New Delhi: State-run power equipment maker Bharat Heavy Electricals Ltd (BHEL) Tuesday said Atul Sobti will be its next chairman and managing director and will take charge on or after January 1.
"Government has approved the appointment of Atul Sobti, Director (Power), BHEL, as CMD, BHEL for a period of five years w.E.F. The date of his assumption of charge of the post on or after January 1, 2016, or till the date of his superannuation, or until further orders, whichever is the earliest," the company said in a regulatory filing.
BHEL's present Chairman and Managing Director B P Rao was the first PSU head to receive a two year extension after retirement on January 1, 2014.
Rao, was to superannuate on December 31, 2013, but was granted extension for a period of two years with effect from January 1, 2014, BHEL had informed the stock exchanges.
"Department of Heavy Industry, in a communication dated December 31, 2013, has conveyed approval for the extension of tenure of B Prasada Rao, CMD BHEL," the company had said in a regulatory filing.
Rao took over as CMD of the company in 2009.
In a separate regulatory filing BHEL said that Amitabh Mathur has assumed charge as Director (Industrial Systems & Products) of the power equipment maker.
The shares of the company closed at Rs 217.65, down 3.91 percent from previous close on BSE.
