In tune with this policy, the group has appointed managing directors to manage its four main business ventures -- chlorochemicals/ PVCs, engineering, speciality chemicals and shipping.
Brothers and majority stakeholders N Sankar and N Kumar will continue as chairman and vice-chairman, respectively.
Announcing this to mediapersons, group chairman, N Sankar, said, "the current step is aimed at distancing ownership from professional management and vesting authority and responsibility in the hands of the managing directors.''
P S Jayaraman will take charge of flagship Chemplast Sanmar Ltd, Captain B Chakrapani will assume charge as managing director Sanmar Shipping Ltd while M S Sekhar and M N Radhakrishnan have been appointed to head Sanmar Speciality Chemicals Ltd and Sanmar Engineering Corporation.
All four managing directors were earlier executive directors in the companies they have been appointed to head.
With hardly any cross holdings between companies, the managing directors will have a free hand in taking business-specific, strategic and investment decisions, Sankar said. They will also enjoy independent authority in fund raising (equity and debt) subject to some basic prudential norms.
The managing directors have been part of Sanmar's corporate management board (CMB) involved in evolving management process, philosophy, ethics and HR practices for the group as a whole.
Besides the four core areas in which the group is currently engaged in, Sanmar isalso making a re-entry in IT and software. Kumar will spearhead the group's IT initiative.
"Our IT and software thrust will focus on telecom and e-commerce. In e-commerce we will provide angel funding to dotcoms in the B2B space especially in heritage and education," Kumar said.So far, six dotcoms have already obtained first round funding from the group.
"However, we will restrict ourselves to first round of funding only," Kumar added.On the other new initiatives from the group, M S Sekhar, managing director, Sanmar Speciality Chemicals, said, "we will undertake contract research and provide the facility to commercialise complex chemical syntheses."
The company is setting up a $2.5 million facilty at Perungudi, a city suburb, to execute projects starting with process development to commercial manufacturing.
Plans are also afoot to make Sanmar Engineering Corporation which has nine operating joint ventures and four wholly owned subsidiaries under its wing a legal corporate entity, Sankar said.
