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H P Nanda, 82, Escorts group founder, passes away

Escorts group chairman emiritus H P Nanda passed away in New Delhi on April 13 after prolonged illness. He was aged 82.

Born on January 9, 1917 in Jammu, Nanda was not content to merely enjoy the fruits of his legacy and run the family business.

In the early 'forties, he along with his younger brother Yudhister, planned his first independent venture. The brothers decided to ''represent the business houses of global repute and escort their goods to the Indian consumer.'' And on October 17, 1944, Escorts (Agents) Limited was born in Lahore.

The agency, which began with the representation of the American multinational Westinghouse, soon added more franchises and could boast of a capital of Rs 1 million - for those days, a substantial sum.

But the trauma of partition in 1947 saw them arrive in Delhi, virtually penniless. Undaunted, the two brothers started afresh, investing their capital of youthful entrepreneurship, intelligence and determination.

Once again their company began to prosper at a rapid pace. Escorts soon emerged as one of independent India's leading trading houses, representing major international names like MAN and AEG and made significant contributions to almost all major national irrigation and power projects.

Leading trade and business chambers today expressed grief over the death of Nanda.

Confederation of Indian Industry president Rajesh V Shah said the chamber had indeed lost a friend, philosopher and guide. Nanda's association with CII goes back several decades, he said.

Nanda said CII would fondly remember his yeoman service to the Bharatiya Yuva Shakti Trust which helps underprivileged youth who wish to set up or develop their own business.

The Federation of Indian Chambers of Commerce and Industry president Sudhir Jalan said Nanda was one of the leading industrialists of independent India and had worked assiduously for building an industrial empire.

Jalan said the noted industrialist had taken a considerable interest in the chamber activities, particularly the All-India Organisation of Employers and ICC India, important allied bodies of the FICCI.

The Associated Chambers of Commerce and Industry of India president K P Singh said the chamber, which had privilege of having him as one of its illustrious past presidents, will miss his world view and guidance in steering the Indian economy through difficult times. Other chambers expressed similar sentiments.

UNI

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