Management changes at Aditya Birla Nuvo
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Indian Retail
Aditya Birla Nuvo has reported a full-year net loss of Rs 430.5 crore mainly due to cancellation of orders and forex losses. The company has reported a net loss of Rs 142 crore during the fourth quarter ended March 31, 2009. The company recently witnesses a top-level management reshuffle undertaken by Aditya Birla group chairman Kumar Mangalam Birla. Under the reshuffle, Vikram Rao, who spearheaded Madura Garments for nearly a decade, had moved to head the fiber and fabric operations in Egypt, Thailand, Indonesia and the Philippines. Pranab Barua, who was part of Aditya Birla Retail, was brought in as the head of Madura Garments. The company also announced a series of top-level changes earlier this week. The company’s CFO, Adesh Gupta, will move to another group company Grasim Industries
as its CFO and Rakesh Jain, the joint managing director will take over the mantle of managing director from Bharat K Singh.
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