Wednesday, March 23, 2016
Sources said that Vijay Mallya has reportedly decided to step down as the Chairman of Sanofi India Ltd., a pharma company. Vijay Mallya had joined as Director in December 1973 in the Hoechst Pharmaceuticals Ltd.,(Now SIL) and functioned as Board Chairman since December 1983.
SIL Managing Director Shailesh Ayyangar said under Mallya's leadership, in the past 10 years, SIL's sales grew from Rs.800 crore to Rs.2,000 crore, share price shot up from Rs.1,655 to Rs.4,358, market cap has almost tripled and the employee strength more than doubled from 1,500 to 3,700. It announced plans to induct Aditya Narayan and Usha Thorat as two new independent directors for five years from April 30, 2016. Sources said that Narayan, 64, is slated to take over as the next SIL Chairman in place of Mallya.