Murugappan steps down as chairman of Murugappa Group’s three listed firms

MM Murugappan, the executive chairman of the over Rs 38,100-crore diversified conglomerate Murugappa Group, on Wednesday stepped down as the chairman and director of the board of three listed companies of the group.

The companies — Cholamandalam Investment and Finance Company (Chola), Tube Investments of India, Coromandel International — said in separate disclosures to stock exchanges that Murugappan stepped down as chairman effective close of business hours of November 11, 2020 as he turns 65 years of age and wishes to pursue philanthropy and other interests.

The Murugappa Group spokesperson refused to comment when queried whether Murugappan has resigned from the post of chairman of the group also.

Consequently, the board of directors of Chola elected Vellayan Subbiah as the chairman with effect from November 12, 2020. Similarly, the board of directors of Coromandel International has elected A Vellayan, as their chairman. Tube Investments is yet to announce Murugappan’s replacement.

Vellayan Subbiaha is part of the fourth generation of the Murugappa family. He holds a degree of Bachelor of Technology in civil engineering from IIT Madras and a Masters in Business Administration from Michigan University, USA. He was the MD of the company from August 19, 2010 to August 18, 2017. Currently, he is the MD of Tube Investments of India (TII) and is on the board of various companies including Shanthi Gears.

Murugappa Group has 28 businesses, including nine listed companies. The major companies of the group include Carborundum Universal, Cholamandalam Financial Holdings, Cholamandalam Investment and Finance Company, Cholamandalam MS General Insurance Company, Coromandel International, Coromandel Engineering Company, EID Parry (India), Parry Agro Industries, Shanthi Gears, Tube Investments of India and Wendt (India)