Torrent Power said that its board had reluctantly acceded to Sudhir Mehta's desire to relinquish his position as Executive Chairman of the company from March 31
In a major re-organisation in its top management, Ahmedabad-based Torrent Power announced on Wednesday that Samir Mehta would replace elder brother Sudhir Mehta as the company's chairman, while the latter would become the chairman emeritus.
Torrent Power said that its board had reluctantly acceded to Sudhir Mehta's desire to relinquish his position as Executive Chairman of the company from March 31.
"The Board also requested Sudhirbhai to accept the position of chairman emeritus and to continue to guide the company with his wisdom and counsel on key business and strategic matters. Sudhirbhai has accepted the request," a senior official said.
Sudhirbhai, 63, is one of the most respected industry leaders from Gujarat. He was the force behind Torrent Group's foray into the power sector in 1989. It owns 3,585 MW worth of generation assets and distribution business in Ahmedabad, Surat and other cities, at present.
Torrent Power said that its board has also approved the appointment of Sudhirbhai's younger brother Samir Mehta, 54, who is currently the vice-chairman, as the chairman from April 1 for five years.
Another significant change was the appointment of Sudhirbhai's son Jinal Mehta, 35, who is currently a whole-time director, as managing director, and whole-time key managerial personnel of Torrent Power for five years.
Torrent Power said that Jinal has more than 11 years of experience in power generation and distribution. He was involved in the 1,147.5 MW SUGEN power project, the 382.5 MW UNOSUGEN project, and also the 1,200 MW DGEN power project.
Torrent said the changes in the top management team were part of a succession plan to ensure continuity, growth and sustainability.
The company also announced that Markand Bhatt, who was connected with Torrent Group for three decades, would also step down as a whole-time director and board member from September 30.
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