IGL is a joint venture of GAIL and Bharat Petroleum Corporation Ltd (BPCL), and they hold 22.5 per cent stake each. The two firms appoint directors on the board and rotate chairmanship among themselves.
New Delhi: RakeshKumar Jainhas taken over as the chairman ofIndraprastha Gas Ltd, the firm that retails CNG to automobiles and piped natural gas to household kitchens in the national capital region and neighbouring towns.Jain, who is Director (Finance) at state gas utility GAIL (India) Ltd, took over as the company chairman on January 14,IGLsaid in a regulatory filing.
IGL is a joint venture of GAIL and Bharat Petroleum Corporation Ltd (BPCL), and they hold 22.5 per cent stake each. The two firms appoint directors on the board and rotate chairmanship among themselves.
Jain replaces Sukhmal Kumar Jain, Director (Marketing) of BPCL, who was chairman of IGL from October 23, 2022.
Sukhmal Kumar Jain will continue to be director of IGL, the filing said.
“Rakesh Kumar Jain, nominee of GAIL is Director (Finance) of GAIL. He is a Cost and Management Accountant by profession,” the filing said.
“Jain has worked in the areas of corporate finance and treasury including forex risk management, capital budgeting, corporate budgets, corporate accounts, finalization of long-term international LNG and gas agreements, pricing, liquefaction and regasification terminal service agreement, mergers and acquisitions, taxation and regulatory aspects.”
Besides serving a long tenure at GAIL, he was on deputation to Petroleum and Natural Gas Regulatory Board (PNGRB), as Joint Director (Commercial and Finance).
