M M Murugappan, Vice-Chairman, Murugappa Group, has taken charge as the Executive Chairman of the Group on Monday.
He succeeds A Vellayan, who served as Executive Chairman from November 2009 and retired, as customary in the Murugappa Group, at the age of 65.
During his tenure, Mr Vellayan steered the Group’s growth through organic and inorganic initiatives, recording nearly 100 per cent increase in revenues from Rs 15,907 crores in 2008-09 to Rs 30,023 crores in 2016-17. During this period, the Group’s EBITDA had gone up from Rs 1,500 crores to Rs 4,000 crores and in percentage from 10 to 14 per cent. Reflecting the improved performance, the Group’s market cap has gone up from Rs.11,600 crores to over Rs 70,000 crores at the end of January 2018,a company release said. He has been actively involved in industry bodies such as FAI and ISMA.