Laroya was appointed managing director on Oct 1, 2013 for a period of 5 years, taking the helm at the Indian operations from Nanavati after the completion of his 5-year term in the course of which 3M India doubled its sales and recorded significant improvement in R&D and plant manufacturing capabilities. In his role as MD, Nanavati drew a total of salary and benefits of Rs 2.72 crore in fiscal 2013, including an estimated value of Rs 53.2 lakh in benefits and Rs 11.4 lakh through various others.
Nanavati has moved on to another role within the company as Director, Business Development, Asia Pacific and Greater China Area, effective November 1, 2013.
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Laroya's benefits have not been estimated yet.
He will be entitled to all benefits applicable to senior managers in accordance with rules of the company. Prior to his current role, Laroya served as the Managing Director of 3M Indonesia, Director of Corporate Strategy and most recently as the Director of International Strategic Planning and Mergers & Acquisitions at 3M's corporate headquarters in St Paul, Minnesota, USA.
Laroya has been a part of the industry for the last 23 years, working in India, Sri Lanka, the United States and Indonesia. Within the company, he has been known for his emphasis and propagation of innovation on technology and human capital, among others.
He is also said to be an expert in cultural change management and operational improvement process (Six Sigma Master Black Belt) and has received several international awards for applications of new products.
Laroya joined 3M India in 1990 and has held key positions within the company on a variety of portfolios including Safety & Graphics, Industrial and Electro & Telecommunications.
He is credited with leading two acquisitions in telecommunication industry and regional electricity, including the acquisition of the cable accessories division of Mahindra Engineering & Chemical Company. This acquisition in 2006, gave 3M the advantage of a local brand, domestic manufacturing capability and a local distribution network in the country.
Laroya was then managing director of the electro & communication division of 3M which provides solutions to the electrical, electronics and telecommunications industries.
Laroya's second stint in India comes as Asian markets gain increased attention from the global company, as the second-fastest growing market contributing a 7 per cent increase in regional sales to the company's global revenue .
3M India reported second quarter net sales that increased by one third from the previous year to Rs 446.4 crore. However, net profit slipped to Rs 156.43 lakhs from Rs 1.1 crore weighed by higher expenses. The second quarter saw a 23 per cent increase in expenses, catapulted by a doubling in the cost of raw materials.
3M India has been in the country for the last 25 years, after having been established in 1988. The company markets over 8000 products in India with leading positions in a wide variety of market segments. In India, 3M has manufacturing facilities at Ahmedabad, Bangalore, Pimpri (Pune) and Ranjangaon (Pune) and has R&D Centers in Bangalore & Delhi.