Anil Agarwal-promoted Vedanta has appointed Agnivesh Agarwal as the new chairman for its power subsidiary Talwandi Sabo Power (TSPL), the group said in a statement on Friday.
“TSPL, a wholly owned subsidiary of Vedanta, has appointed Agnivesh Agarwal as the chairman of the board of directors,” the group said in its statement. It further added, “The new development will be instrumental in balancing the many interests of the stakeholders and will help reinforce company’s vision of achieving operational excellence and delivering value of the highest standard.”
TSPL operates a 1,980 Mw (three Units of 660 Mw each) thermal coal-based power plant at Talwandi, Punjab. Agarwal holds the position of chairman and managing director at Fujairah Gold FZC, which is part of Vedanta Resources in UAE. Part of his past appointments includes non-executive chairman of Hindustan Zinc from November 2005 to February 2019.
Before Agarwal, Steel Authority of India (SAIL)’s former chairman SK Roongta was the chairman for TSPL. Roongta continues to serve as a member of the company’s board.
Agarwal’s appointment is the latest in the managerial churn seen at Vedanta group.
Vedanta’s oil and gas division Cairn has seen three high-profile exits since the start of 2019- including chief executive officer (CEO) Sudhir Mathur and chief financial officer Pankaj Kalra. On 17th April, Cairn appointed Ajay Dixit as its new CEO, who joined the group in 2015.