Chennai: The Board of Directors of Cholamandalam Investment and Finance Company Limited (CIFCL) at their meeting held today approved the appointment of Arun Alagappan as the Managing Director of the Company for a period of five years effective 15th November 2019.
Arun Alagappan, started his career with GE Capital Services India and after two years of stint there, joined the Murugappa Group in the year 1999. He had earlier served in the various businesses of the Murugappa Group viz., Parryware part of EID Parry India Limited, Tube Products of India and TI Cycles, both part of Tube Investments of India Limited before joining Cholamandalam Investment and Finance Company Limited as Executive Director on the 19th of August 2017.
During his tenure the Assets Under Management of CIFCL grew from Rs.37,450 crores to Rs.64,000 crores and profit before tax grew from Rs.634 crores YTD Sep 2017 to Rs.1,006 crores YTD Sep 2019.
Cholamandalam Investment and Finance Company Limited (Chola), incorporated in 1978 as the financial services arm of the Murugappa Group. Chola operates from 1029 branches across India with assets under management above INR 64,000 Crores.