Engineering major Greaves Cotton Ltd on Thursday said Nagesh Basavanhalli will resume executive duties as the first Group CEO and Managing Director with immediate effect.
Basavanhalli had resigned from the post of Managing Director and Chief Executive Officer of the company in August, but continued to be a member of the board while being designated as non-executive Vice Chairman.
He will play an active role in the future growth of overall business -- Greaves Cotton Ltd and Greaves Mobility and other strategic initiatives like Greaves Finance.
Commenting on the development, Greaves Cotton Chairman Karan Thapar said, “Nagesh has played a pivotal role in the transition of Greaves with a new strategic focus towards fuel agnostic technologies and e-mobility. We are confident Greaves will achieve many milestones under his new role as the Group CEO.”
In another development, the company said its Chief Financial Officer Amit Mittal has resigned with effect from the close of business hours on Thursday due to personal reasons. Similarly, Executive Director Mohanan Manikram has also quit.
The company on Thursday reported a consolidated net loss of Rs 22.49 crore in the second quarter ended September 30. It had posted a consolidated net profit of Rs 43.63 crore in the year-ago period.
Its consolidated revenue from operations stood at Rs 329.38 crore as compared to Rs 512.42 crore in the same quarter last fiscal.
On assuming his new role, Basavanhalli said, “As a diversified engineering company, Greaves Cotton has the opportunity to play a significant role in the rebuilding of India’s economy with its strength in local manufacturing, as we have a play in critical sectors like last mile mobility, energy, agriculture.”
Greaves Cotton is a leading manufacturer of fuel-agnostic engines in CNG, petrol, and diesel segments. It operates in multiple segments namely automotive, non-