Chennai, Feb 5 : City-based Rs 300 billion Murugappa group on Monday said its Vice-Chairman M.M.Murugappan has taken charge as the Executive Chairman.
Murugappan's elevation comes following the retirement of A.Vellayan who served as the Executive Chairman of the group since 2009.
As per the group's custom, the Executive Chairman retires at the age of 65.
The Murugappa group has interests in engineering, sugar, abrasives, cycles, insurance, financial services, fertiliser and others.
The group is a major player in the business verticals it operates.
Since November 2009, Murugappan served as the Group's Vice-Chairman, spearheading technology, innovation and Environment, Health (and) Safety (EHS) initiatives across the Group.
In January 2004, Murugappan took over as Chairman of Carborundum Universal Ltd (CUMI), playing a pivotal role in transforming it into an international company.
He led the integration of Volzhsky Abrasive Works, Russia (the second largest manufacturer of silicon carbide in the world), with CUMI.
Murugappan holds a Bachelor's degree in Chemical Engineering from the Alagappa College of Technology, University of Madras and a Master of Science Degree in Chemical Engineering from the University of Michigan, USA.
During his tenure, Vellayan steered the Group's growth through organic and inorganic initiatives, recording nearly 100 per cent increase in revenues from Rs 15,907 crore in 2008-09 to Rs 30,023 crore in 2016-17.