JP Chalasani quits Reliance Power to join Punj Lloyd
He is now back in India after a visit to the US for personal reasons and is expected to take up a job -- chief executive officer for Punj Lloyd.
When Chalasani resigned from Reliance Power in September 2013, the company issued a statement saying he would exit towards the end of the year to pursue his entrepreneurial ambitions and relocate overseas.
He is now back in India after a visit to the US for personal reasons and is expected to take up a job -- chief executive officer for Punj Lloyd, a diversified international conglomerate offering EPC services in energy and infrastructure along with engineering and manufacturing capabilities in defence.
Chalasani would help the company in consolidating existing businesses and expand overseas, industry sources said. Punj Lloyd generates about 80% of revenues from 22 countries in different regions including the Middle East, Europe and Asia-Pacific.
It is in the middle of fund raising through sale of non-core assets strong recoveries and listing of its Singapore based subsidiary to halve its debt to about Rs3,000 crore in one year.
Chalasani, who steered Reliance Power during a tumultuous phase for the sector, is expected to deal with complex financial issues and possibly lend his experience and expertise for diversification of the company’s business. The soft-spoken chief executive, who had served NTPC before his long stint with Reliance, has weathered many storms in the power sector.
Reliance Power set up a giant gas-fired plant but found no fuel to run it; it won three ultra mega power projects, but it faced hurdles in implementation and allegations of misdeeds. The experience of handling a tough situation in the sector and facing relentless demands from the promoter would come in handy in his new stint.