Tata Steel Names India Head Narendran to Lead Global OperationsBy
Steelmaker is planning to double Indian capacity in five years
Company swung to profit in the past quarter on higher prices
Tata Steel Ltd.’s India head T.V. Narendran has been appointed global chief executive officer and managing director as the steelmaker returns to profitability, and sets about implementing an agreement with Thyssenkrupp AG to combine European steel businesses.
Narendran has helmed the Indian and South East Asian operations since November 2013, the company said in a filing. It also reappointed Koushik Chatterjee as executive director and chief financial officer for five years beginning Nov. 9, and he’ll report to Narendran.
The producer plans to focus on the Indian market, where Tata Steel is seeking to double output capacity in the next five years. The mill has sold off some unprofitable assets in the U.K. and, in September, agreed with Thyssenkrupp to combine businesses in Europe to counter overcapacity and cut costs.
The Kalinganagar steel plant in Odisha was commissioned during Narendran’s tenure, taking production capacity in India to about 13 million metric tons. The company swung to a profit of 9.76 billion rupees ($150 million) in the three months through September from a loss of 799 million rupees a year earlier. The shares fell 1.4 percent to 708.15 rupees in Mumbai on Tuesday.