JSW Energy's CEO and joint managing director Raaj Kumar has resigned from the organisation, the second top level executive to leave the Sajjan Jindal-led group in last three months.Kumar left JSW Energy on September 1 and joined GMR Energy as its Chief Executive Officer on the sixth, industry sources told agencies.
When contacted, Kumar said it was 'purely better opportunities' that led him to put in his papers. Industry sources said Kumar had been in discussions with Jindal for the last one-and-a-half months and there was no spat between them.
Kumar's resignation follows the departure of B N Singh, the CEO and Joint MD of the group's flagship firm JSW Steel in May this year. Singh, touted as the turnaround man, had declined to renew his three-year contract with the company.
Kumar's resignation could be a setback as the company is in an expansion phase. It is raising power generation capacity by 300 MW from the present level of 260 MW within the existing facility nearby JSW Steel's Vijaynagar plant.
It is also putting up a 1,200 MW power lant in Ratnagiri, Maharashtra at an investment of Rs 4,500 crore, and a 1,080 MW power plant in Rajasthan at an investment of Rs 5,000 crore. The company has also recently bagged a 260MW hydel project in Himachal Pradesh.
Kumar started his stint with JSW Group back in 2003 when he joined JSW Steel as Director (Projects). Subsequently, in January 2005, he took the rein of JSW Energy. A company official said so far nobody has replaced Kumar.
Via: India Economic Times
Found this post useful? Consider subscribing to
