Mahindra promotes Rajeev Goyal as CEO of agri and energy portfolio

Mahindra & Mahindra has elevated senior finance executive Rajeev Goyal to Chief Executive Officer of its Agri and New Energy businesses, including Powerol, marking a leadership reshuffle aimed at strengthening its sustainability-linked verticals, according to an announcement shared by Goyal on LinkedIn.

The appointment also places him on the Mahindra Group Executive Board, underscoring the strategic importance of the portfolio within the conglomerate’s broader growth and energy transition agenda.

Two-decade internal leadership journey

Goyal has spent over 20 years with the Mahindra Group, holding multiple senior finance roles across its automotive and farm equipment businesses.

In his LinkedIn post, he said he was stepping into the role after a long tenure across the group’s core verticals in finance and accounts, including senior CFO positions across business segments.

He previously served as:

• CFO of the Farm Equipment Sector
• CFO of the Auto Sector
• CFO of the combined automotive and farm equipment business

He noted that the last six years of his tenure were particularly significant, marked by improvements in governance frameworks and financial performance.

Focus on agri and energy transition

Goyal said the Agri and New Energy businesses represent strong long-term potential aligned with India’s growth and sustainability priorities, according to his statement on LinkedIn.

The portfolio includes Mahindra’s agri-focused operations as well as its new energy businesses, including Powerol, which operates in the power generation and energy solutions space.

The leadership change comes as large industrial conglomerates in India increasingly realign portfolios towards clean energy, electrification, and resilient agricultural systems.

Leadership acknowledgement and background

In his post, Goyal acknowledged senior leadership at the Mahindra Group, including Chairman Anand Mahindra and CEO Anish Shah, along with automotive executive Rajesh Jejurikar, thanking them for their support and confidence in his appointment.

Before joining Mahindra, Goyal worked at Escorts Limited as Chief General Manager – Finance and Accounts, and earlier held treasury roles at Escorts Finance Ltd, according to the report.

He is a Fellow Chartered Accountant (FCA) from the Institute of Chartered Accountants of India and holds a Bachelor of Commerce degree from Pandit Ravishankar Shukla University.