The aluminium major, Indian Aluminium Company (Indal), may see a change in the top level management. Corporate circles say that Tapan Mitra, vice-chairman and managing director is likely to vacate the chief executive's slot next year.
According to reliable sources, some names have already been shortlisted as replacement for the man who alone is widely credited with being responsible for much of Indals successes in recent years. Among those being talked of as likely successors to Mitra, are M K Chaudhry, recently appointed to the Indal board, and Suresh Thadani, currently with the Canadian aluminium giant Alcan, which has a 34.6 per cent stake in Indal. The reason behind Mitra's imminent exit from Indal's top executive post is unclear, but the aluminium company recently suffered a setback with a 48 per cent dip in profits. Significantly, Alcan is reported to have shown a keen interest in acquiring a majority stake in the Indian company. However, when contacted, Mitra categorically denied any possibility of his leaving Indal. There is no chance of my leaving the company in the near future'', Mitra told Business Standard. The Calcutta corporate grapevine is, however, already abuzz with talk of Mitra's successor and the reasons why he may leave.
Indal's performance for the year 1996-97 has not been upto the mark, as the company's net profit fell from Rs 114.2 crore in 1995-96 to Rs 59.2 crore last year. The situation became worse as international prices fell from $230 per tonne to $130 per tonne last year. Born in September 1933, Mitra did his B Com from St Xavier's College and his M Com from Calcutta University. In 1961 he did his chartered accountancy and then proceeded to do his MBA from Geneva. He moved to Indal as sales assistant, a job which had little to do with his accountancy background. Later, however, he switched back to finance and continued there in various capacities till he took over as vice-president in 1990.
In 1991, he also took over the post of managing director.
Mitra set up a new department specifically to improve management-labour relations and to identify and execute operational ideas generated at the grassroots employees level.
Mitra's association with Indal began as early as 1968, when he was made the president of the company's leftist union. He was also actively involved in politics for about seven years.
