1 00:00:02,840 --> 00:00:05,480 Speaker 1: One of the largest and most successful companies in India 2 00:00:05,600 --> 00:00:08,719 Speaker 1: is the Mahindra Group, a family owned conglomerate. I had 3 00:00:08,720 --> 00:00:10,760 Speaker 1: a chance racing to sit down with the first person 4 00:00:10,760 --> 00:00:13,280 Speaker 1: in eighty years to run that company who is not 5 00:00:13,360 --> 00:00:16,120 Speaker 1: a member of the family, a niche Sha. I sat 6 00:00:16,160 --> 00:00:18,520 Speaker 1: down with him to talk about how he's taking Mahindra 7 00:00:18,560 --> 00:00:20,640 Speaker 1: into a different route, not only as an exporter to 8 00:00:20,640 --> 00:00:23,279 Speaker 1: the United States and other countries, but also enhancing what 9 00:00:23,320 --> 00:00:28,280 Speaker 1: it's doing in India. So for those people that don't 10 00:00:28,400 --> 00:00:31,880 Speaker 1: know that much about India, what is the Mahindra Group 11 00:00:31,920 --> 00:00:34,280 Speaker 1: and what does it actually make today? 12 00:00:34,280 --> 00:00:38,960 Speaker 2: With the Mahindra Group has been around for eighty years now. 13 00:00:39,520 --> 00:00:44,200 Speaker 2: We operate in more than twenty industries in seventy percent 14 00:00:44,200 --> 00:00:45,040 Speaker 2: of India's GDP. 15 00:00:45,720 --> 00:00:46,800 Speaker 1: We make SUVs. 16 00:00:46,840 --> 00:00:50,440 Speaker 2: We the largest maker of subs in India, light commercial vehicles, 17 00:00:50,880 --> 00:00:54,760 Speaker 2: electric three wheelers, with the largest tractor maker in India, 18 00:00:54,840 --> 00:00:58,160 Speaker 2: farm equipment, and not just in India but globally. We're 19 00:00:58,200 --> 00:01:01,680 Speaker 2: the largest maker of practice from all volume standpoint. We're 20 00:01:01,680 --> 00:01:05,960 Speaker 2: in financial services, IT services, were the largest in logistics. 21 00:01:06,280 --> 00:01:10,320 Speaker 2: We were the largest renewable in India, in hospitality, in 22 00:01:10,440 --> 00:01:13,200 Speaker 2: real estate and a number of other areas. 23 00:01:13,560 --> 00:01:15,920 Speaker 1: So when was Mahindra Group started. 24 00:01:16,040 --> 00:01:20,560 Speaker 2: Nineteen forty five and this came together with the three founders, 25 00:01:21,240 --> 00:01:27,039 Speaker 2: the Mindra brothers and Gulam Mahmad. When India and Pakistan partitioned, 26 00:01:27,280 --> 00:01:29,480 Speaker 2: Gulam Mahmad went to be the first Finance Minister of 27 00:01:29,520 --> 00:01:32,120 Speaker 2: Pakistan and that's when the two Minher brothers took it 28 00:01:32,160 --> 00:01:33,600 Speaker 2: forward as Mindra and Mindra. 29 00:01:34,200 --> 00:01:36,600 Speaker 1: And today what percentage of your sales are in India 30 00:01:36,600 --> 00:01:38,319 Speaker 1: and what percentage are outside India? 31 00:01:39,120 --> 00:01:42,920 Speaker 2: We have about seventy percent in India and thirty percent outside. 32 00:01:43,120 --> 00:01:45,840 Speaker 1: As you look at India, is India in reasonably good 33 00:01:45,880 --> 00:01:48,880 Speaker 1: shape financially and economies doing reasonably well. 34 00:01:49,200 --> 00:01:53,080 Speaker 2: India is in a very good shape and we strongly 35 00:01:53,120 --> 00:01:55,680 Speaker 2: feel that India will grow eight to ten percent a 36 00:01:55,760 --> 00:01:58,760 Speaker 2: year for the next twenty years. There are three key 37 00:01:58,880 --> 00:02:03,160 Speaker 2: drivers of that. One is the demographics. India's the youngest 38 00:02:03,160 --> 00:02:05,720 Speaker 2: country by far. The average age or the median age 39 00:02:05,760 --> 00:02:09,120 Speaker 2: is twenty eight point eight years as compared to the 40 00:02:09,200 --> 00:02:12,919 Speaker 2: late thirties for China and the US Japan closer to 41 00:02:12,960 --> 00:02:17,680 Speaker 2: the late forties. And second is the reforms. The government 42 00:02:17,680 --> 00:02:20,080 Speaker 2: has really put in a number of reforms in place 43 00:02:20,080 --> 00:02:23,520 Speaker 2: over the past few years. Third is infrastructure, both the 44 00:02:23,520 --> 00:02:28,079 Speaker 2: physical infrastructure. We're building nearly forty miles of roads per 45 00:02:28,120 --> 00:02:31,079 Speaker 2: day for the last ten years. We've got one airport 46 00:02:31,120 --> 00:02:33,799 Speaker 2: coming up per month for the last ten years. We've 47 00:02:33,800 --> 00:02:36,800 Speaker 2: got a very strong digital infrastructure in place as well, 48 00:02:37,280 --> 00:02:39,440 Speaker 2: which I would say among the best in the world. 49 00:02:39,440 --> 00:02:41,880 Speaker 2: So as we look at all of these things, India, 50 00:02:41,919 --> 00:02:43,880 Speaker 2: which has grown six and a half percent a year 51 00:02:43,919 --> 00:02:46,320 Speaker 2: for the last thirty years, is going to make that 52 00:02:46,440 --> 00:02:49,440 Speaker 2: drum to eight to ten percent, become the third largest 53 00:02:49,440 --> 00:02:54,480 Speaker 2: economy by twenty thirty and by twenty forty seven. The 54 00:02:54,600 --> 00:02:57,720 Speaker 2: forecast for India, or the goal for India is to 55 00:02:57,760 --> 00:03:01,239 Speaker 2: be at thirty two trillion. From a GDB standpoint, India. 56 00:03:01,000 --> 00:03:03,240 Speaker 1: Is the most populous country in the world. It is 57 00:03:03,800 --> 00:03:04,440 Speaker 1: how many. 58 00:03:04,200 --> 00:03:06,160 Speaker 2: People one point four to five billion. 59 00:03:06,480 --> 00:03:09,040 Speaker 1: It is in terms of the economy today in the world, 60 00:03:09,120 --> 00:03:11,919 Speaker 1: is in the top ten. In terms of GDP today. 