Essar Group has announced the appointment of Malay Mukherjee as chief executive officer of its steel business, effective from October 15. He will take charge from current CEO J Mehra, who will assume a new role as director, Essar Group, and will continue to support the promoter-directors in business strategy, investments, corporate relations and corporate governance.
Mukherjee, 60, responsible for Asia, Africa, the CIS, mining, stainless and pipes and tubes, will retire on May 13, the date of the company's annual general meeting, a company release said. The board of directors will propose to the AGM of shareholders that he will be appointed as a non-executive member of the Company's Board of Directors effective from that date.
Arcelor-Mittal has shortlisted three sites in Jharkhand for setting up a Rs 20,000 crore (Rs 200 billion) 12 million tonne steel project. The three sites are at Galudih, Saraikela and Torpa, said Malay Mukherjee, one of the eight members of the Arcelor-Mittal management team.
"Their (Arcelor Mittal) management board member Malay Mukherjee was here in Ranchi. He said the company is satisfied with the development of the proposed steel project in Jharkhand," Chief Minister Madhu Koda told reporters in Ranchi. He was reacting to a query that steel tycoon L N Mittal reportedly expressed disappointment with his projects, both in Jharkhand and Orissa, last week.
Essar Steel wants to partner with a foreign company to consolidate its position in the automobile steel market in India. The company, soon to be a 10-million tonne per annum manufacturer, has 20-25 per cent of the auto steel market. It does not wish to lose any of it to the recent joint ventures formed by various Indian steelmakers with Japanese ones.
A global steel producer is putting up 14-million-tonne capacity, Essar Steel aims to achieve a global capacity of 20-25 mt.
BCCI interim chief Jagmohan Dalmiya is set to be elected unopposed in a straightforward affair at the Cricket Association of Bengal's 82nd Annual General Meeting in Kolkata, on Tuesday.
But he is actively pursuing greenfield steel plants in Karnataka and Jharkhand; ultimately, only one of these might come up.
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