Escorts Group Chairman Rajan Nanda passed away on Sunday. He was 76 years in age.
Escorts Group Chairman Rajan Nanda passed away on Sunday. He was 76 years in age. The veteran industrialist is survived by his wife Ritu Nanda and two children – Nikhil and Natasha. His son Nikhil is Managing Director at Escorts Limited. Rajan Nanda served as member of various trade and industry bodies during his lifetime. He also served as the Chairman of Agriculture Committee of Confederation of Indian Industry (CII) National Council.“A visionary and astute leader, Mr. Nanda has navigated the company in times of unprecedented challenges in the economy,” the company said on its website.
“My relative Mr Rajan Nanda, Nikhil’s father and father-in-law of Shweta, just passed away. Leaving for India, Amitabh Bachchan tweeted.
Rajan Nanda, whose son Nikhil married the daughter of Bollywood superstar Amitabh Bachchan, originally hailed from Fazilka in Punjab. At the age of 23, he joined Escorts in 1965. He went on to become the Chairman of the engineering group in 1994.
Escorts Group was founded by Har Prasad Nanda (Rajan Nanda’s father) along with his brother Yudi Nanda, in Lahore in the year 1944. The engineering major is at present a leading manufacturer of tractors and construction equipment in India. The engineering firm also caters to railways with its several products.
Meanwhile, Escorts Limited’s profits surged 88.01 percent from the year-ago period to Rs 120.7 crore in the quarter ended June this year, supported by increased tractor sales. Due to overall growth in railway, construction equipment and agro-machinery businesses, revenue up 32 percent to Rs 1,511.3 crore from year-ago period. The earnings before interest, tax, depreciation and amortisation rose 90.3 percent to Rs 185.4 crore. The margins expanded 380 points from last year to 12.3 percent.