61 00:03:11,720 --> 00:03:14,160 Speaker 2: It's number four and going towards number three. 62 00:03:14,360 --> 00:03:16,560 Speaker 1: Would you say that India has some challenges with the 63 00:03:16,680 --> 00:03:19,720 Speaker 1: United States, because as we talk, the United States seems 64 00:03:19,720 --> 00:03:21,440 Speaker 1: to have imposed or at least says it's going to 65 00:03:21,440 --> 00:03:25,799 Speaker 1: impose tariff of fifty percent on Indian products. I assume 66 00:03:25,800 --> 00:03:26,920 Speaker 1: that's not going to be helpful to you. 67 00:03:27,720 --> 00:03:30,239 Speaker 2: That will not be helpful, but from an economy standpoint, 68 00:03:30,280 --> 00:03:32,959 Speaker 2: it won't have as much of an impact because India 69 00:03:33,040 --> 00:03:36,680 Speaker 2: is largely a consumption led economy. However, this is one 70 00:03:36,720 --> 00:03:40,280 Speaker 2: that is concerning because India and the US have had 71 00:03:40,280 --> 00:03:43,200 Speaker 2: a very strong relationship and has been getting even stronger 72 00:03:43,240 --> 00:03:48,000 Speaker 2: over the last few years. And therefore we are puzzled, 73 00:03:48,240 --> 00:03:49,880 Speaker 2: to say the least, at this point in time, and 74 00:03:49,960 --> 00:03:51,680 Speaker 2: we hope that things will get much better as we 75 00:03:51,720 --> 00:03:52,080 Speaker 2: go forward. 76 00:03:52,160 --> 00:03:54,000 Speaker 1: How much of your time you have to spend outside 77 00:03:54,040 --> 00:03:56,280 Speaker 1: of India. 78 00:03:55,280 --> 00:03:58,720 Speaker 2: I'd say about thirty to forty percent, because for us, 79 00:03:58,720 --> 00:04:03,560 Speaker 2: we're looking at the world as market as well as 80 00:04:03,760 --> 00:04:07,040 Speaker 2: potential for partnerships that can help us grow our India business. 81 00:04:07,200 --> 00:04:10,160 Speaker 1: Now, if the United States imposes a fifty percent tariff 82 00:04:10,280 --> 00:04:13,720 Speaker 1: on things coming in from India, that can't be helpful. 83 00:04:14,160 --> 00:04:15,720 Speaker 1: So how do you deal with that? 84 00:04:15,720 --> 00:04:17,480 Speaker 2: That clearly will not be helpful, But we see a 85 00:04:17,520 --> 00:04:18,279 Speaker 2: huge opportunity. 86 00:04:18,360 --> 00:04:18,680 Speaker 1: David. 87 00:04:19,440 --> 00:04:23,000 Speaker 2: It's not just about goods and services. So India and 88 00:04:23,040 --> 00:04:26,080 Speaker 2: the US are roughly equal from services imported and exported 89 00:04:26,320 --> 00:04:28,839 Speaker 2: on goods. There is a deficit from a US perspective, 90 00:04:29,160 --> 00:04:32,520 Speaker 2: but the real opportunity is for US companies to bring 91 00:04:32,520 --> 00:04:34,159 Speaker 2: that technology to India to be able to do a 92 00:04:34,160 --> 00:04:36,719 Speaker 2: lot more, for Indian companies to invest in the US 93 00:04:37,000 --> 00:04:39,320 Speaker 2: and be able to bring its products here, which is 94 00:04:39,360 --> 00:04:42,320 Speaker 2: what we are planning to do and that we feel 95 00:04:42,640 --> 00:04:46,200 Speaker 2: will come out as time goes on and we'll get 96 00:04:46,200 --> 00:04:48,120 Speaker 2: to a much stronger place for both countries. 97 00:04:48,320 --> 00:04:52,279 Speaker 1: So it's the case that as we talk over the weekend, 98 00:04:52,680 --> 00:04:57,280 Speaker 1: we saw a picture of mister Moody and President She 99 00:04:57,680 --> 00:05:01,600 Speaker 1: and President Putin kind of acting like they're soul brothers. 100 00:05:02,560 --> 00:05:05,040 Speaker 1: Is that a surprise that India and China would be 101 00:05:05,440 --> 00:05:08,080 Speaker 1: so close after the Border of Spirits and other problems 102 00:05:08,080 --> 00:05:10,400 Speaker 1: they've had, or you think this is a natural evolution. 103 00:05:10,680 --> 00:05:14,000 Speaker 2: I feel that India is very close to the US 104 00:05:14,040 --> 00:05:18,200 Speaker 2: and has been for many years. India also has always 105 00:05:18,240 --> 00:05:22,320 Speaker 2: been non aligned and has believed that the world is 106 00:05:22,360 --> 00:05:25,320 Speaker 2: one family. Was Sudavi could become is a phrase that's 107 00:05:25,400 --> 00:05:28,400 Speaker 2: used in India. So while I can't comment on the 108 00:05:28,400 --> 00:05:32,200 Speaker 2: politics as much, what I can say is that from 109 00:05:32,360 --> 00:05:34,800 Speaker 2: everything that I've seen growing up from living in the 110 00:05:34,880 --> 00:05:37,479 Speaker 2: US for fourteen years, as well that the India US 111 00:05:37,560 --> 00:05:41,520 Speaker 2: relationship has been really very strong, and we've gone through 112 00:05:41,640 --> 00:05:44,719 Speaker 2: hiccups in the past. We've had that at the time 113 00:05:44,760 --> 00:05:47,000 Speaker 2: of the nuclear tests that India did in nineteen ninety 114 00:05:47,000 --> 00:05:50,520 Speaker 2: eight and became out stronger after that, and we hope 115 00:05:50,520 --> 00:05:52,560 Speaker 2: that this again is a hiccup that will get past 116 00:05:52,640 --> 00:05:56,680 Speaker 2: and really establish a very strong relationship between the two countries, 117 00:05:56,720 --> 00:05:58,200 Speaker 2: which who are natural allies now. 118 00:05:58,240 --> 00:06:02,080 Speaker 1: Recently, President Trump said he helped arbitrate a dispute between 119 00:06:02,160 --> 00:06:04,880 Speaker 1: India and Pakistan, for which he has said maybe he 120 00:06:04,920 --> 00:06:08,799 Speaker 1: should get the Nobel Peace Prize. Mister Modi has said, well, 121 00:06:08,920 --> 