Tata Power Chief Executive Officer and Managing Director Anil Sardana has stepped down, the company said on Monday, adding the resignation would be effective from April 30. “Anil Sardana has submitted his resignation for personal reasons,” it said in a statement to the BSE.
Speaking to Business Standard, Sardana said, “It was good seven years in the company. It was a personal call.” Sardana was appointed the CEO and MD in 2011. This was his second innings with the firm. Prior to moving to Tata Power, Sardana was in-charge of the firm’s Delhi distribution business.
An electrical engineer, Sardana was the executive director for business development and strategy with Tata Power for six months in 2007. Following which, he moved to Tata Teleservices as MD for three years, before returning to Tata Power. Sardana has also worked with NTPC and BSES.
Tata Power is yet to announce a new appointment to replace Sardana after April.
Under Sardana, Tata Power acquired 26 per cent stake in Indonesian coal mine in 2011. In June 2016, it acquired Welspun Renewables Energy, which came under criticism in terms of valuation of the deal.
In the past one year, this is the second top management exit seen in the power sector. In May 2017, Sanjay Sagar resigned from his post as joint MD and CEO for JSW Energy. Also, in September 2017, Banmalli Agrawala joined Tata Sons from General Electric, where he served president and CEO for South Asia.