Foseco India Ltd appoints Mr. Prasad Chavare as MD and CEO

On the recommendation of the Nomination and Remuneration Committee, the Board of Directors of Foseco India Ltd has appointed Mr. Prasad Chavare (DIN: 08846863) as an Additional Director on the Board of the Company with effect from 6th May 2021, pursuant to the provisions of Section 152 and 161 of the Companies Act 2013. Consequently, Mr. Chavare has also been appointed and designated as the Managing Director and Chief Executive Officer (MD & CEO), for a period of 5 years with effect from 1st June 2021 up to 31st May 2026. His appointment will be subject to the approval of the Shareholders of the Company at the forthcoming Annual General Meeting of the Company. He will be liable to retire by rotation.

Mr. Chavare, aged 45 years, is a Bachelor of Engineering (Mechanical) from Pune University. Additionally, he has done Master of Business Administration in Marketing Management from Pune University.

Mr. Chavare is having rich and extensive experience of over two decades spanning across continents and diverse industries such as Automotive, Power Generation, Turnkey Projects, Construction and Building Materials. With an international stint of seven years and leading cross functional regional and global teams, he brings in his diverse experience in Business Turnaround and Business Operations Restructuring, Strong P&L Management, Sales, Marketing, Six Sigma and Supply Chain Management.

Mr. Chavare's last assignment was with Cummins Technologies India Private Limited, as a Wholetime Director and a country leader, having spent a significant portion of his experience in the manufacturing and engineering sector with Cummins and has also worked with Hilti India. With Cummins, he was leading the overall Cummins Turbocharger India business by managing multisite manufacturing plants, building strong customer relationships, developing the overall business plans for profitable growth, driving safety and continuous improvement across all functions.

Mr. Chavare is a well-recognized speaker in Leadership, Strategy, Marketing and Six Sigma. A strong believer in "Servant Leadership", Mr. Chavare is passionate about leadership development and creating right environment by implementing structured employee engagement initiatives to build the right culture based on strong foundational core values.

Shares of FOSECO INDIA LTD. was last trading in BSE at Rs.1390 as compared to the previous close of Rs. 1415.55. The total number of shares traded during the day was 605 in over 154 trades.

The stock hit an intraday high of Rs. 1430 and intraday low of 1373. The net turnover during the day was Rs. 843353.

Source : Equity Bulls

Keywords