New CEO At Mafatlal Industries

MafatlalCentury old textile manufacturer Mafatlal Industries has appointed Aniruddha Deshmukh as company’s new chief executive (CEO) and managing director.

Mumbai-based Mafatlal Industries announced the appointment at the company’s board meeting yesterday. Before joining at Mafatlal, Deshmukh was president of textiles division at Raymond Limited.

A company that manufactures denims, sarees had posted annual net profit of 23.84 crore for the year 2014-15, marginal 5.8 per cent higher than same period last year. The company has reported annual sales of Rs 1013.46 crore during financial year 2015.

“The domestic textile and apparel industry in India is estimated to reach 100 billion US Dollar by 2017 from 67 billion US Dollar in 2014,” India Brand Equity Foundation (IBEF), a commerce ministry body in its report on the textile and apparel sector said. India is the world’s second largest producer of textiles and garments.

Deshmukh will take over from today, according to company’s announcement to the BSE.

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