Mahindra & Mahindra Chairman Keshub Mahindra will retire Aug 8 and hand over the baton to his nephew, Anand Mahindra, the present vice-chairman and managing director of the $15.4 billion conglomerate, the company announced here Wednesday.

The board of Mahindra and Mahindra (M&M) Ltd has unanimously appointed Anand Mahindra as chairman and managing director of the company with effect from the conclusion of the AGM scheduled Aug 8, 2012.

The appointment came in the wake of Keshub Mahindra expressing his wish to retire. The board has requested him to accept the position of Chairman Emeritus.