Business News/ Companies / News/  Tata Motors appoints Usha Sangwan as Additional Director, Independent Director for 5 yrs

Automotive manufacturer Tata Motors on Monday said it has appointed Usha Sangwan as additional director and independent director of the company for 5 years, effective from 15 May, 2023 to 14 May, 2028.

The appointment is subject to 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., on March 20, 2023, based on the recommendation of the Nomination and Remuneration Committee, has decided to appoint Mrs Usha Sangwan as an Additional Director and Independent Director of Tata Motors Limited (‘the Company’) for a tenure of 5 years, from May 15, 2023 to May 14, 2028 (both days inclusive), subject to approval of the shareholders of the Company," said Tata Motors in a regulatory filing.

Usha Sangwan was the first ever woman Managing Director of LIC of India. She joined LIC of India in 1981 as a Direct Recruit Officer and handled various important positions during her 37 years of stint in LIC, finally reaching 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 Sri Lanka.

Presently she is independent director on the Board of Torrent Power, Trident Ltd, SBI Life, Axis Pension Fund and Tata Technologies Ltd.

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

Earlier this month, Tata Motors’ unit, Tata Technologies, filed DRHP with Sebi for IPO.

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

On Monday, the company's scrip ended 1.96% down at 410.75 on BSE.

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Updated: 20 Mar 2023, 10:45 PM IST
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