14 executives in fray for top PFC job

14 executives in fray for top PFC job


New Delhi: Fourteen executives from NTPC, BHEL, NHPC and other state-run enterprises are in the race for the top post of Power Finance Corporation, the country’s prime lender in power sector which went public early this year.

Those in the fray include three Power Finance Corp (PFC) officials believed to be among the front-runners for the post of the company’s chairman and managing director, as the present Chief VK Garg retires on July 31 next year.

Sources said PFC director (finance) Satnam Singh, director (institutional development & administration) M K Goel, and executive director (HR, administration and projects) Rajeev Sharma are among the top contenders for the PFC top job.

Goel took over as PFC director (IDA) on 27 July this year. Prior to this, he was executive director (projects) in the company. Sharma (46) joined PFC in August 2005, while Singh (48) joined in 1996 as deputy general manager, finance.

Others in the running include NTPC director (finance) A K Singhal and his counterpart in BHEL C S Verma.

Hindustan Paper Ltd CMD Raji Philip, who is also said to have contended for CMD posts at BHEL and NTPC, would also appear for an interview for PFC’s top job, to be conducted by Public Enterprises Selection Board (PESB) on 21 January 2008.

Satluj Jal Vidyut Nigam chairman and managing director H K Sharma, Mineral Exploration Corp’s A K Lomas, Cement Corp CMD A K Srivastava, NHPC director (personnel) S K Chaturvedi, and Engineers India Ltd director (finance) D S Chakravarty would also take a shot at the top position of PFC.

PFC, which got navratna status this year, made a stellar debut on the bourses early 2007, getting listed at a 22% premium to the offer price of Rs85 per share.

Shares of the company were at Rs256.50, up 1.14% on the Bombay Stock Exchange in morning trade.

Besides PFC, a hunt for heads of two other power firms — NTPC, and PGCIL — has also begun. NTPC’s T Sankaralingam and PGCIL’s R P Singh are set to retire in April and July respectively next year.