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Daewoo board to meet this month on Awasthi's resignation

The board of directors of Daewoo Motors India Limited will meet in Delhi this month to consider the resignation of its high-profile chairman Shiv Gopal Awasthi.

Awasthi will hold office till November 30. ''The board will meet this month, a date for which has not been finalised as yet, for considering my resignation,'' Awasthi said.

Though he refused to divulge much about his future assignments, Awasthi set aside rumours that he was joining Tata Engineering (TELCO). ''I am not joining TELCO. I have a few offers and a few more are pouring in. I am studying them at the moment and have not finalised any plans as yet,'' Awasthi said.

Awasthi also refused to state his course of action in case his resignation application was not approved by the South Korean parent company. ''Anyway, I am going to be on rolls till November 30.''

Awasthi had resigned on October 16 citing personal reasons. ''I feel a sense of accomplishment that stems from our efforts towards building Daewoo as a brand that has not just entered the market successfully, but is now fully established in India. Having fulfilled this role, there are still critical strategic decisions to be made in future where I may not be able to add value and this has led to my decision to resign,'' he had said.

Awasthi has been responsible for establishing the Daewoo brand name in India and the successful launch of its small car 'Matiz'. He had joined the Tata Group (TELCO) in 1965 as a graduate engineer trainee and was trained at various plants of Daimler-Benz, West Germany. In 1984, he was chosen to head TELCO's Lucknow plant.

Awasthi later joined DCM Toyota Limited as head (technical operations) and became director in 1986, deputy managing director and CEO in 1988, and managing director in 1991.

After restructuring, he continued as managing director of Daewoo Motors India Limited till January 24, 2000 and became chairman of the company from January 25, 2000.

UNI

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