Cairn India CFO resigns

Cairn India CFO resigns

New Delhi: Ahead of its takeover by Vedanta Resources, Cairn India on Tuesday said its chief financial officer Indrajit Banerjee has quit the company.

“Banerjee has stood down from his position as executive director and CFO with effect from 23 August to take a new position elsewhere," the company said in a statement here.

Cairn Energy is selling 40% and controlling stake in its Indian unit to London-listed mining group Vedanta. The takeover is expected to be completed by September-end.

Stating that Banerjee had joined Cairn India in early 2007 after its listing on the Bombay Stock Exchange and the National Stock Exchange, it said, “during his four and half years with Cairn India, Indrajit played a major role in putting the Rajasthan development funding plan in place and also established world class systems, processes and governance mechanisms."

Cairn India CEO Rahul Dhir said, “Indrajit has been an integral part of our team and has contributed significantly in building Cairn India. He has a great career opportunity elsewhere now."

Banerjee said, “It was difficult decision to leave Cairn India."

The company did not give details of Banerjee’s new assignment.