Widely acknowledged as the person behind transforming Tata Steel into the world’s eleventh largest steel-maker, B. Muthuraman on Friday had his last day in office after 48-year long stint on attaining the age of 70.
“Tata Steel has informed the BSE (Bombay Stock Exchange) that Mr. B Muthuraman, Vice-Chairman of the company has stepped down from the Board of the company on September 26, 2014, on attaining the age of 70 years, in accordance with the company’s retirement policy,” the steel major said in an exchange filing.
Mr. Muthuraman, who celebrated his birthday spending most of the day in office in Bombay House meeting colleagues and friends, told PTI that he has no regrets and it was a huge “pleasure and honour” to work with such an “open organisation” which “allows enough freedom to work.”
Beginning his journey in the country’s leading steel firm in 1966 as a trainee engineer, he rose to the position of Vice-Chairman in 2009 before spending eight long years as Managing Director.
Tata Steel not only grew domestically under Mr. Muthraman’s stewardship, but also expanded overseas, extending its footprint across various geographies with acquisition of Tata Steel Thailand (earlier known as NatSteel Holdings and Millennium Steel) and Tata Steel Europe (formerly known as Corus) between 2001-2009.
The acquired firms have manufacturing base in Singapore, Thailand, China, Malaysia, Vietnam, Australia, the UK, France, Germany, the Netherlands and Belgium.
The expansion of the company’s lone steel making facility at Jamshedpur to 9.7 million tonnes per annum (mtpa) in Jharkhand was undertaken during his tenure as the functional head of Tata Steel.
Tata Steel’s decision to set up a six million tonne greenfield plant in two phases, to be commissioned by the end of current year, was also Mr. Muthuraman’s brainchild.
The company had just three mtpa capacity in 2001 when he took over at the helm of affairs.
Established in 1907 as Asia’s first integrated private sector steel company, Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of nearly 30 million tonnes per annum.
It is the world’s second-most geographically-diversified steel producer now and had recorded a turnover of $24.81 billion in last fiscal.
G. K. Pillai to head Tata International
Tata International Ltd., the global trading and distribution arm of the Tata group, on Friday, appointed former Union Home Secretary G. K. Pillai as its Chairman. Mr. Pillai succeeds B. Muthuraman. Mr. Pillai’s appointment is with effect from September 26, Tata International Ltd. said in a statement.
