The Indian business community mourns the loss of Vineet Nayyar, a distinguished figure whose career spanned multiple sectors and left an indelible mark on each. Nayyar, who passed away on Thursday at the age of 85, was celebrated not only for his extensive professional accomplishments but also for his wisdom and leadership that guided many pivotal transformations in Indian industry.
Vineet Nayyar’s career commenced with the Indian Administrative Service (IAS), a testament to his dedication to public service. His tenure with the IAS paved the way for a role with the World Bank, where he held senior positions for over a decade. At the World Bank, Nayyar’s expertise was instrumental in shaping policies for the Energy, Infrastructure, and Finance Divisions across East Asia and the Pacific, reflecting his global vision and strategic acumen.
In 1986, Nayyar made history as the first Chairman of the state-owned Gas Authority of India Limited (GAIL), a role he held until 1991. His leadership during this period was marked by significant advancements in India’s energy sector, laying a foundation for future growth and innovation.
Nayyar’s transition to the private sector saw him take on roles that would solidify his reputation as a formidable leader. As the Managing Director of HCL Corporation and Vice Chairman of HCL Technologies, he was instrumental in steering the company towards new heights. Moreover, he was the founder and CEO of HCL Perot Systems, further showcasing his visionary leadership.
His tenure at Tech Mahindra is perhaps the most notable chapter of his illustrious career. In 2009, Nayyar led the acquisition of the fraud-hit Satyam Computer Services, a move that was pivotal in restoring confidence and stability in the company. This acquisition is often highlighted as a masterclass in corporate rescue and integration.
Nayyar’s influence extended to several board positions across various companies, including Indian Oil Corporation, Great Eastern Shipping, and Kotak Life Insurance. Each role benefited from his strategic insights and governance, contributing to the broader landscape of Indian business.
In October 2018, Nayyar was called upon to navigate another corporate crisis, this time at Infrastructure Leasing and Financial Services (IL&FS). Appointed as the Vice Chairman and Managing Director by the government, Nayyar played a crucial role in the resolution efforts of the beleaguered company. His commitment to IL&FS’s recovery underscored his resilience and dedication, even in the face of formidable challenges. Due to health reasons, Nayyar stepped down from the IL&FS board in 2020, but his impact on the organization remained significant.
Anand Mahindra, Chairman of the Mahindra Group, expressed his profound sorrow on X (formerly Twitter), stating, “Vineet was a larger-than-life figure in the Indian business landscape. Thank you, Vineet, for your wisdom, your leadership, and for committing the crowning part of your career to the Mahindra Group.” These sentiments echo the respect and admiration Nayyar has garnered throughout his career.
IL&FS, in its statement, also reflected on Nayyar’s contributions, emphasizing his leadership during the critical phase of the company’s resolution process. “We are deeply saddened to hear of the demise of Mr. Vineet Nayyar – who spearheaded the IL&FS resolution first as its managing director and then as its Vice Chairman,” the statement read.
Vineet Nayyar’s legacy is characterized by his unwavering commitment to excellence and integrity in every role he undertook. His contributions to both the public and private sectors have left an enduring legacy that will inspire future generations of leaders. As we reflect on his life and career, we honor a true titan of Indian business and governance, whose impact will be felt for years to come.