REL director quits

Mumbai, Jan 2 | Updated: Jan 3 2006, 07:31am hrs
Its a loss for Anil Dhirubhai Ambani Groups Reliance Energy Ltd (REL) but certainly a major gain for the Mukesh Ambani controlled Reliance Industries Ltd (RIL).

KK Sinha, RELs director (HRD), who has joined from July 1 after resigning from the state-run NTPC Ltd, has quit the company on Saturday.

Mr Sinha has already joined as president (HRD) and will be associated with the development of Navi Mumbai special economic zone in which RIL and the company promoted by CMD Mukesh Ambanis close confidant Anand Jain have pumped in Rs 180 crore to pick up 33% stakes in a shell company formed by the Sea King India Ltd (SKIL).

SKIL is a lead consortium member of the NMSEZ Development Company which has been awarded contract by the state-run City and Industrial Development Corporation (Cidco) for the development of Navi Mumbai special economic zone (SEZ) at Navi Mumbai.

Mr Sinha is the senior most official of REL in the recent past who has called it a day as director (HRD). However, during 2005 Prakash Shah, RELs in charge of legal matters and 200 other officials of various ranks had quit the REL.

When contacted Mr Sinha preferred not to comment. RIL spokesman also did not respond to this development.

However, an REL spokesperson told FE, Mr Sinha has resigned from the company. He may have joined RIL. In the last three months, there have been roughly around 40 resignations in various categories. The company has recruited around 70 personnel in various categories during the same period.