14 executives in fray for PFC top job

New Delhi, Dec 28 | Updated: Dec 29 2007, 04:35am hrs
As many as 14 executives from NTPC, Bhel, NHPC and other state-run enterprises are in the race for the top post of Power Finance Corporation, the countrys prime lender in power sector, which went public early this year. Those in the fray include three Power Finance Corporation (PFC) officials believed to be among the front-runners for the post of the companys chairman and managing director, as the present chief VK Garg retires on July 31, 2008.

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

Goel took over as PFC director (IDA) from July 27 this year. Prior to this, he was executive director (projects) in the company. Sharma joined the company in August 2005, while Singh joined in 1996 as deputy general manager of finance. Others in the running include NTPC director (finance) AK Singhal and his counterpart in Bhel CS Verma. Hindustan Paper chairman and managing director Raji Philip, who is also said to have contended for CMD posts at Bhel and NTPC, would also appear for an interview for the PFC top job, which will be conducted by Public Enterprises Selection Board (PESB) on January 21.

Satluj Jal Vidyut Nigam chairman and managing director HK Sharma, Mineral Exploration Corporations AK Lomas, Cement Corporation CMD AK Srivastava, NHPC director (personnel) SK Chaturvedi, and Engineers India director (finance) DS Chakravarty will also take a shot.

PFC made a stellar debut on the bourses early this year and got listed at a 22 %premium at Rs 104, against the issue price of Rs 85 per share. Shares of the company was quoted at Rs 256.50, up 1.14 % on the Bombay Stock Exchange during morning trade.

The company was also conferred with navratna status this year. Besides PFC, hunt for heads of two other power firms NTPC, and PGCIL has also begun. NTPCs T Sankaralingam and PGCILs RP Singh are set to retire in April and July, respectively, next year.