Tata Motors appoints Usha Sangwan as Additional Director, Independent Director

The appointment is subject to the approval of the shareholders of the company, said Tata Motors in a regulatory filing.

“We hereby inform you that the Board of Directors at its meeting held today i.e. March 20, 2023, based on the recommendation of the Nomination and Remuneration Committee, has decided to appoint Smt. Usha Sangwan as Additional Director and Independent Director. Tata Motors Limited (‘the Company’) for a term of 5 years, from May 15, 2023 to May 14, 2028 (both days inclusive), subject to the approval of the shareholders of the company,” Tata Motors said in a regulatory filing.

Usha Sangwan was the first woman Managing Director of LIC of India. She joined LIC of India in 1981 as a direct recruit officer and held various important positions during her tenure of 37 years in LIC, finally rising to the top position of Managing Director (2013-2018).

She was also a board member of various national and international companies including Axis Bank, Bombay Stock Exchange, LIC Housing Finance, LIC Cards, Grasim Industries, Ambuja Cements, UltraTech Cement, GIC-RE, Voltas, LIC International Bahrain, Singapore, Nepal and many more. Sri Lanka.

He is currently an Independent Director on the Boards of Torrent Power, Trident Limited, SBI Life, Axis Pension Fund and Tata Technologies Limited.

Automotive maker Tata Motors posted its first quarterly profit in two years on rising demand for passenger cars as well as medium and heavy commercial vehicles. Mumbai-headquartered company reported consolidated net profit 2,957.71 crore for the third quarter ended December (Q3FY23).

Earlier this month, Tata Motors unit, Tata TechnologiesDRHP filed with SEBI for IPO.

The company had a net loss 1,516 crore in the year-ago period (Q3FY22) and 944.61 crore respectively in the previous September quarter (Q2FY23).

The company’s stock closed down 1.96 per cent on Monday. 410.75 on BSE.