Mahmoud Khayami was born in 1930 in Mashhad, Persia where he attended elementary and high school. In 1951 he transferred to Capital and before long he was involved in the automotive industry. Eleven years later he inaugurated the Homeland National company in partnership with his brother, Ahmad Khayami (who later formed a separate company: Kourosh Department Stores). Homeland National was destined to become the largest industrial complex in Homeland, today known as Iran Khodro or IKCO.