Sunday July 15, 03:33 AM
Niraj Bajaj takes over as Mukand CMD
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By Ketan Thakkar
Niraj Bajaj, MD of speciality steel maker Mukand Ltd on Saturday replaced Rahul Bajaj to take over the reigns of the company. The decision was taken at an annual general meeting held in Mumbai. Speaking to FE after the AGM, Niraj Bajaj said, "It is really great honour and privilege." He added, "The direction of the company is very clear for next two three years. We are completely focused on our expansion plans, which will increase our production by April 2008." The company will invest Rs 300 crore in expansion which will see its steel production rise 80%, from 3,00,000 tonne to 5,40,000 tonne by 2008-09. "This expansion will improve our topline as well as the bottomline and take Mukand to the next level. The additional capacity will mainly cater to the growing demand of the company's global brands such as SKF, Mico Bosch, Sandvik, Toyota and Bekeart." Rahul Bajaj will continue to be the director of the company, "We will continue to take his guidance, whether he is on the board or not. He is head of Bajaj Group, he is head of our family, his guidance would always be available to us," the new CMD said. The company's other managing director, Rajesh Shah, takes over as the co-chairman of the company.
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