Biocon Ltd has appointed M B Chinappa as the Chief Financial Officer of its subsidiary Biocon Biologics India Ltd.
He joins from Biocon's subsidiary company Syngene International Ltd, where he was President (Finance) and CFO since 2008.
The move comes as True North is investing Rs 536.25 crore to pick 2.44 per cent minority stake in the group's biosimilars business.
Chinappa will be part of the executive leadership team and enable Biocon Biologics' journey towards becoming a global leader in biologics, the company said in a statement.
His immediate priorities will be to drive financial performance, strengthen the finance function to support future growth, improve profitability and manage anticipated risks in the journey of achieving one billion dollar revenue target in FY22.
Chinappa is a chartered accountant by qualification with over 28 years of experience in corporate finance, planning, treasury, taxation, risk management and assurance. Before joining the Biocon Group in 1999, he worked at ITC Ltd for seven years.
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"Chinappa has proven leadership skills and has played a key role in the value creation story of Biocon and Syngene in the past 20 years," said Chief Executive Officer Christiane Hamacher.
"I am sure with his expertise we will build immense value for Biocon Biologics as we progress towards transforming millions of patient lives across the globe," he said in a statement.