Financial Daily from THE HINDU group of publications
Wednesday, Feb 20, 2002
Financial Daily from THE HINDU group of publications Wednesday, Feb 20, 2002 |
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Restructuring Corporate - Restructuring IOC Chairman on IBP board after revamp Our Bureau
NEW DELHI, Feb. 19 THE board of IBP Ltd was reconstituted on Tuesday, with the Chairman and Managing Director of Indian Oil Corporation (IOC), Mr M.A. Pathan, appointed as the part-time Chairman of the petro products marketing company. The board revamp has taken place in the context of IOC gaining management control of IBP recently through the disinvestment process. Following a board meeting on Tuesday, the IOC Executive Director (Western Region), Mr Arun Jyoti, has been appointed as the Managing Director of the company. Mr K.K. Sinha retains his position as Director (Finance) in IBP while Mr R.S. Guha has been appointed as Director (Marketing). Earlier in the day, IOC paid the Government Rs 1,153.68 crore for acquiring 33.58-per cent Government equity in IBP with management control. IBP will come into the IOC fold in end-June 2002, when the process to acquire 20 per cent equity through an open offer ends.
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