Dhirendra TripathiMoneycontrol
Ramesh Babu, an MBBS and an Indian Administrative Service Officer of Andhra Pradesh cadre, is tipped to take over as Chairman and Managing Director of power sector-focused lender Rural Electrification Corp Ltd, according to sources. He is likely to take up his new assignment from January 1.
Babu will replace B. P. Pandey, a special secretary in the Ministry of Power, who was given the additional charge of REC’s Chairman and Managing Director in the absence of a full-time CMD.
The position of REC CMD fell vacant after the then incumbent, Rajeev Sharma, left it to occupy the same position at Power Finance Corp Ltd from October 1.
The position of CMD at Rural Electrification Corp is reserved for IAS officers, with an occasional exception. The appointment of Rajeev Sharma, a professional and otherwise a PFC veteran, was one such appointment.
The board of PFC too will undergo another change when Director (Projects) A. K. Agarwal retires at the end of this year and C. Gangopadhyay, a PFC veteran, will come in his place, the source said.
Gangopadhyay, currently Executive Director at PFC, is in charge of the western region projects. He was earlier Chief Executive Officer of PFC Consulting Ltd, a fully-owned subsidiary of the company that overseas implementation of ultra mega power projects in the country. He was replaced by Subir Mulchandani as PFC Consulting CEO.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
