Authorities-headhunter PESB on Monday chosen the following chairman and managing director of Bharat Petroleum Company Ltd (BPCL), in indicators that the privatisation of the state-owned oil refining and advertising and marketing agency could also be delayed.
The federal government had stored the place of chairman and managing director vacant after D Rajkumar retired in August final yr. It was thought that the federal government desires the brand new administration to be named after the brand new administration takes over after the privatisation of BPCL.
The newly revamped Public Enterprise Choice Board (PESB) on Monday interviewed potential candidates and chosen Arun Kumar Singh for the place, the headhunter mentioned in a discover.
Singh is at present Director (Advertising) of BPCL.
PESB mentioned it interviewed six candidates, together with Singh. All different candidates interviewed have been govt director degree officers and none had board expertise.
“PESB beneficial the next identify for the publish of Chairman & Managing Director, Bharat Petroleum Company Ltd – Arun Kumar Singh,” the discover mentioned.
The federal government is promoting its complete 52.98 per cent stake to a strategic purchaser. Three teams together with Anil Agarwal’s Vedanta Group have put in an expression of curiosity for getting the stake.
The stake sale was to conclude with 2020-21 fiscal, however the outbreak of pandemic has delayed the privatisation.
Sources mentioned the brand new wave of Covid infections has posed recent challenges for the events to do due diligence and the brand new deadline of September 30 for the conclusion of the deal might not be met.
After Rajkumar superannuated final yr, Director-human sources Okay Padmakar, who’s the senior director on the corporate board, was given the extra cost of chairman and managing director, they mentioned.