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Finolex Industries Limited announced that its Board of Directors has approved the appointment of Mr. Saurabh Dhanorkar as Managing Director, effective November 21, 2024, for a period of two years.
Mr. Dhanorkar has been associated with the Company since 1983, serving in various roles. He was Managing Director until 2012 when he retired. A qualified Chartered Accountant, Mr. Dhanorkar played a key role in transforming Finolex from a Rs. 2 crore pipes manufacturing company into a multi-location petrochemicals and plastics processing giant. After retiring as Managing Director in 2016, he continued to serve as a Non-Executive Director for the past eight years.
Executive Chairman, Mr. Prakash Chhabria, highlighted the importance of this leadership change and praised Mr. Dhanorkar's vast experience in areas such as accounting, finance, commercial strategy, marketing, and general management. He expressed confidence in Mr. Dhanorkar's ability to lead Finolex into its next growth phase, citing his client-centric approach, growth mindset, and commitment to the company’s values. He looks forward to setting new benchmarks under his leadership.
The Board, at its meeting held on October 24, approved the recommendation of the Nomination & Remuneration Committee to appoint Mr. Dhanorkar as Managing Director, with the necessary disclosures already filed with the Stock Exchanges. Mr. Ajit Venkataraman will step down as Managing Director at the close of business hours on November 20.
