Sterling Tools Ltd. announced a strategic reorganization today, separating the roles of Managing Director and Chairman to sharpen its focus on electric vehicles (EVs) and other green technology ventures. Atul Aggarwal has been appointed as the new Managing Director, while Anil Aggarwal, the current Chairman and Managing Director, will transition to a whole-time director role while retaining his position as Chairman.
In his new capacity, Atul Aggarwal, who already serves as a whole-time director, will lead the company’s expansion efforts into emerging verticals, particularly in the realm of electric vehicles. Anil Aggarwal will continue to provide overarching guidance and mentorship to the organization.
Sterling Tools, the second-largest automotive fasteners manufacturer in the country, has been making strides in the electric vehicle industry through its subsidiary, Sterling Gtake E-Mobility Ltd., where it stands as one of the largest motor control unit manufacturers in India.
“We aim to accelerate our journey in the EV sector and provide intensified focus and momentum to our new ventures. Atul’s appointment as Managing Director will facilitate this transition. This change aligns with the company’s succession planning objectives,” remarked Anil Aggarwal.
In addition to the leadership shuffle, Sterling Tools welcomed Akhill Aggarwal as a new whole-time director. Akhill Aggarwal will take charge of the sales and business development functions, steering initiatives to bolster market share and enhance margins. Furthermore, the company bolstered its board with the appointments of Sanjiv Garg and Vijay Paradkar as independent directors, adding diversified expertise to its governance structure.
The reorganization signals Sterling Tools’ proactive approach in adapting to the evolving automotive landscape, particularly the burgeoning electric vehicle sector. With a renewed leadership team and a strategic focus on green technology ventures, the company aims to reinforce its position as a key player in India’s automotive and EV industries.
