New Delhi: State-run power equipment maker Bharat Heavy Electricals Ltd (BHEL) on Tuesday said Atul Sobti will be its next chairman and managing director and will take charge on or after 1January. “The government has approved the appointment of Atul Sobti, director (power), BHEL, as CMD, BHEL for a period of five years w.e.f. the date of his assumption of charge of the post on or after 1 January 2016, or till the date of his superannuation, or until further orders, whichever is the earliest," the company said in a regulatory filing.

BHEL’s present chairman and managing director B.P. Rao was the first PSU head to receive a two year extension of his tenure on 1 January 2014. Rao, was to superannuate on 31 December 2013, but was granted extension for a period of two years from 1 January 2014, BHEL had informed the stock exchanges. “The department of heavy industry, in a communication dated 31 December 2013, has conveyed approval for the extension of tenure of B. Prasada Rao, CMD BHEL," the company had said in a regulatory filing.

Rao took over as CMD of the company in 2009. In a separate regulatory filing BHEL said that Amitabh Mathur has assumed charge as director (industrial systems and products) of the power equipment maker. The shares of the company on Tuesday closed at 217.65, down 3.91% from its previous close on the BSE.