Exclusive: Mahindra First Choice Wheels Appoints Ankit Dhanuka CFO; Vishal Agarwal to Exit

Mahindra & Mahindra has appointed Ankit Dhanuka as Chief Financial Officer of Mahindra First Choice Wheels Ltd (MFCWL), effective April 1, 2026, replacing Vishal Agarwal, who is set to leave the group to pursue opportunities outside.

Agarwal has been with the Mahindra Group for over 15 years, working across a range of roles before taking over as CFO of Mahindra First Choice Wheels in January 2024. During his stint at the used-car business, he brought a sharper focus on building robust finance and accounting processes, while also pushing digitisation initiatives that helped strengthen internal systems and controls.

His exit comes at a time when Mahindra First Choice Wheels is in the midst of a broader transition, with the used vehicle ecosystem seeing increasing formalisation and a steady shift towards organised, digital platforms.

Dhanuka moves into the role from within the group, in line with Mahindra’s preference for internal leadership mobility. In his most recent role as Head – Strategic Initiatives and Deal Value Creation (Finance & Accounts) for the Automotive & Farm Equipment Sector, he worked closely on investor engagement and value unlocking across key businesses such as Mahindra Electric Automobile Ltd (MEAL) and Last Mile Mobility (LMM), and was also involved in the acquisition of SML.

A chartered accountant and company secretary, Dhanuka has over 15 years of experience spanning strategic finance, mergers and acquisitions, and performance management. His earlier stints at Tata Steel, EY and PwC have given him a mix of operating and advisory exposure, which is expected to be relevant as the business sharpens its financial discipline and looks to scale. He is also part of Mahindra’s Accelerated Leadership Track (MALT) programme, which identifies and grooms future leaders within the group.

For Mahindra, the appointment ensures continuity in the finance function, even as the used vehicle business navigates a more competitive and increasingly organised market, where access to capital, sharper execution and digital integration are becoming key differentiators.