Sterling Tools Ltd. today said it is segregating the role of managing director and chairman to focus more on electric vehicles and other green technology verticals. Atul Aggarwal is the new managing director, while the current Chairman and Managing Director Anil Aggarwal will become a whole-time director while he continues as the chairman.
In his new role, Atul Aggarwal, who is also a whole-time director, will spearhead the company’s diversification and growth in emerging verticals. Anil Aggarwal will provide overall guidance and mentorship to the company.
Sterling Tools is the second largest automotive fasteners manufacturer in the Country and one of the largest motor control unit manufacturers for the electric vehicle industry in India through its fully-owned subsidiary Sterling Gtake E-Mobility Ltd.
“We want to further accelerate our EV journey and provide greater focus and impetus to our new ventures. Atul’s elevation to the role of Managing Director will enable this transition. This change is also in line with the Company’s succession planning objectives,” Anil Aggarwal said.
Meanwhile, Sterling Tools has also appointed Akhill Aggarwal as a whole-time director. He will be responsible for the sales and business development functions of the company and lead initiatives to grow market share as well as margins. Sanjiv Garg and Vijay Paradkar have also joined the company as independent directors.
