Sangeeta Prasad resigns as MD, CEO of Mahindra Lifespaces

By: |
February 7, 2020 2:52 PM

Sangeeta joined the Mahindra group in 2008 as chief operating officer of Mahindra World City Developers Ltd and was promoted in 2013 as CEO of the Integrated cities and Industrial clusters business.

Prasad has resigned to pursue other interests, it added.Prasad has resigned to pursue other interests, it added.

Realty firm Mahindra Lifespaces on Friday announced the resignation of its MD and CEO Sangeeta Prasad.

She became the company’s managing director (MD) and chief executive officer (CEO) in October 2018, following the resignation of Anita Arjundas as MD.

Sangeeta joined the Mahindra group in 2008 as chief operating officer of Mahindra World City Developers Ltd and was promoted in 2013 as CEO of the Integrated cities and Industrial clusters business.

In a regulatory filing, the company informed that the board has “noted the resignation submitted by Sangeeta Prasad from the position of the managing director and chief executive officer and also as a director of the company which shall take effect from the close of business hours as on June 30, 2020″.

Prasad has resigned to pursue other interests, it added.

The Nomination & Remuneration Committee of the board will immediately initiate the process of finding a successor, the filing said.

Anand Mahindra, chairman of Mahindra Group, said: “Her leadership has propelled the cities business and has helped chart the strategic way forward for the residential segment. As a member of the Group Executive Board (GEB) and the co-chair of the Group Diversity Council, Sangeeta has helped drive group-wide initiatives. I wish her the best in her new endeavours.”

Arun Nanda, chairman, Mahindra Lifespace Developers, said: “…I am certain what she has instituted will take the company towards a successful future. I wish her all the best in the journey that she embarks upon.”

Prasad said her journey with Mahindra Group had been an extremely fulfilling journey and it enabled her to create a footprint beyond the real estate sector.

Established in 1994, Mahindra Lifespace Developers Ltd. is the real estate and infrastructure development business of the USD 20.7 billion Mahindra group.

The company’s development footprint spans 25.3 million sq ft of completed, ongoing and forthcoming residential projects across seven Indian cities; and over 5000 acres of ongoing and forthcoming projects under development or management at its integrated developments or industrial clusters across four locations.

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