00:06:11,520 Speaker 1: it really wasn't quite that way. Do you know enough 122 00:06:11,560 --> 00:06:14,000 Speaker 1: about that to say what actually happened? Is India and 123 00:06:14,040 --> 00:06:15,880 Speaker 1: Pakistan or they in dispute right now. 124 00:06:15,760 --> 00:06:17,520 Speaker 2: So I don't know about what happened there, so can't 125 00:06:17,560 --> 00:06:21,400 Speaker 2: quite comment on that part. But India is really focused 126 00:06:21,440 --> 00:06:25,200 Speaker 2: on driving economic growth. That's the agenda. The President has 127 00:06:25,279 --> 00:06:27,360 Speaker 2: laid out an ambitioned the Prime Minister has laid out 128 00:06:27,400 --> 00:06:31,880 Speaker 2: a very ambitious plan around the wised VODAT or develop India, 129 00:06:31,960 --> 00:06:34,760 Speaker 2: and that is a plan for nineteen forty for getting 130 00:06:34,760 --> 00:06:38,520 Speaker 2: to twenty forty seven with a thirty two trillion dollar economy. 131 00:06:38,839 --> 00:06:42,159 Speaker 1: Now'll talk about agricultural product you make? What kind of 132 00:06:42,360 --> 00:06:43,680 Speaker 1: agricultural equipment? 133 00:06:43,800 --> 00:06:49,000 Speaker 2: We make tractors and other farm equipment as well. Tractors. 134 00:06:49,760 --> 00:06:51,760 Speaker 2: We are the largest in India with the forty five 135 00:06:51,800 --> 00:06:54,800 Speaker 2: percent market share and the largest tractor make up by 136 00:06:54,880 --> 00:06:55,600 Speaker 2: volume globally. 137 00:06:55,839 --> 00:06:58,240 Speaker 1: Is that for use in India or outside? 138 00:06:58,320 --> 00:07:01,200 Speaker 2: In India and outside, we've got to business in the US, 139 00:07:01,320 --> 00:07:05,000 Speaker 2: which is the third largest tractor maker in the US. 140 00:07:05,040 --> 00:07:07,200 Speaker 2: For smaller tractors, which is the one hundred one. 141 00:07:07,160 --> 00:07:09,960 Speaker 1: You manufacture them in India or the United States. 142 00:07:09,720 --> 00:07:12,040 Speaker 2: We get gets to the US and assemble them here. 143 00:07:12,120 --> 00:07:15,800 Speaker 2: So we have an assembly factory in Texas and that's 144 00:07:15,840 --> 00:07:16,480 Speaker 2: where we put them to. 145 00:07:16,760 --> 00:07:20,160 Speaker 1: What other businesses we win? You have automobiles, You've got 146 00:07:21,280 --> 00:07:23,760 Speaker 1: say farm equipment. What else are you in? 147 00:07:24,360 --> 00:07:28,000 Speaker 2: IT services? It's a large business for US and IT 148 00:07:28,280 --> 00:07:32,360 Speaker 2: services makes up the majority of our employees in the US. 149 00:07:32,440 --> 00:07:36,200 Speaker 2: Along with attractive business. Then we have financial services. Were 150 00:07:36,240 --> 00:07:42,360 Speaker 2: the largest financial services provided for rural India. We've got hospitality, 151 00:07:42,440 --> 00:07:47,000 Speaker 2: We've got one hundred resorts in India. Real estate logistics. 152 00:07:47,040 --> 00:07:49,600 Speaker 2: We are the largest logistics company in India as well. 153 00:07:49,480 --> 00:07:55,080 Speaker 1: It takes a lot of expertise to do automobiles, farm equipment, hotels, 154 00:07:55,080 --> 00:07:57,760 Speaker 1: And isn't that a lot of different skill sets you 155 00:07:57,800 --> 00:07:58,120 Speaker 1: need to have. 156 00:07:58,440 --> 00:07:59,800 Speaker 2: You need to have the skill set of getting good 157 00:07:59,800 --> 00:08:04,200 Speaker 2: people and making sure that there's a right process in 158 00:08:04,240 --> 00:08:07,880 Speaker 2: place for capital allocation, there's a right process for strategic 159 00:08:07,920 --> 00:08:12,560 Speaker 2: thought and growth, and making sure that there's empowerment for 160 00:08:12,600 --> 00:08:15,840 Speaker 2: all of leaders, because that's the only way this business works. 161 00:08:15,920 --> 00:08:17,880 Speaker 1: And do you see a lot of Americans now coming 162 00:08:17,920 --> 00:08:20,360 Speaker 1: to invest in India? I know my own company Now 163 00:08:20,400 --> 00:08:23,560 Speaker 1: Investors invests a lot in India, but are a lot 164 00:08:23,600 --> 00:08:24,960 Speaker 1: of other people doing that as well? 165 00:08:25,440 --> 00:08:28,960 Speaker 2: We see tremendous interest in India, and that's the reason 166 00:08:29,000 --> 00:08:32,920 Speaker 2: I spend a lot of time in various geographies meeting 167 00:08:32,960 --> 00:08:35,680 Speaker 2: with various companies who want to come to India and 168 00:08:35,960 --> 00:08:39,239 Speaker 2: looking for partnerships with them and looking for that technology 169 00:08:39,280 --> 00:08:41,199 Speaker 2: to be adopted in the Indian market. 170 00:08:41,280 --> 00:08:43,319 Speaker 1: If I wanted to invest in India, would you say 171 00:08:43,320 --> 00:08:45,360 Speaker 1: it's a good place in which to invest as a 172 00:08:45,400 --> 00:08:46,360 Speaker 1: financial investor. 173 00:08:46,520 --> 00:08:48,360 Speaker 2: A country that's growing eight to ten percent a year 174 00:08:48,400 --> 00:08:51,080 Speaker 2: for the next twenty years would be a fantastic place. 175 00:08:51,120 --> 00:08:53,280 Speaker 2: That's a choice that we're making as well, but we're 176 00:08:53,320 --> 00:08:56,360 Speaker 2: investing not only in India but also in a few 177 00:08:56,360 --> 00:08:58,640 Speaker 2: other parts in the world, the US being a specific area. 178 00:08:58,840 --> 00:09:00,640 Speaker 1: If I'm an American company, I mean I want to 179 00:09:00,640 --> 00:09:04,440 Speaker 1: invest in Asia. Why would I want to invest in 180 00:09:04,440 --> 00:09:07,319 Speaker 1: India over China without getting you banned from going back 181 00:09:07,360 --> 00:09:10,640 Speaker 1: to China? Why would somebody want to invest in India 182 00:09:10,679 --> 00:09:11,520 Speaker 1: over China. 