Latest news with #SundeepKhanna
Mint
7 days ago
- Automotive
- Mint
Tesla and Mahindra: A drive in parallel universes
Company Outsider is a weekly newsletter by Sundeep Khanna. Subscribe to Mint's newsletters to get them directly in your email inbox. Mahindra & Mahindra (M&M) group chairman Anand Mahindra welcomed Tesla's India entry with a friendly 'Competition drives innovation, and there's plenty of road ahead' post on X. His confidence is not misplaced. In the most recent quarter, M&M surpassed Hyundai to become India's second-largest automaker by volume. But his aplomb obscures a more fundamental truth: Tesla and M&M operate in two entirely different markets - not segments. Indeed, in automotives, they belong to two parallel universes. Their vehicles, customers, pricing, and value propositions are so distinct that the two brands are unlikely to ever compete directly in India. It's a common fallacy to treat the Indian automobile market as a single, homogenous entity. In reality, it is bifurcated into two sharply distinct sectors: a mass-market, value-conscious segment that forms more than 99% of volumes, and a narrow, high-end luxury segment that is economically and behaviorally different. While Tesla, M&M, and Indian EV market leader Tata Motors, are loosely grouped under the electric vehicle (EV) banner, that's where the similarities end. Tesla is entering at the very top of the pyramid, with its first offering in India priced at over ₹ 60 lakh (more than twice what the most expensive EV from Tata Motors costs). That places it squarely in the ultra-premium category alongside German brands like Mercedes-Benz, Audi, and BMW. By contrast, EVs from M&M and Tata Motors are tailored for cost-conscious customers and are promoted for their cost-saving benefits like lower running costs compared to petrol and diesel vehicles. No one will buy a Tesla in India to save on fuel bills. The US company's brand promise revolves around performance, tech-savvy design, and global cachet. M&M's promise, like that of Tata Motors, is rooted in practicality and affordability. The distinction is critical. In 2023, the entire luxury car segment in India accounted for just over 51,000 vehicles. That's a number Tesla sells in the US every month. It sold 657,000 units in China last year, despite growing competition from domestic giant BYD. By contrast, Tata Motors sold over 61,000 EVs in India last year. Clearly, Tesla cannot win the volume game in India simply because at its price points, volumes simply don't exist. Tesla's India ambitions are often rationalized in terms of geopolitical strategy. The country offers a hedge against an increasingly protectionist China, and the tag of being one of the few remaining 'unconquered' markets of scale. But while India may be the world's third-largest car market, it is not one for luxury EVs. There is also little reason to believe that the Indian government will bend over backward for Tesla. Unlike in the past, when market access was often traded for manufacturing commitments, today's policy approach is more guarded. Import duties are unlikely to be slashed, and Tesla will have to adhere to conditions like local sourcing and production. The government's stated target of 30% EV penetration by 2030 will be achieved primarily through sub- ₹ 15 lakh vehicles, which is the domain of Indian carmakers, and increasingly of Chinese companies like BYD. Tesla has no product in this space and, more importantly, no roadmap to get there. Despite promises of a $25,000 EV, Tesla has repeatedly deprioritized its commitment to produce an affordable EV. Five years ago, Elon Musk announced it would arrive in three years, only to go back on his promise in 2022. Today, Tesla's focus has shifted to the robotaxi platform. The message is clear: affordability is not the current focus. India's car market is not just small at the top, it is fiercely cost-conscious at every level. According to a recent Crisil Ratings report, used car sales in the country are expected to grow at twice the pace of new car sales in FY26. Significantly, the average age of used cars has declined to just 3.5 years, a strong indicator that consumers are looking for newer vehicles at lower price points. Maruti Suzuki chairman R.C. Bhargava recently noted that only the top 12% of Indian households can realistically afford a car. The other 88% struggle to afford even the entry-level models. This reality further underlines the irrelevance of Tesla's pricing strategy in the Indian context. Tesla's India foray is unlikely to ruffle feathers at M&M or disrupt the broader market. If anything, it will reinforce the market's duality of a high-end niche for brands like Tesla, and a mass-market battlefield where the real action takes place. Anand Mahindra and his team can rest easy: Tesla's India drive is on a completely different highway.a
Mint
05-07-2025
- Business
- Mint
The original unicorn: How Annamalai Chettiar built India's first financial powerhouse
