The Tata Group company has appointed N. Chandrasekaran as an additional director and chairman of the board of directors of the company effective 24 November 2020.
Chandrasekaran, 57 years, is the chairman of the board at Tata Sons, promoter of the company. Chandrasekaran joined the board of Tata Sons in October 2016 and was appointed chairman in January 2017. He also chairs the boards of several group operating companies, including Tata Steel, Tata Motors, Tata Power, and Tata Consultancy Services (TCS) – of which he was chief executive from 2009-17.
Further, Bhaskar Bhat has resigned as the director of the company, effective 24 November 2020.
On a consolidated basis, Tata Chemicals' net profit declined 75.3% to Rs 70.47 crore on 5.8% fall in net sales to Rs 2609.35 crore in Q2 September 2020 over Q2 September 2019.
Tata Chemicals is a global company with interests in businesses that focus on basic chemistry products and specialty chemistry products. Tata Chemicals currently is the world's third largest producer of soda ash with manufacturing facilities in Asia, Europe, Africa and North America. The company has a strong position in the crop protection business through its subsidiary company Rallis India.
Shares of the chemicals maker rose 2.50% to Rs 367.30 on Tuesday.