183 00:09:11,559 --> 00:09:15,440 Speaker 2: India has a lot of similarities to the US. It's 184 00:09:15,440 --> 00:09:19,600 Speaker 2: a democracy, it has rule of law, it's a capitalist society, 185 00:09:20,080 --> 00:09:22,600 Speaker 2: and that's what a number of companies are seeing now. 186 00:09:22,600 --> 00:09:26,120 Speaker 2: Many companies will look at a backup option for China 187 00:09:26,160 --> 00:09:28,720 Speaker 2: as well, and some companies I know, I'm looking at 188 00:09:28,720 --> 00:09:30,240 Speaker 2: India as a primary option going forward. 189 00:09:30,280 --> 00:09:32,880 Speaker 1: Also, the biggest country in the world population wise with 190 00:09:33,040 --> 00:09:36,760 Speaker 1: China and now it's India. And China also has a 191 00:09:36,880 --> 00:09:40,920 Speaker 1: very elderly population relatively speaking, compared to India. Why are 192 00:09:40,920 --> 00:09:41,679 Speaker 1: they so different? 193 00:09:41,760 --> 00:09:45,040 Speaker 2: India has evolved over time, and India has realized that 194 00:09:46,320 --> 00:09:50,240 Speaker 2: it has to drive capitalism because that is one way 195 00:09:50,320 --> 00:09:53,480 Speaker 2: where everyone will get wealthier, and that's been a big 196 00:09:53,520 --> 00:09:57,880 Speaker 2: benefit for India. It also never had birth control in 197 00:09:57,920 --> 00:10:01,360 Speaker 2: any form or rather in the fun that China did, 198 00:10:01,400 --> 00:10:04,880 Speaker 2: which was one child policy, and that I think is 199 00:10:05,320 --> 00:10:08,200 Speaker 2: impacting China to an extent right now. But India, not 200 00:10:08,280 --> 00:10:12,679 Speaker 2: having had that, has a natural population growth that we 201 00:10:12,800 --> 00:10:13,319 Speaker 2: see today. 202 00:10:13,720 --> 00:10:16,840 Speaker 1: Now. There are many companies in Silicon Valley that are 203 00:10:16,920 --> 00:10:20,160 Speaker 1: run by people of Indian background. I think something like 204 00:10:20,200 --> 00:10:22,680 Speaker 1: a third of the companies in Silicon Valley are run 205 00:10:22,720 --> 00:10:25,439 Speaker 1: by people who came from India, either this generation or 206 00:10:25,480 --> 00:10:28,840 Speaker 1: previous generation. So why is that? Why are so many 207 00:10:28,920 --> 00:10:32,880 Speaker 1: talented people from India leaving India and going to Silicon Valley. 208 00:10:33,280 --> 00:10:35,400 Speaker 2: We have a lot of talented people in India as well, 209 00:10:35,480 --> 00:10:38,840 Speaker 2: so it is just a function of the opportunities that 210 00:10:38,920 --> 00:10:41,839 Speaker 2: folks get. It's also a great learning around in the US. 211 00:10:41,880 --> 00:10:44,760 Speaker 2: I learned a tremendous amount in the US and that's 212 00:10:44,760 --> 00:10:47,800 Speaker 2: something that benefits me as we are building a company 213 00:10:47,800 --> 00:10:49,760 Speaker 2: that really is a global company at this point. 214 00:10:50,280 --> 00:10:54,720 Speaker 1: Historically, India wasn't as I would say, hospitable to capitalism 215 00:10:55,120 --> 00:10:58,000 Speaker 1: as maybe people with the United States would have liked. 216 00:10:58,320 --> 00:11:00,960 Speaker 1: I think Indira Gandhi when she was the head of 217 00:11:01,000 --> 00:11:04,840 Speaker 1: India probably was leaning more towards things that were not 218 00:11:04,880 --> 00:11:08,320 Speaker 1: pro capitalism. How has that changed in recent years under 219 00:11:08,360 --> 00:11:08,920 Speaker 1: mister Modi. 220 00:11:09,320 --> 00:11:12,640 Speaker 2: That has changed dramatically and that is evident in the 221 00:11:12,679 --> 00:11:15,560 Speaker 2: reforms that have been done. In the mindset, the government 222 00:11:15,600 --> 00:11:20,760 Speaker 2: is very focused on ease of doing business. It is 223 00:11:20,840 --> 00:11:24,240 Speaker 2: pushing companies to get larger. For us, we have grown 224 00:11:24,280 --> 00:11:26,839 Speaker 2: our market cap twelve times in the last five years 225 00:11:28,240 --> 00:11:31,080 Speaker 2: and that really is a function of the opportunities that 226 00:11:31,120 --> 00:11:32,120 Speaker 2: we see in India today. 227 00:11:32,600 --> 00:11:35,200 Speaker 1: Let's talk about your own background for a moment. So 228 00:11:35,440 --> 00:11:39,160 Speaker 1: where were you born in Mumbai? Mumbai and were you 229 00:11:39,280 --> 00:11:41,480 Speaker 1: educated there as a young boy? I was. 230 00:11:41,600 --> 00:11:45,440 Speaker 2: I did my early schooling in Mumbai, went to one 231 00:11:45,480 --> 00:11:48,280 Speaker 2: of the top institutes in India for an MBA IM 232 00:11:48,920 --> 00:11:52,640 Speaker 2: and the bud then worked with Citybank in Mumbai for 233 00:11:52,720 --> 00:11:55,320 Speaker 2: a couple of years and came to the US for 234 00:11:55,360 --> 00:11:58,439 Speaker 2: a PhD at Carnegie Mellen and continued to stay in 235 00:11:58,480 --> 00:12:00,600 Speaker 2: the US for fourteen years before back to India. 