New Delhi: Sterling Tools Limited (STL), the second largest automotive fasteners manufacturer in the Country and the largest MCU (Motor Control Unit) manufacturer for the Electric Vehicle (EV) industry in India (through its 100% owned subsidiary-Sterling Gtake E-Mobility Limited), has redesignated the role of Chairman and Managing Director Anil Aggarwal as Chairman and Whole-time Director. He will continue to provide overall guidance and mentorship to the company.
Meanwhile the STL Board has elevated Atul Aggarwal to the role of Managing Director to spearhead the company’s diversification and growth in emerging verticals.
The segregation of the Chairman and Managing Director roles is to provide greater focus to electric vehicles and other green technology verticals, the company said in a media release.
Akhill Aggarwal is also appointed as a Whole-time Director at STL. He will be responsible for the sales and business development functions and will lead the company’s initiatives to grow market share as well as margins, the release said.
Sanjiv Garg and Vijay Madhav Paradkar have joined the company as Independent Directors, the release added.
Atul Aggarwal, said, “These new appointments reflect our consistent focus on innovation and excellence across operations and management for our fasteners and EV business. We are pleased to have individuals with extensive experience and multiple skills to strengthen our team and reach our business outlook in the upcoming years.”
Anil Aggarwal, said, “STL has in addition to its established fasteners business, in recent years positioned itself as a leading EV component player. 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.”
