Sanjay Lalbhai’s son to join family business as employeeJuly 10th, 2008 - 6:06 pm ICT by IANS
Ahmedabad, July 10 (IANS) When Punit Lalbhai, the elder son of Arvind Mills Ltd chairman and managing director Sanjay Lalbhai, is inducted into the company September 1, he will be just another employee rather than being on the company board. Lalbhai junior, with a Masters degree in Forestry and Environmental Studies from Yale University, will join as “chief manager projects”. His monthly compensation package - comprising a basic salary of Rs.35,000 and perks of up to Rs.65,000 - will be equal to that of other employees in the same grade with similar qualifications and experience.
Besides, according to a special resolution recommending his appointment, the 26-year-old will have to provide an “undertaking that he will be in the exclusive employment of the company and will not hold a place of profit in any other company”.
The special resolution will come up for ratification at the company’s annual general meeting July 31. Arvind Mills is the flagship company of the Rs.20-billion ($500-million) Lalbhai group.
As chief manager of projects, Punit Lalbhai’s key responsibility will be to carve out new directions by “identifying the synergy between the company’s current and future businesses”, the resolution says.
He will also oversee project execution and formulate the company’s strategy in emerging fields. “He will be responsible for constantly tracking the new events unfolding in these fields and constantly update these emerging knowledge-based businesses,” the recommendation says.
The company is executing expansion plans which include setting up greenfield projects.
It will also be making a strategic entry into areas such as organic cotton farming, bio-fuels and carbon credits. Organic cotton cultivation will be a backward integration for Arvind.
Sanjay Lalbhai joined Arvind in 1975 when he was 21, and became its managing director in 1980. He was named chairman last year following the death of his uncle Arvind Lalbhai.
- Arvind eyes Rs.400 crore revenue from new business format - Jun 17, 2011
- Telcom firms meet Sibal again lobbying against TRAI proposals - May 08, 2012
- US, Europe on recovery path: Infosys Kris - Mar 08, 2012
- Andhra gets Rs.5.57 lakh crore investment at Partnership Summit (Lead) - Jan 12, 2012
- Berger Paints plans to acquire speciality paint company - Jul 29, 2010
- Greaves Cotton plans to expand construction equipment, diesel engine range - Apr 28, 2012
- GVK to develop two airports in Indonesia - Jan 25, 2011
- HAL not meeting expectations of air force: Minister - Mar 02, 2012
- Tata Realty targets Rs.30,000 crore projects by 2015 - Aug 05, 2010
- Hydro project will ruin Himachal river catchment: Report - Jan 15, 2012
- NMDC to set up India's largest blast furnace in Chhattisgarh - Jun 01, 2011
- HNG posts 14 percent growth in net sales in FY11 - May 23, 2011
- Andhra bags Rs.5.57 lakh crore investment projects - Jan 12, 2012
- Call rates can rise 100 percent, warn telecom operators - May 03, 2012
- GTN to invest Rs.200 million in apparel market - Nov 22, 2011
Tags: annual general meeting, arvind lalbhai, arvind mills, backward integration, bio fuels, carbon credits, chief manager, compensation package, cotton cultivation, death of his uncle, expansion plans, flagship company, greenfield projects, masters degree, new directions, organic cotton, project execution, rs 65, sanjay, yale university