236 00:12:00,600 --> 00:12:01,440 Speaker 1: What did your parents do? 237 00:12:02,720 --> 00:12:05,800 Speaker 2: My father and mother were both graduates from i'man the Bird. 238 00:12:06,320 --> 00:12:10,160 Speaker 2: My father spent most of his life with Pfizer in 239 00:12:10,160 --> 00:12:15,480 Speaker 2: India and then founded the Indian Pharmaceutical Association and really 240 00:12:15,520 --> 00:12:17,959 Speaker 2: helped Indian pharmaceutical companies come up to the level where 241 00:12:17,960 --> 00:12:20,880 Speaker 2: they are today. And my mother was an entrepreneur in 242 00:12:20,920 --> 00:12:23,679 Speaker 2: the late sixties and early seventies. Do you have siblings 243 00:12:24,040 --> 00:12:26,080 Speaker 2: a younger sister who also was in the US for 244 00:12:26,120 --> 00:12:27,800 Speaker 2: twenty years and is back in Indiana. 245 00:12:27,840 --> 00:12:29,960 Speaker 1: So you grew up in India get your education there. 246 00:12:30,400 --> 00:12:32,360 Speaker 1: Why did you decide to come to the United States 247 00:12:32,360 --> 00:12:34,400 Speaker 1: to get a PhD from Carnegie Mellen? 248 00:12:34,640 --> 00:12:36,760 Speaker 2: One of my aspirations was to be the CEO of 249 00:12:36,760 --> 00:12:40,080 Speaker 2: a US company in India, and to do that I 250 00:12:40,080 --> 00:12:42,680 Speaker 2: felt I needed to understand the US better get a 251 00:12:42,800 --> 00:12:45,440 Speaker 2: US degree, and that was the reason to come to 252 00:12:45,440 --> 00:12:45,880 Speaker 2: the US. 253 00:12:46,120 --> 00:12:47,240 Speaker 1: And what was your PhD? 254 00:12:47,320 --> 00:12:51,920 Speaker 2: In corporate governance? It was within the accounting department, but 255 00:12:52,120 --> 00:12:54,920 Speaker 2: my advisor was very keen on corporate governance and that 256 00:12:55,040 --> 00:12:56,320 Speaker 2: is a focus on my PhD. 257 00:12:56,480 --> 00:12:58,920 Speaker 1: So if you got your PhDd, you say I'm rushing 258 00:12:58,920 --> 00:13:00,800 Speaker 1: back to India or did you in the United States 259 00:13:00,840 --> 00:13:01,280 Speaker 1: for a while? 260 00:13:01,640 --> 00:13:05,120 Speaker 2: Stayed in the US, got a job with Bain in Boston, 261 00:13:05,760 --> 00:13:08,360 Speaker 2: was there for three years, and then with G Capital 262 00:13:08,520 --> 00:13:11,240 Speaker 2: for a long time in the US, and then went 263 00:13:11,280 --> 00:13:14,000 Speaker 2: back to India with G Capital as a CEO in India. 264 00:13:14,040 --> 00:13:16,280 Speaker 1: So you're working for G Capital at that time, I 265 00:13:16,360 --> 00:13:18,960 Speaker 1: assumed Jack Welsh or somebody like that was running. 266 00:13:18,760 --> 00:13:23,120 Speaker 2: Ge Jeffy Belt had just taken over from Jack and 267 00:13:23,559 --> 00:13:25,880 Speaker 2: G Capitol was at that point doing very well. 268 00:13:26,000 --> 00:13:28,319 Speaker 1: So somebody poach you, somebody call you up and say, 269 00:13:28,440 --> 00:13:30,920 Speaker 1: forget G Capital, you should work for an Indian company. 270 00:13:31,040 --> 00:13:34,480 Speaker 2: So a mentor of mine from Bain in fact reached 271 00:13:34,480 --> 00:13:37,600 Speaker 2: out and introduced me to Anand Maindra and I had 272 00:13:37,600 --> 00:13:41,480 Speaker 2: a great meeting with him, and in fact continued meeting 273 00:13:41,559 --> 00:13:44,679 Speaker 2: him for a couple of years. Almost every month we 274 00:13:44,720 --> 00:13:47,680 Speaker 2: would meet, and Anand wanted me to come and join 275 00:13:47,720 --> 00:13:50,240 Speaker 2: the Maindra group. And I'm very glad I did that. 276 00:13:50,320 --> 00:13:52,000 Speaker 1: What year was that that you joined the group? 277 00:13:52,160 --> 00:13:53,040 Speaker 2: Twenty fourteen? 278 00:13:53,559 --> 00:13:55,959 Speaker 1: Joined in twenty fourteen. More was your initial job there. 279 00:13:56,320 --> 00:13:59,720 Speaker 2: Was head of group Strategy and it was a job 280 00:13:59,720 --> 00:14:02,560 Speaker 2: and that I health for five years before being appointed 281 00:14:02,840 --> 00:14:03,439 Speaker 2: in this role. 282 00:14:03,480 --> 00:14:07,000 Speaker 1: So you became the CEO in twenty twenty one. That's great, 283 00:14:07,040 --> 00:14:09,200 Speaker 1: And this was the first time that the Mahindra Group 284 00:14:09,200 --> 00:14:11,959 Speaker 1: had ever had a non Mahindra family member run in 285 00:14:12,040 --> 00:14:15,600 Speaker 1: the company. That's right. So when you join the company, 286 00:14:15,600 --> 00:14:17,000 Speaker 1: do you ever think that would ever happen? 287 00:14:17,200 --> 00:14:22,080 Speaker 2: When I joined with the objective of making a significant 288 00:14:22,080 --> 00:14:25,000 Speaker 2: difference and in the group was the most respected group 289 00:14:25,040 --> 00:14:28,560 Speaker 2: in India and one where there was a level of 290 00:14:28,600 --> 00:14:30,880 Speaker 2: empowerment for all its leaders. That is what Ann and 291 00:14:30,920 --> 00:14:35,080 Speaker 2: Mandra had set up at that point. And while there 292 00:14:35,200 --> 00:14:37,400 Speaker 2: was a view that looked that is a possibility of 293 00:14:38,080 --> 00:14:40,120 Speaker 2: a group CEO, really it wasn't known at that point 294 00:14:40,160 --> 00:14:42,840 Speaker 2: in time, and that evolved as I went on there. 