With Elango, the entire top management of Cairn India has quit the company since billionaire Anil Agarwal-owned Vedanta in 2010 announced buying majority stake in it
Cairn India's interim chief executive P Elango has quit the company, completing the exit of all of the tier-1 management of the company since it was acquired by mining group Vedanta Resources plc.
Elango, who was named interim CEO in August 2012 when the the company's face Rahul Dhir resigned, cited "personal reasons" for the decision to step down, Cairn said in a statement.
The move came as a surprise as Elango, under whom Cairn touched 200,000 barrels per day of output from its showpiece Rajasthan oilfields, was widely tipped to become the full-time CEO of the company.
Last year, Elango was given a 40% hike in salary, suggesting that he would be taking on a larger role within the company but promoter Anil Agarwal group continued him as interim CEO.
Cairn said the company board has accepted Elango's resignation and added Sudhir Mathur, chief financial officer, has taken over additional charge as interim CEO.
"Tom Albanese, CEO Vedanta Resources plc, and Mike Yeager, Chairman, Operations Review Board, Cairn India, will continue to work closely with the leadership team in managing the business under the guidance of the Board," the statement said.
With Elango, the entire top management of Cairn India has quit the company since billionaire Anil Agarwal-owned Vedanta in 2010 announced buying majority stake in the firm from Scottish explorer Cairn Energy Plc.
Rick Bott, who was Executive Director and Chief Operating Officer of Cairn India, quit the firm on June 15, 2011, while its Executive Director and Chief Financial Officer Indrajit Banerjee resigned with effect from August 23, 2011.
David Ginger, Cairn India's director of exploration and new ventures, quit the firm shortly after that and Dhir put in his paper after the Cairn-Vedanta deal was completed. Company's Director, Commercial and New Business Ajay Gupta quit the firm in January 2013.
In February this year, Sundeep Bhandari, the man credited with laying the foundation and then building what is now Cairn India, quit the company. He along with Dhir, Bott, Banerjee and Ginger ran the firm before Vedanta took over.
Vedanta completed the $8.67 billion acquisition of Cairn India in December 2011.
Mathur came in from Aircel after Dhir quit.
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HSBC India Manufacturing PMI stood at 51.3 in April, unchanged from 51.3 in March
India’s manufacturing sector growth remained steady in April as a slowdown in export orders was countered by firmer domestic demand during the month, says a survey.
The HSBC India Manufacturing Purchasing Managers’ Index (PMI), a measure of factory production, stood at 51.3 in April, unchanged from 51.3 in March, amid moderate expansion of incoming new business orders.
Activity in the sector expanded for the sixth consecutive month in March. A PMI reading above 50 indicates growth, while a lower reading means contraction.
“The momentum in the manufacturing sector held broadly steady, with domestic demand countering a slowdown in export orders,” HSBC Chief Economist for India and ASEAN Leif Eskesen said.
Eskesen added: “A build-up in finished goods inventories could weigh on output growth in the coming months in the absence of a pick-up in demand.”
During April, the momentum in manufacturing held broadly steady, but the growth remains subdued.
“Output is held back by lack of power capacity and soft demand, with external demand easing recently and, anecdotally, due to a decline in order for investment goods.
“While we may get more traction on economic reform and implementation of investment projects post elections, it will still take a while before we see a notable and more sustained lift to activity,” HSBC said.
Though there were signs of easing inflation pressures in the manufacturing cluster, however, consumer price inflation remains elevated.
“Encouragingly, inflation pressures eased, but that does not mean that the RBI can take down its inflation guards,” Eskesen said.
Moreover, the El Nino is expected to lead to below-normal precipitation, which could lift food inflation over the summer and into the fall. The Reserve Bank of India (RBI) will, therefore, not have much to cheer about and will need to maintain a hawkish stance, HSBC added.
The RBI had increased the key policy repo rate three times since Dr Raghuram Rajan took over as Governor in September.