MM Murugappan took charge as Exec Chairman of Murugappa Group
Feb. 6, 2018
Since November 2009 Murugappan served as the group’s Vice-Chairman, spearheading technology, innovation and environment, health and safety initiatives.
In January 2004, Murugappan took over as Chairman of CUMI, and led integration of Volzhsky Abrasive Works, Russia (world’s second largest manufacturer of silicon carbide) with the company. In April 2006, he was appointed Chairman of Tube Investments of India (TII).
At TII, he is involved, together with the team, in developing a strong engineering-focussed business to address opportunities in the transportation sector as a critical component supplier.
He was appointed as Chairman of Coromandel International Ltd at a board meeting held on January 31, says a group press release.
Outside the group, Murugappan, who has a Master’s degree in chemical engineering from the University of Michigan, is on the board of several companies, including Mahindra & Mahindra Ltd and Cyient Ltd. He had served on the Board of Governors of IIT-Madras for six years till November 2011 and enabled many industry-academic partnerships.
He now serves on the board of IIT-Madras Research Park.
“I am looking at a mix of things, and I am not rushing into anything now," said Vellayan.
"I hope to use my experience for advancement of society, including in education related projects, government-related assignments," he told BusinessLine. For instance, he now chairs IIM-Kozhikode.
There are people from abroad who are looking for his expertise.
"There are some looking for advice in non-competing areas," which he is considering, he said.
On the change at the Murugappa group helm, he said this was an established norm. Just as Murugappa group heads before him had retired at 65, he too had stepped down after turning 65 in January, he said.
His successor, Murugappan has had extensive ‘experience and familiarity' in the group as its Vice-Chairman and has had “enough time working with me in a number of areas. Of course, we elders are always there," he remarked.
While Murugappan will bring in ‘fresh thoughts' and ‘possibly break into new areas', essentially the Group will continue with its presence in its present verticals.
“Three-year plans and direction" are in place and “annual plans for individual" areas. And the approach will essentially be the same, Vellayan said.
During his tenure, Vellayan, who took over as Chairman of the diversified group in October 2009, steered the group’s growth through organic and inorganic initiatives, with its revenues nearly doubling to ₹30,023 crore in 2016-17 from ₹15,907 crore in 2008-09.
During this period, the group’s EBITDA increased to ₹4,000 crore from ₹1,500 crore, and the market cap went up to over ₹70,000 crore at the end of January 2018 from ₹11,600 crore, the release said.