295 00:14:43,240 --> 00:14:45,360 Speaker 1: So there's a story that I read about which said 296 00:14:45,400 --> 00:14:48,280 Speaker 1: that when you were working your way up to become 297 00:14:48,640 --> 00:14:50,600 Speaker 1: the CEO but no guarantees you were going to be 298 00:14:50,640 --> 00:14:54,160 Speaker 1: the CEO, you disagreed with mister Mahindra on a matter 299 00:14:54,560 --> 00:14:57,040 Speaker 1: and you took it to the board and you explained 300 00:14:57,040 --> 00:14:59,000 Speaker 1: to the board while he was wrong and you were right, 301 00:14:59,320 --> 00:15:01,720 Speaker 1: and the board with you. Then you think that was 302 00:15:01,760 --> 00:15:03,280 Speaker 1: going to be the end of your career when you 303 00:15:03,320 --> 00:15:03,640 Speaker 1: did that. 304 00:15:03,720 --> 00:15:06,480 Speaker 2: So what happened actually was I was sitting with mister 305 00:15:06,560 --> 00:15:10,600 Speaker 2: Mindra and one of my colleagues came in to show 306 00:15:10,600 --> 00:15:12,920 Speaker 2: what was being presented to the board the next day 307 00:15:13,480 --> 00:15:16,800 Speaker 2: and mister Mindra, in his usual manner, said, Unish, what 308 00:15:16,800 --> 00:15:18,800 Speaker 2: do you think? So I looked at that and said, 309 00:15:18,800 --> 00:15:21,840 Speaker 2: I wouldn't do this for these reasons and That is 310 00:15:21,920 --> 00:15:25,800 Speaker 2: the level of empowerment and openness that mister Mindra had 311 00:15:25,800 --> 00:15:28,200 Speaker 2: fostered in the group where he said that I'm going 312 00:15:28,240 --> 00:15:30,200 Speaker 2: to call you to the board meeting tomorrow and I'm 313 00:15:30,200 --> 00:15:31,800 Speaker 2: going to ask you the same question as I asked 314 00:15:31,800 --> 00:15:33,960 Speaker 2: you today, and please give them the same answer that 315 00:15:34,080 --> 00:15:39,000 Speaker 2: you gave me today, And that then transpired into the 316 00:15:39,040 --> 00:15:40,200 Speaker 2: response you don't. 317 00:15:40,080 --> 00:15:41,800 Speaker 1: Think he was setting you up for a failure or 318 00:15:41,880 --> 00:15:44,280 Speaker 1: something by having the board vote you down or something 319 00:15:44,360 --> 00:15:44,560 Speaker 1: or not. 320 00:15:44,960 --> 00:15:47,440 Speaker 2: No, I knew him very well by then because I 321 00:15:47,440 --> 00:15:49,600 Speaker 2: had met him, as I said, every month for a 322 00:15:49,600 --> 00:15:51,280 Speaker 2: couple of years before I came to the group, and 323 00:15:51,320 --> 00:15:54,120 Speaker 2: to me, that was one of the biggest attractors for 324 00:15:54,240 --> 00:15:56,960 Speaker 2: me because it was a group where it was truly 325 00:15:57,040 --> 00:15:59,040 Speaker 2: very open. It was say what you want to say 326 00:15:59,760 --> 00:16:01,720 Speaker 2: as long is it good for the company, and that 327 00:16:02,200 --> 00:16:06,280 Speaker 2: company first aspect was very much a factor there. 328 00:16:07,040 --> 00:16:09,720 Speaker 1: So you overcame that, or maybe that wasn't a problem 329 00:16:09,760 --> 00:16:13,080 Speaker 1: to overcome, and in twenty twenty one you became the 330 00:16:13,120 --> 00:16:17,560 Speaker 1: head of the company. The group CEO. Smister Mahindra still around. 331 00:16:17,720 --> 00:16:19,920 Speaker 2: He is and I reach out to him on a 332 00:16:20,000 --> 00:16:21,400 Speaker 2: very regular business for guidance. 333 00:16:21,760 --> 00:16:23,400 Speaker 1: To tell you you're not doing this right, or you're 334 00:16:23,440 --> 00:16:24,760 Speaker 1: not doing that right, or we have. 335 00:16:24,720 --> 00:16:28,320 Speaker 2: A great relationship where he empowers as much as he 336 00:16:28,360 --> 00:16:30,160 Speaker 2: can and I pull on his guidance as much as 337 00:16:30,160 --> 00:16:31,520 Speaker 2: I can. So that is the. 338 00:16:31,480 --> 00:16:34,000 Speaker 1: Mahindra family still own a large part of the company. 339 00:16:34,680 --> 00:16:37,680 Speaker 2: Yes, they still own what they have over time, which 340 00:16:37,720 --> 00:16:39,080 Speaker 2: is close to about twenty percent. 341 00:16:39,280 --> 00:16:42,560 Speaker 1: How many total employees do you have in the entire Mahindra. 342 00:16:42,200 --> 00:16:43,800 Speaker 2: Group three hundred and twenty thousand. 343 00:16:43,840 --> 00:16:45,280 Speaker 1: It's a lot of people to be taken care of. 344 00:16:45,400 --> 00:16:46,240 Speaker 2: That is a lot of people. 345 00:16:46,880 --> 00:16:48,360 Speaker 1: And how many in the. 346 00:16:48,440 --> 00:16:50,760 Speaker 2: United States close to ten thousand. 347 00:16:51,200 --> 00:16:53,320 Speaker 1: Other than India, where do you have your most employees 348 00:16:53,360 --> 00:16:55,400 Speaker 1: after outside of India? Is it the United States or 349 00:16:55,440 --> 00:16:55,640 Speaker 1: some of that? 350 00:16:55,880 --> 00:16:56,800 Speaker 2: It is the United States. 351 00:16:56,920 --> 00:16:59,160 Speaker 1: What's the biggest problem you have now as the CEO 352 00:16:59,240 --> 00:16:59,800 Speaker 1: of the company? 353 00:17:00,040 --> 00:17:02,200 Speaker 2: Navigating all the challenges that the world is throwing up 354 00:17:02,200 --> 00:17:04,560 Speaker 2: because that keeps happening on a regular basis in. 355 00:17:04,520 --> 00:17:06,520 Speaker 1: Your own case, what do you do on the outside 356 00:17:06,520 --> 00:17:08,760 Speaker 1: when you're not running Mahindra. Do you have any time 357 00:17:08,840 --> 00:17:12,800 Speaker 1: for hobbies, philanthropies? Sports? What do you do? Are you 358 00:17:12,840 --> 00:17:14,760 Speaker 1: a big cricket player or cricket watcher? 