In his new position, Atul Aggarwal, who serves as a whole-time director as well, will lead the company’s expansion and development into new verticals.
Sterling Tools Ltd. announced today that it is separating the roles of managing director and chairman to better concentrate on sectors such as electric vehicles and other sustainable technologies. Atul Aggarwal has been appointed as the new managing director. The current Chairman and Managing Director, Anil Aggarwal, will transition to the role of a whole-time director while continuing to serve as chairman.
In his enhanced capacity, Atul Aggarwal will be at the forefront of driving the company’s strategic expansion into new and emerging markets. Meanwhile, Anil Aggarwal will continue to offer overarching guidance and mentorship to the organization.
Sterling Tools stands as the second-largest producer of automotive fasteners in the country and ranks among the top manufacturers of motor control units for the electric vehicle sector in India via its wholly-owned subsidiary, Sterling Gtake E-Mobility Ltd.
Anil Aggarwal highlighted the strategic shift, expressing eagerness to speed up the company’s move into the electric vehicle sector and devote more attention to new projects. He noted that Atul’s promotion to managing director is crucial to supporting this change. Additionally, this reorganization supports the company’s succession planning objectives.
In related developments, Sterling Tools has also welcomed Akhill Aggarwal as a new whole-time director. His responsibilities will include overseeing the sales and business development areas of the company, as well as leading efforts to expand market share and improve profit margins. Additionally, Sanjiv Garg and Vijay Paradkar have joined Sterling Tools as independent directors.
