Sterling Tools Announces Key Leadership Appointments to Drive Innovation and Success The official statement states that Akhill Aggarwal is a whole-time director, Atul Aggarwal is the managing director, and Anil Aggarwal is the chairman.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Sterling Tools Limited (STL) announced the separation of the chairman and managing director positions in an effort to give electric vehicles and other green technology verticals more attention.
Current chairman and managing director Anil Aggarwal will become a full-time director while serving as chairman, with Atul Aggarwal taking over as managing director.
In his new role, Atul Aggarwal, who is also a whole-time director, will spearhead the company's diversification and growth in emerging verticals. Anil Aggarwal will provide overall guidance and mentorship to the company.
Akhill Aggarwal has also been named as a full-time director by Sterling Tools. He will be responsible for the sales and business development functions of the company and lead initiatives to grow market share as well as margins. Sanjiv Garg and Vijay Paradkar have also joined the company as independent directors.
Atul Aggarwal said, "These new appointments reflect our consistent focus on innovation and excellence across operations and management for our fasteners and EV businesses. We are pleased to have individuals with extensive experience and multiple skills to strengthen our team and reach our business outlook in the upcoming years."
Incorporated in 1979, Sterling Tools manufactures high-tensile cold-forged automotive fasteners, catering to passenger cars, two-wheelers, commercial vehicles, agri-equipment, and construction equipment segments.
STL claims that it is the second largest automotive fasteners manufacturer in the country and the largest MCU (motor control unit) manufacturer for the electric vehicle (EV) industry in India through its 100% owned subsidiary, Sterling Gtake E-Mobility Limited.
Anil Aggarwal said, "STL has in addition to its established fasteners business, in recent years positioned itself as a leading EV component player. We want to further accelerate our EV journey and provide greater focus and impetus to our new ventures. Atul's elevation to the role of managing director will enable this transition. This change is also in line with the company's succession planning objectives."
