Sudhir Mehta, the 63-year-old executive chairman of the Rs 10244 crore Torrent Power Ltd has stepped down allowing the younger brother Samir Mehta to take control of the company as the new chairman.
On Wednesday, one of Gujarat’s biggest players operating in the power sector put in place a succession plan by undertaking a comprehensive overhaul at the senior management level. After a board meeting, Torrent Power informed the Bombay Stock Exchange that, Sudhir Mehta expressed his desire to relinquish his position as the executive chairman of Board of Directors from the end of March 31, 2018.
Sudhir had been leading the company since the Group first forayed into the power sector in 1989 when it first acquired Torrent Cables Ltd which was then known as Mahendra Electricals Ltd. “The board reluctantly acceded to his desire and also requested him to accept the position of chairman emeritus…,” stated an official release. Sudhir Mehta had already stepped down as the chairman of Torrent Pharmaceuticals in 2014, thus handing over the charge to the pharma business to his younger brother. With today’s decision, Samir Mehta who is the executive chairman of Torrent Pharmaceuticals Ltd will assume charge of Torrent Power at the end of the current fiscal.
The board appointed 54-year-old Samir as the chairman of Torrent Power for a period of five years with effect from April 1, 2018. Meanwhile, Jinal Mehta (35), the elder son of Sudhir Mehta has been appointed as the Managing Director of Torrent Power, that has installed generation capacity of 3586 MW and distributes nearly 14.45 billion units to over three million customers in the cities of Ahmedabad, Gandhinagar, Surat, Dahej SEZ, Bhiwandi (Maharashtra) and Agra (Uttar Pradesh)
Jinal the current “whole-time director” of the company has done his Bachelor 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 more than 11 years of experience in the power sector in both generation and distribution segments.
The board also appointed Sanjay Dalal as the Chief Financial Officer and whole-time key managerial personnel of the company with effect from May 30, 2018 consequent to the relinquishment of the position by TP Vijayasarathy.