Indian multination steel-making company Tata Steel Ltd., formerly known as Tata Iron and Steel Company (TISCO)’s Chief Executive Officer T.V. Narendran has reportedly abruptly resigned from the presidency of the Indian Steel Association.
His resignation comes way before the conclusion of his two-year tenure at the industry’s premier industry body in the country. His tenure was set to expire in August this year.
According to report by S&P Global Platts, Narendran resigned due to the arising disagreements within the member companies about the government’s decision to change the process of allotment of mine.
Recently, the Ministry of Mines had suggested auctions of such mines without any first right of refusal bringing in early termination of captive leases from 2025 to 2030.
According to the report, this move is said to be causing a hit on Tata Steel’s India operations considering that it is the only private company in India to possess captive reserves of Iron ore.
Although Tata Steel has not announced the executive resignation yet, the association has confirmed the development.
Formed in 2014, ISA is an umbrella industry body representing 18 full and affiliate members, including the top steel producing companies in India such as Tata Steel, JSW Steel, Steel Authority of India Ltd., ArcelorMittal Nippon Steel India, Rastriya Ispat Nigam Ltd. and Jindal Steel & Power Ltd.
ISA is in close touch with the government on matters affecting the steel industry and the resignation is likely to hinder the industry body’s advocacy efforts amid industry challenges owing to the COVID-19, sources said.
Past presidents of ISA include C.S. Verma, past chairman of the Steel Authority of India, and Sajjan Jindal, chairman of JSW Steel. Narendran is also on the boards of Tata Steel Ltd. and Tata Steel Europe, and is on the executive committee of the World Steel Association.
Narendran is a Mechanical Engineer from REC (NIT) Trichy and MBA from IIM Calcutta. He is a Chevening Scholar and attended the Advanced Management Programme in CEDEP/INSEAD in France. T V is also the fellow of The Indian National Academy of Engineering (INAE) and recipient of the Distinguished Alumnus Award from NIT Trichy and IIM Calcutta.
In November 2013, he became the Managing Director of Tata Steel (overseeing India and South East Asia) and on October 31, 2017 he was elevated as CEO & Managing Director, Tata Steel Limited.
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