The Board of Directors of Cholamandalam Investment and Finance Company has appointed Arun Alagappan as the Managing Director of the Company. Alagappan is a promoter and a member of the Murugappa family, and has been the Executive Director of the Company since August 2017.
During his tenure, the Assets Under Management of CIFCL grew from Rs 37,450 crore to Rs 64,000 crore and profit before tax grew from Rs 634 crore YTD Sepember 2017 to Rs 1,006 crore YTD September 2019.
He started his career with GE Capital Services India and after two years there, he joined the Murugappa Group in 1999. He had earlier served in the various businesses of the Murugappa Group such as Parryware (part of EID Parry India Limited), Tube Products of India and Tl Cycles (both part of Tube Investments of India Limited) before joining Cholamandalam Investment and Finance Company Limited as Executive Director.
Meanwhile, for the quarter ended September 19, the company's PBT gre 14 per cent to Rs 523 crore, from Rs 460 crore in the corresponding quarter the previous year.