1 min study
04 Apr 2024, 09:55 AM IST
The departure of Manish Agarwal, an energy infrastructure former, comes as the energy transmission and energy options firm is exploring an IPO.
Top chargeManish Agarwal, CEO, world products and services and products and wholetime director, Sterlite Strength Transmission Ltd (STPL), has resigned as the firm prepares to delivery an preliminary public offering (IPO).
The exit of Agarwal, an energy infrastructure former of 25 years, modified into offered in a mail to staff by Sterlite Strength MD Pratik Agarwal. “Or no longer it's with a heavy heart that I'd desire to whine you that Manish Agarwal, CEO - World Merchandise & Products and services, has determined to pursue his profession outside Sterlite Strength," Pratik Agarwal wrote within the mail, a reproduction of which LiveMint reviewed.
Saikrishna Bendapudi to be the duration in-between CEO of the unit
Saikrishna Bendapudi, senior director and business head of overhead products, will snatch over as duration in-between CEO of the energy transmission and energy options firm, Pratik Agarwal mentioned within the mail. Bendapudi brings three a few years of abilities in leading and managing business operations including handling P&L for the product business at SPTL, he mentioned, including that he has “done unprecedented work on immense strategic alternatives for the firm in areas of submarine cables and hanging US conductor plant".
On March 24, Pratik Agarwal confirmed to Mint that the firm modified into exploring a public itemizing as piece of its fundraising plans. Agarwal mentioned the firm modified into staring at for the popularity of the demerger from the Nationwide Firm Legislation Tribunal (NCLT) and expects the technique to be done by the 2nd quarter of FY25.
In November, the firm mentioned it modified into demerging its transmission business into a separate entity.
The exit of Manish Agarwal, who modified into to blame for manufacturing and the telecom asset monetisation agencies, is available within the wake of the departure of Reshu Madan, head of the contracts and commercials business at STPL.
LiveMint contacted Sterlite Strength for comment and the article will be up to this point with the firm's response.
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Printed: 04 Apr 2024, 09:55 AM IST
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