Aditya Birla Nuvo Ltd (ABNL), part of the Kumar Mangalam Birla-controlled diversified business conglomerate Aditya Birla Group, has appointed Lalit Naik as its new managing director, according to a stock market disclosure.
Naik will take over the responsibilities from Rakesh Jain, whose term is expiring on June 30, the disclosure said. Jain will also cease to be the director of the company, it added.
Currently, Naik heads the chemicals, fertilisers and insulator businesses of the Aditya Birla Group and has been the deputy managing director of ABNL since January 2013. Naik provides strategic and operational leadership to these businesses, both in domestic and international sectors, according to information available on its website.
The appointment, which is subject to shareholder approval, is effected from July 1, 2014.
A graduate in chemical engineering from IIT Kanpur and an MBA from IIM Ahmedabad, Naik has more than 25 years of experience in the field of chemicals and has worked in leadership positions in many companies.
Before joining Aditya Birla Group, Naik was the regional managing director (Asia Pacific) of Saint Gobain and has worked with companies like BASF, Bharat Petroleum, Dow Chemicals India and Godrej Soaps.
ABNL is a diversified firm with presence across financial services, telecom, fashion & lifestyle, IT-ITeS and manufacturing businesses. It has around 49,000 employees.
The firm clocked revenues of Rs 25,893 crore with net profit of Rs 1,142.8 crore for the year ended March 31, 2014.
Shares of the company were quoting at Rs 1362.45, up 0.80 per cent in mid-day trades on the BSE in strong Mumbai market on Friday.
(Edited by Joby Puthuparampil Johnson)