"Tata Steel has informed BSE that B Muthuraman, Vice-Chairman of the company has stepped down from the Board of the company on September 26, 2014 on attaining the age of 70 years, in accordance with the company's retirement policy," the steel major said in an exchange filing.
Muthuraman, who celebrated his birthday spending most of the day in office in Bombay House meeting colleagues and friends, told PTI that he has no regrets and it was a huge "pleasure and honour" to work with such an "open organisation" which "allows enough freedom to work."
Tata Steel not only grew domestically under Muthraman's stewardhip, it also expanded overseas, extending its footprint across various geographies with acquisition of Tata Steel Thailand (earlier known as NatSteel Holdings and Millennium Steel) and Tata Steel Europe (formerly knows as Corus) between 2001-2009.
The acquired firms have manufacturing base in Singapore, Thailand, China, Malaysia, Vietnam, Australia, the UK, France, Germany, the Netherlands and Belgium.
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The expansion of the company's lone steel making facility at Jamshedpur to 9.7 million tonnes per annum (mtpa) in Jharkhand was undertaken during his tenure as the functional head of Tata Steel.
The company had just three mtpa capacity in 2001 when he took over at the helm of affairs.
Established in 1907 as Asia's first integrated private sector steel company, Tata Steel Group is among the top-ten global steel companies with an annual crude steel capacity of nearly 30 million tonnes per annum.
It is the world's second-most geographically-diversified steel producer now and had recorded a turnover of USD 24.81 billion in last fiscal.