359 00:17:15,200 --> 00:17:19,400 Speaker 2: Sports? Spending time with family, reading and doing a lot 360 00:17:19,480 --> 00:17:23,359 Speaker 2: on the purpose front. And I'll start with that because 361 00:17:23,840 --> 00:17:26,240 Speaker 2: Mindra is really a purpose led company. So we have 362 00:17:26,400 --> 00:17:29,199 Speaker 2: purpose led and performance driven as we call it, but 363 00:17:29,320 --> 00:17:33,359 Speaker 2: we start with purpose. We have focused on education for 364 00:17:33,680 --> 00:17:37,520 Speaker 2: young girls in India and we've educated close to a 365 00:17:37,560 --> 00:17:40,719 Speaker 2: million girls in India so far. We've set a target 366 00:17:40,720 --> 00:17:43,200 Speaker 2: to do a millionaire year. We are at this point 367 00:17:43,240 --> 00:17:45,080 Speaker 2: about one forth of target, but in the next two 368 00:17:45,119 --> 00:17:46,359 Speaker 2: or three years we should be able to get to 369 00:17:46,359 --> 00:17:50,240 Speaker 2: a target. You're also focusing on empowering women to find 370 00:17:50,320 --> 00:17:54,040 Speaker 2: jobs and making them financially independent, and there again our 371 00:17:54,040 --> 00:17:57,040 Speaker 2: target is a millionaireear The Gates Foundation is partnering with 372 00:17:57,119 --> 00:18:00,639 Speaker 2: us on this and at this point about one for 373 00:18:00,840 --> 00:18:03,680 Speaker 2: the target, but we'll get there soon. And these are 374 00:18:03,680 --> 00:18:06,399 Speaker 2: some of the activities that really make a difference to 375 00:18:06,480 --> 00:18:07,159 Speaker 2: India overall. 376 00:18:07,359 --> 00:18:09,919 Speaker 1: What is the biggest selling automobile in India today? 377 00:18:10,320 --> 00:18:13,480 Speaker 2: We've got a number of smaller vehicles that are selling more, 378 00:18:13,560 --> 00:18:16,560 Speaker 2: but we are now the second largest automaker in India 379 00:18:16,960 --> 00:18:19,080 Speaker 2: despite the fact that we make only SUVs. 380 00:18:19,800 --> 00:18:22,080 Speaker 1: We SUVs because. 381 00:18:21,880 --> 00:18:25,399 Speaker 2: That has been our strength and the philosophy we have 382 00:18:25,600 --> 00:18:27,800 Speaker 2: is do less but do it really well? 383 00:18:28,280 --> 00:18:30,760 Speaker 1: Right? So what's the best selling car? The biggest selling 384 00:18:30,800 --> 00:18:31,840 Speaker 1: car now in India? 385 00:18:31,920 --> 00:18:35,320 Speaker 2: They're the smaller cars. For us, we have the Scorpio, 386 00:18:35,560 --> 00:18:38,879 Speaker 2: which is the largest selling vehicle. It's been around for 387 00:18:39,160 --> 00:18:41,119 Speaker 2: twenty five years, almost twenty five years now. 388 00:18:41,160 --> 00:18:43,400 Speaker 1: How much does it cost to buy your best selling car? 389 00:18:43,600 --> 00:18:47,160 Speaker 2: The Scorpio, which is our best selling car. We'll retail 390 00:18:47,200 --> 00:18:49,399 Speaker 2: at about fifteen to twenty thousand. 391 00:18:49,160 --> 00:18:51,640 Speaker 1: Dollars and you sell a year. 392 00:18:51,920 --> 00:18:55,320 Speaker 2: We sell close to about seventeen or eighteen thousand every month, 393 00:18:56,080 --> 00:18:59,440 Speaker 2: so that it translates to about two hundred thousand every year. 394 00:19:00,040 --> 00:19:03,200 Speaker 1: About electric vehicles, these electrical ones you're talking about or 395 00:19:03,240 --> 00:19:04,120 Speaker 1: these are non electric? 396 00:19:04,359 --> 00:19:08,040 Speaker 2: These are non electrical. We've got some very good evs 397 00:19:08,480 --> 00:19:11,399 Speaker 2: which would just launched last year. Today they account for 398 00:19:11,440 --> 00:19:14,440 Speaker 2: about eight percent of our total sales, but they should 399 00:19:14,440 --> 00:19:16,480 Speaker 2: be about thirty percent in the next two to three years. 400 00:19:16,640 --> 00:19:18,320 Speaker 1: And what's the biggest electric vehicle. 401 00:19:18,440 --> 00:19:21,600 Speaker 2: The biggest EV today is the Tata Nexson. We have 402 00:19:21,680 --> 00:19:24,399 Speaker 2: roughly a thirty percent share of all EV's in India 403 00:19:24,400 --> 00:19:28,280 Speaker 2: today and we should be the number one player with 404 00:19:28,320 --> 00:19:29,720 Speaker 2: forty to fifty percent share there. 405 00:19:30,320 --> 00:19:33,480 Speaker 1: So if somebody is watching and you wanted to say 406 00:19:33,480 --> 00:19:36,000 Speaker 1: to them, Here's what you need to know in one 407 00:19:36,040 --> 00:19:39,080 Speaker 1: paragraph about Mahindra and one paragraph what you need to 408 00:19:39,119 --> 00:19:39,840 Speaker 1: know about India. 409 00:19:39,920 --> 00:19:45,240 Speaker 2: Mindra is a purpose led, performance driven company. Our purpose 410 00:19:45,280 --> 00:19:48,440 Speaker 2: is a Rice philosophy, which is to drive positive change 411 00:19:48,440 --> 00:19:51,000 Speaker 2: and lives of our communities to enable them to rise. 412 00:19:52,080 --> 00:19:55,520 Speaker 2: From a performance standpoint, we are the best performing stock 413 00:19:55,720 --> 00:19:57,680 Speaker 2: in the Nifty to fifty since two thousand and two. 414 00:19:58,640 --> 00:20:00,600 Speaker 2: So even though a market cap has grown twelve x 415 00:20:00,600 --> 00:20:03,280 Speaker 2: in the last five years, it's been a long journey 416 00:20:03,320 --> 00:20:05,800 Speaker 2: where we've been at the top of performance in India. 417 00:20:06,240 --> 00:20:11,200 Speaker 2: We operate in twenty industries across seventy percent of India's 418 00:20:11,240 --> 00:20:15,440 Speaker 2: GDP and we're building a global company and hopefully one 419 00:20:15,480 --> 00:20:17,440 Speaker 2: that will be a very large company in the US 420 00:20:17,480 --> 00:20:22,800 Speaker 2: as well. India is poised to be at a very 421 00:20:22,920 --> 00:20:25,840 Speaker 2: rapid growth over the next twenty years. We expect that 422 00:20:25,920 --> 00:20:28,320 Speaker 2: growth to be eight to ten percent. The foundation for 423 00:20:28,359 --> 00:20:31,440 Speaker 2: that growth has been built. It's a consumption driven economy 424 00:20:31,760 --> 00:20:34,440 Speaker 2: and therefore, despite some of the challenges in the world, 425 00:20:34,560 --> 00:20:37,760 Speaker 2: we feel that India will grow at that base. India 426 00:20:37,800 --> 00:20:41,320 Speaker 2: will be the third largest economy by twenty thirty. It's 427 00:20:41,359 --> 00:20:45,600 Speaker 2: a capitalist economy driven by rule of law, with a 428 00:20:45,640 --> 00:20:49,240 Speaker 2: government today that is very focused on ease of business, 429 00:20:49,520 --> 00:20:53,000 Speaker 2: on ensuring that companies can succeed in India, and therefore 430 00:20:53,200 --> 00:20:54,760 Speaker 2: is a very good destination for companies. 