Next Story Sundeep Khanna The man who co-founded Indian Bank and became governor of Imperial Bank (now State Bank of India), cracked the code of cross-border finance long before most Indians had even heard of it. Annamalai Chettiar. Illustration: Mint Gift this article Long before the first unicorns and decacorns appeared in India, there lived an entrepreneur who had an innate understanding of scale and an uncanny ability to leverage diaspora networks. Long before the first unicorns and decacorns appeared in India, there lived an entrepreneur who had an innate understanding of scale and an uncanny ability to leverage diaspora networks. Had Annamalai Chettiar (Satappa Ramanatha Muthiah Annamalai Chettiar) been alive, he would have been called upon to deliver TED talks on banking without borders. Instead, this pioneering businessman from Tamil Nadu, who wrote the playbook for colonial banking in India, remains largely forgotten outside academic circles, though the posh Raja Annamalai Puram neighbourhood in Chennai is named in his honour. Also Read | Novelis and after: How Hindalco cracked the foreign buyout code At a time when Indian companies are going global with unabashed ambition, his century-old blueprint for international expansion reads like a modern startup story. The man who co-founded Indian Bank with his brother Ramaswami Chettiar, and became governor of Imperial Bank (now State Bank of India), cracked the code of cross-border finance long before most Indians had even heard of it. Born into the influential Nattukottai Nagarathars community in September 1881, he inherited a business ecosystem of south and southeast Asian venture capital. Steeped in the Chettiar model of leveraging community ties, his unique ability lay in institutionalising these sprawling yet vetted networks, in the process connecting diasporas across geographies. This allowed him to access money transfers more quickly, through what we would call correspondent banking. The modern equivalent would be a Paypal and Western Union rolled into one but with cultural connectivity and driven purely by relationships. Over time, Annamalai Chettiar became a huge landlord, though his actual net worth is shrouded in mystery. Institution builder Perhaps his most underrated achievement was his role as an institution builder, which stemmed from his belief that wealth creation came with social responsibilities and investment in human capital. Indeed, long before corporate social responsibility (CSR) became a byword, his approach to philanthropy centered on long term investment rather than on immediate relief. In 1920 he set up the Sri Meenakshi College in Chidambaram in the firm belief that education was the primary need of the country. Later this became part of the well known Annamalai University, his master passion that today offers education to millions. A patron of the arts, he also funded the Tamil Isai Sangam for music. This faith in the utility of non-business enterprises was strengthened after the Great Depression of 1929, which served as a reality check that tested everything Annamalai had built, and brought new thinking to the Chettiar fold. As the economic crisis that originated in the US swept through Asian economies, Burmese cultivators defaulted on their loans. This placed the Chettiar banking network, which had flourished in Ceylon, Burma and Southeast Asia, under siege, as crop prices tanked. A reliable source of profit now became a nightmare of foreclosures and losses. The colonial governments instituted banking enquiries in the spate of these collapses. For Annamalai, this was a moment of reckoning, one that forced him to look at institution-building instead of pure commercial expansion. That's where the focus on charity and education took shape. This didn't dim his obsession with palatial architecture, which led him to build multiple residences including the grand Chettinad Palace in Chennai. He also built the Kanadukathan palace, which used the best materials imported from all over, and took seven years to complete. Tryst with politics As was customary for successful businessmen of that era, Annamalai entered politics. In 1920 he stood for election to the council of state, the upper house of the Imperial Legislative Council of India, and held his seat for three consecutive terms. While he received a knighthood and the distinction of Rajah of Chettinad from the British, domestic honors took longer. It was only in 1980, 32 years after he had passed away, that the government of India released a stamp in his honour. His son, Sir Muthiah Annamalai Muthiah Chettiar, became the first mayor of Madras. Continuing the legacy, his grandson Palaniappan Chidambaram became the finance minister of the county. Also Read | How big brands fooled consumers with plastic The Annamalai Chettiar story matters in 2025 because it challenges fundamental assumptions about Indian business history