Sudhir Mehta to measure down, younger brother Samir into takeover; son named as managing director
Sudhir Mehta, the 63-year-old executive chairman of the Rs 10244 crore Torrent Power Ltd has resigned permitting the younger brother Samir Mehta to seize charge of the firm as the new chairman.
On Wednesday, one of Gujarat’s most significant players working in the energy industry set up a succession strategy by undertaking a detailed overhaul in the senior management level. Following a board meeting, Torrent Power informed the Bombay Stock Exchange that, Sudhir Mehta voiced his desire to relinquish his place as the executive chairman of Board of Managers in the end of March 31, 2018.
Sudhir was directing the business because the Group first forayed into the energy industry in 1989 when it initially obtained Torrent Cables Ltd that was subsequently called Mahendra Electricals Ltd. “The board reluctantly acceded to his appetite and asked him to take the job of chairman emeritus…,” said an official launch. Sudhir Mehta had resigned as the chairman of Torrent Pharmaceuticals at 2014, thus handing over the charge into the pharma company to his younger brother. With today’s decision, Samir Mehta who’s the executive chairman of Torrent Pharmaceuticals Ltd will assume control of Torrent Power in the end of this present financial crisis.
Meanwhile, Jinal Mehta (35), the older son of Sudhir Mehta was appointed as the Managing Director of Torrent Power, which has installed production capacity of 3586 MW and spreads nearly 14.45 billion units into more than 3 million clients in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ, Bhiwandi (Maharashtra) and Agra (Uttar Pradesh)
Jinal the present “whole-time manager” of this firm has completed his job of Business Studies (BBS) and Master of Business Administration (MBA) in International Business and Finance from University of Technology Sydney (UTS), Sydney, Australia. He has over 11 decades of expertise in the energy sector in both creation and distribution sections.
The board appointed Sanjay Dalal since the Chief Financial Officer along with whole-time key managerial employees of the firm with effect from May 30, 2018 resulting in the relinquishment of their situation by TP Vijayasarathy.