2 min readNew DelhiJul 31, 2015 01:39 AM IST
First published on: Jul 31, 2015 at 01:39 AM IST
Petronet LNG Ltd on Thursday appointed GAIL India director (marketing) Prabhat Singh as its new managing director and chief executive officer, after failing to come up with a suitable candidate four months ago.
Singh replaces AK Balyan whose 5-year tenure ended on July 15.The selection of Petronet LNG, a public-private joint venture which sets up LNG terminals and imports bulk of India’s LNG, had run into controversy after a Search Committee constituted for the selection failed to arrive at a consensus on the preferred candidate last April.
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“Based on the view of the members of the board, it was decided that an enlarged Search Committee (with greater representation of the promoters) may see more candidates,” says the PLL Board minutes.
The appointment of the head of the search committee was left to the decision of PLL chairman, the serving petroleum secretary.
“The board in its meeting … has appointed Prabhat Singh as the new MD & CEO of the company for a period of 5 years…,” said a press release issued by the ministry. PLL is jointly owned by GAIL India, ONGC Corp, Indian Oil Corp and Bharat Petroleum Corp each holding 12.5 percent equity. In addition, GDF International holds 10 percent and Asian Development Bank 5.2 percent. The balance is held by the public.
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