madras and the Indian Institute of Management-Ahmedabad. Before joining Happinest, he was the regional CEO of the Lodha Group.
He has also been associated with the Tata Administrative Service and Boston Consulting Group, where he worked for 15 years.
Shares of Mahindra Lifespace ended the day 0.14% up at Rs 182.65 apiece.
The company was established in 1994 and operates two brands – the eponymous Mahindra Lifespaces and Happinest. It also operates Origins by Mahindra World City, its integrated cities and industrial clusters.
It has a development footprint of 25.3 million square feet – including ongoing residential projects – across seven cities, and more than 5,000 acres of ongoing and forthcoming projects at its integrated developments and industrial clusters.
Stock exchange data on shareholding show that investors in the Mahindra Group company include Canada’s Caisse de dépôt et placement du Québec, and asset management firm First State Investments.
According to VCCEdge, the data research arm of Mosaic Digital, the company reported consolidated net sales of Rs 592.83 crore and Rs 561.19 crore for the 2019 and 2018 financial years. It also reported consolidated profit-after-tax figures of Rs 46.03 crore and Rs 58.64 crore for the same period.