and capabilities. While we often trace the story of Indian entrepreneurship to the post-liberalisation era, Annamalai's example shows how entrepreneurs were building international businesses with remarkable sophistication long before 1991. His approach, combining cultural understanding with institutional innovation while leveraging community networks and aiming for global scale, reads like a modern business school case study on emerging market strategy. For today's entrepreneurs, his story offers more than historical inspiration; it gives us perspective. Annamalai Chettiar built his empire without venture capital and government support, on a clear understanding of what we now call network effects. In India's economic history, he represents a critical but under-celebrated archetype, the quiet capitalist philanthropist whose influence rests not on spectacle but on building institutions. Topics You May Be Interested In Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Zawya
24-04-2025
- Business
- Zawya
Arthur D. Little appoints Sundeep Khanna as partner in performance practice
Dubia, UAE: Arthur D. Little (ADL) today announced the appointment of Sundeep Khanna as a Partner in our Performance practice based in the Middle East, focusing on Consumer Goods, Retail & Agribusines. Sundeep brings over 30 years of global experience working with leading retailers and management consultancies. Based in ADL's Dubai office, he will target opportunities across the Middle East, in both retail and other consumer-facing sectors. Sundeep joins from Deloitte Middle East, where he was a Partner in its Retail & Consumer practice. Prior to this he was Chief Operating Officer at UAE-based retail and hospitality leader, Landmark Group. During his career he has also worked for Change Management Group, Deloitte UK and Accenture, with client experience including Burberry, Sprint, and Dixons Carphone. Sundeep specializes in advising clients on operating model and customer experience, and growth and technology strategies. Thomas Kuruvilla, Managing Partner at ADL, comments, 'The Middle Eastern retail market is increasingly dynamic, driven by economic change and evolving customer expectations. At the same time multiple industries, from travel to financial services, can benefit from applying retail capabilities and mindsets. Sundeep's deep experience and skills therefore perfectly position ADL to grow in this expanding, exciting sector.' Sundeep Khanna, Partner at ADL, adds, 'To benefit from the transformation of retail, companies in the region need a combination of strategic thinking, the right skills, and well-developed digital and AI technology. I'm delighted to join ADL at such an exciting time, helping further develop our offering and portfolio in this fast-growing sector.' Sundeep holds a Bachelors Degree in Pharmacy from the University of Strathclyde (UK). Media Contact: Cate Bonthuys Catalyst Comms +44 7715 817589 For further information, please visit
Mid East Info
24-04-2025
- Business
- Mid East Info
Arthur D. Little appoints Sundeep Khanna as partner in performance practice to strengthen focus on Middle East retail sector
Dubai, UAE – April 24, 2025: Arthur D. Little (ADL) today announced the appointment of Sundeep Khanna as a Partner in our Performance practice based in the Middle East, focusing on Consumer Goods, Retail & Agribusines. Sundeep brings over 30 years of global experience working with leading retailers and management consultancies. Based in ADL's Dubai office, he will target opportunities across the Middle East, in both retail and other consumer-facing sectors. Sundeep joins from Deloitte Middle East, where he was a Partner in its Retail & Consumer practice. Prior to this he was Chief Operating Officer at UAE-based retail and hospitality leader, Landmark Group. During his career he has also worked for Change Management Group, Deloitte UK and Accenture, with client experience including Burberry, Sprint, and Dixons Carphone. Sundeep specializes in advising clients on operating model and customer experience, and growth and technology strategies. Thomas Kuruvilla, Managing Partner at ADL, comments, 'The Middle Eastern retail market is increasingly dynamic, driven by economic change and evolving customer expectations. At the same time multiple industries, from travel to financial services, can benefit from applying retail capabilities and mindsets. Sundeep's deep experience and skills therefore perfectly position ADL to grow in this expanding, exciting sector.' Sundeep Khanna, Partner at ADL, adds, 'To benefit from the transformation of retail, companies in the region need a combination of strategic thinking, the right skills, and well-developed digital and AI technology. I'm delighted to join ADL at such an exciting time, helping further develop our offering and portfolio in this fast-growing sector.' Sundeep holds a Bachelors Degree in Pharmacy from the University of Strathclyde (UK).