431 00:20:54,800 --> 00:20:56,840 Speaker 1: Why should somebody as a tourist want to go to India. 432 00:20:57,200 --> 00:20:58,920 Speaker 1: What's the best thing to see in India? Why should 433 00:20:58,960 --> 00:21:01,479 Speaker 1: somebody go for a week to India as a tourist. 434 00:21:01,640 --> 00:21:05,080 Speaker 2: India has some amazing destinations and India is now opening 435 00:21:05,160 --> 00:21:08,680 Speaker 2: up tourism in various forms. There are multiple things to 436 00:21:08,720 --> 00:21:11,080 Speaker 2: see in different parts of the country, from the taj 437 00:21:11,119 --> 00:21:14,959 Speaker 2: Mahal in Agara to the deserts of Rajasthan to the 438 00:21:15,000 --> 00:21:18,160 Speaker 2: greenery in Kerala. You've got a large number of things 439 00:21:18,200 --> 00:21:20,200 Speaker 2: in India that are worth looking at now. 440 00:21:20,240 --> 00:21:23,160 Speaker 1: Amazingly, when you go back in history, it appears that 441 00:21:23,800 --> 00:21:26,960 Speaker 1: Britain ruled India with only twenty thousand soldiers in the 442 00:21:27,080 --> 00:21:30,119 Speaker 1: entire country Indiana population and maybe then of a billion people. 443 00:21:30,400 --> 00:21:33,840 Speaker 1: How did India allow Britain, this small country way in 444 00:21:33,880 --> 00:21:36,840 Speaker 1: the North Sea, to control India for so long? How 445 00:21:36,840 --> 00:21:37,399 Speaker 1: did that happen? 446 00:21:37,600 --> 00:21:40,199 Speaker 2: India has always been a country that has stood for 447 00:21:40,280 --> 00:21:46,280 Speaker 2: peace and therefore even the resistance to the British was 448 00:21:46,480 --> 00:21:49,480 Speaker 2: with non violence, and that is what Martma Gandhi led. 449 00:21:50,320 --> 00:21:53,879 Speaker 2: So that has been one of the hardmarks of India 450 00:21:54,520 --> 00:21:55,320 Speaker 2: over centuries. 451 00:21:55,600 --> 00:21:59,640 Speaker 1: And so how old are you now? Five fifty five 452 00:22:00,119 --> 00:22:02,679 Speaker 1: a retirement age that people have normally an India, or 453 00:22:02,680 --> 00:22:04,080 Speaker 1: you can go for as long as you want to go. 454 00:22:04,359 --> 00:22:07,320 Speaker 2: We have a sixty five retirement date, So you're. 455 00:22:07,119 --> 00:22:09,320 Speaker 1: Going to do this, presumably for another ten years. 456 00:22:09,840 --> 00:22:11,640 Speaker 2: At this point, I love it and hopefully I will 457 00:22:11,680 --> 00:22:13,240 Speaker 2: continue loving it for the next ten years. 458 00:22:13,320 --> 00:22:16,159 Speaker 1: And you have the responsibility of grooming your successor as 459 00:22:16,200 --> 00:22:18,520 Speaker 1: well or sort a Mahindra that might come back. 460 00:22:18,520 --> 00:22:24,000 Speaker 2: That isknown Most likely it will be someone from the 461 00:22:24,040 --> 00:22:28,480 Speaker 2: team of professional successor and there will be various folks 462 00:22:28,480 --> 00:22:30,479 Speaker 2: that I will groom over the next ten years and 463 00:22:30,520 --> 00:22:32,359 Speaker 2: present options to the boat for the borad to decide 464 00:22:32,359 --> 00:22:32,840 Speaker 2: at that point. 465 00:22:33,359 --> 00:22:37,320 Speaker 1: Many companies that succeed have a founder who might have 466 00:22:37,640 --> 00:22:41,359 Speaker 1: a certain philosophy, a certain set of principles. Did the 467 00:22:41,480 --> 00:22:45,159 Speaker 1: Mahindra family when it started have a certain principles that 468 00:22:45,200 --> 00:22:48,760 Speaker 1: they imbued in Mahindra and you still live with those principles. 469 00:22:48,760 --> 00:22:51,760 Speaker 1: If it was the case that they have those principles. 470 00:22:51,359 --> 00:22:55,520 Speaker 2: So when we say purpose Led, a DNA actually comes 471 00:22:55,600 --> 00:22:59,199 Speaker 2: from a founder's When they founded the company in nineteen 472 00:22:59,240 --> 00:23:02,720 Speaker 2: forty five, they placed an advertisement in the Times of 473 00:23:02,760 --> 00:23:06,760 Speaker 2: India that talked about the principles under which the company 474 00:23:06,840 --> 00:23:11,840 Speaker 2: was born. They talked about dignity of labor, about neither cost, 475 00:23:11,920 --> 00:23:13,720 Speaker 2: nor creed nor color shall come in the way of 476 00:23:13,720 --> 00:23:18,600 Speaker 2: a meritocracy, about opposing antisocial trends. Today it would read 477 00:23:18,640 --> 00:23:22,520 Speaker 2: like an ESG manifesto, but that was what they truly believed. 478 00:23:22,720 --> 00:23:26,120 Speaker 2: That the company has to do well for society, for communities, 479 00:23:26,560 --> 00:23:29,399 Speaker 2: and therefore we save your purpose Led because that is 480 00:23:29,440 --> 00:23:30,000 Speaker 2: our DNA. 481 00:23:32,280 --> 00:23:34,800 Speaker 1: Thanks for listening to hear more of my interviews. You 482 00:23:34,840 --> 00:23:38,960 Speaker 1: can subscribe and download my podcast on Spotify, Apple, or 483 00:23:39,000 --> 00:23:39,800 Speaker 1: wherever you listen.