Aequs expands board with two industry veterans

Aequs, a diversified contract manufacturing company, has inducted former Airbus executive Klaus Richter and former Yes Bank chief economist Shubhada M Rao on its board as independent directors.

The induction of industry veterans and thought leaders is expected to aid the firm's expansion of its manufacturing ecosystems to other sectors, a company statement said.

Aequs established India’s first aerospace-focused SEZ and recently it expanded its manufacturing ecosystems into the toys and consumer durable goods sectors.

''Dr Klaus Richter, former Airbus and BMW procurement head, and currently President-designate of the Executive Board at German technology conglomerate, Diehl Stiftung GmbH & Co., brings to the Aequs Board a deep understanding and experience in global supply chains.

''His area of expertise is critical given emerging industry priorities in the wake of the pandemic where supply chain players must rapidly adjust to a new normal with evolving customer expectations and the geopolitical situation,'' it said.

Credited with introducing car-making strategies at Airbus, Aequs will leverage his expertise to do the same in other industry sectors it is expanding into.

Rao, founder of lead research house QuantEco, and former senior group president and chief economist at Yes Bank, ''complements the Board with her insights into the banking, financial markets, and risk management that will be invaluable for sound and informed decisions in relation to investment options and resource management,'' the statement said.

Her domain expertise and knowledge of the Indian economy will be critical as Aequs forays into consumer durable goods sector.

''We are pleased to welcome Klaus and Shubhada as new independent directors to the Aequs board. Their presence will be a tremendous asset as we further our mission of expanding our manufacturing ecosystems to other sectors,'' said Aravind Melligeri, Chairman & CEO.

Along with existing board members, Ajay Prabhu and Rajeev Kaul, they will provide valuable perspectives, he said.

Aequs is a diversified contract manufacturing company providing vertically integrated product solutions across the aerospace, toys and consumer durable goods industries. It currently employs over 5,000 people and operates manufacturing facilities across India, France, and the US.

The expansion of the Aequs Board comes at a time when the group has set out on an ambitious growth path.

Apart from establishing the aerospace ecosystem at Belagavi, Aequs is founding two additional ecosystems, the Koppal Toy Manufacturing Cluster (KTC), and the Consumer Durable Goods Manufacturing Cluster (HDC), at Hubballi, both firsts of their kind in India.

The two manufacturing ecosystems, when complete, are projected to provide direct employment approaching 40,000 people in the region.

''Aequs has been a highly competitive, reliable supplier and partner to various aerospace customers over the past several years. I am delighted to support the strong team in their efforts to further develop the business and in strengthening its supply chain strategies as it expands into other industries,'' said Richter.

Aequs, Rao said, epitomizes the growth mantra 'Make in India' through its various business verticals, that have a sizeable global footprint.

Richter has specialized in developing strategies for supply chain management, setting them up and making them global. Until 2019 he was Chief Procurement Officer at Airbus Operations GmbH, Germany, and a member of the Airbus Executive Committee. Before joining Airbus, Klaus was Head of Materials Management at BMW.

Rao brings with her over 30 years of experience in academia and industry. Before setting up QuantEco, and her stint at Yes Bank, she worked as Chief Economist with marquee financial sector entities like Kotak Institutional Equities, CRISIL and Times Bank and as an economist with the Risk Department at Bank of Baroda.

She has advised several central banks including the US Federal Reserve, the Bank of England, Bank of Canada on the Indian economy.