Domestic handset maker Lava International has announced a significant restructuring of its board, appointing new directors to spearhead the company’s next phase of growth and innovation. The changes include the addition of executive director Sunil Raina and chief manufacturing officer Sanjeev Agarwal as directors.
Additionally, the board will benefit from the expertise of Anupam Shrivastava, former managing director of BSNL, and Ajay Kumar Singh, former Lt Governor of Andaman & Nicobar Islands and Puducherry, who have joined as independent directors. These appointments bring Lava’s board to a total of seven members.
The existing board members include co-founders Shailendra Nath Rai, Sunil Bhalla, and Vishal Sehgal. The recent changes aim to combine seasoned leadership with fresh perspectives from accomplished professionals with diverse backgrounds.
“We are happy to introduce the board members who shall be at the helm of driving the company’s vision and brand’s growth. The newly constituted board is a perfect blend of seasoned Lava leadership members, founders, and highly accomplished professionals with diverse backgrounds,” said Sunil Raina, Executive Director of Lava International.
This restructuring follows the departure of former managing director Hari Om Rai, who resigned from the board in the last financial year. Rai was arrested by the Enforcement Directorate (ED) on October 10 on charges of money laundering in the case against Vivo-India and no longer holds a directorial position in the company.
The appointment of new board members is part of Lava’s strategy to enhance its competitive edge and drive growth. The company is currently seeking fresh funds from private equity investors to bolster its smartphone business, with plans to raise Rs 500-600 crore.
This capital will be used to expand Lava’s manufacturing and R&D efforts, aiming to capture 25-30% of the sub-Rs 30,000 smartphone segment and challenge the dominance of Chinese manufacturers in the market. With these strategic changes, Lava International is positioning itself to innovate and grow in the highly competitive smartphone industry.
