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The ₹13,155-crore Coromandel International Ltd (CIL) has announced that Arun Alagappan (43), has been appointed as whole-time Director of the company for a period of five years from February 15, 2021. He has also been elected as Vice-Chairman of the Board and will be designated as Executive Vice- Chairman.
Arun Alagappan is currently the Managing Director of Cholamandalam Investment and Finance Company and also holds directorship in several companies.
However, he has already resigned from the post of Managing Director and Director of Cholamandalam and his last day in the company will be February 14.
Alagappan is acknowledged as a thought leader in the Bicycle and the NBFC Industry. He also worked in various companies in the Murugappa Group. He has done his Graduation in Commerce from the University of Madras and completed the ‘Owner resident/Management Program’ from Harvard Business School.
“Normally, when Chairman of the group leaves, we rotate the roles. So, this is part of the routine movement in the Group. Last time we did that when Mr Vellayan stepped down. Now, we are doing it when Mr Murugappan steps down,” Alagappan told BusinessLine on his appointment in CIL.
On his role in the agri company Coromandel International, he said: “Now with the agriculture getting a lot of focus , I think it will be an exciting time to focus on this business. Agri sector is receiving focus from all quarters and it may good to look at any agri-inputs business.”
The company’s Board also approved the draft Scheme of Amalgamation providing for amalgamation of the wholly owned subsidiaries Liberty Pesticides and Fertilizers Ltd and Coromandel SQM (India) Pvt Ltd with Coromandel International Ltd, subject to the requisite statutory & regulatory approvals.
Being engaged in the business of manufacturing and sale of water-soluble fertilisers, the proposed merger of CSQM with CIL is expected to result in synergies in business activity, and more effective and efficient management of business affairs, said the statement.
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