Fast-moving consumer goods maker Jyothy Labs Ltd has appointed MR Jyothy as its new managing director.
Jyothy will take on the new role with effect from April 1, the company said in a statement.
Jyothy is the elder daughter of founder chairman MP Ramachandran and has been a director at her namesake company since 2005. Ramachandran will continue to serve as chairman emeritus.
Ramachandran’s younger daughter, MR Deepthi, has been promoted as a whole-time director as part of the top-level shuffle. Deepthi is currently general manager (finance) and assistant company secretary.
An alumna of Harvard University, the 40-year-old Jyothy has worked in the company’s sales, marketing, and brand communication functions. She helped promote brands like Henko, Pril and Margo and handled the post-acquisition operations of Henkel India, the statement said.
Jyothy Labs counts private equity firm MCap Fund Advisors Pvt. Ltd among its investors. MCap had first invested in the company in 2011 and then increased its stake in 2015. The PE firm held a 1.65% stake in Jyothy Labs at the end of December 2019, stock-exchange data show.
MCap, however, hasn’t been making new investments and is just managing its existing portfolio. In fact, the additional investment in Jyothy Labs in 2015 was the PE firm’s last known deal, according to VCCEdge, the data research arm of Mosaic Digital.
The company, which was founded in 1983, kicked off operations with its iconic Ujala brand. Over the years, the company has introduced several brands under its portfolio such as Neem, Chek and Mr White. It generated a net profit of Rs 193 crore on net revenue of Rs 1,769 crore for 2018-19.