Petronet LNG Ltd appointed GAIL India Director (Marketing) Prabhat Singh as its new Managing Director and Chief Executive Officer. Singh replaces AK Balyan whose five-year tenure ended on July 15.
Earlier, the selection of Petronet LNG, a public-private joint venture which sets up LNG terminals and imports bulk of India’s LNG MD and CEO, had run into controversy since a Search Committee constituted for the selection failed to arrive at a consensus on the preferred candidate.
“Based on the view of the members of the board, it was decided that an enlarged Search Committee may see more candidates,” said an insider. The appointment of the head of the Search Committee was left to the decision of PLL Chairman, the serving Petroleum Secretary.
PLL is jointly owned by GAIL India, ONGC Corp, Indian Oil Corp and Bharat Petroleum Corp, each holding 12.5 per cent equity. Apart from it, GDF International holds an equity of 10 per cent and Asian Development Bank 5.2 per cent.
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