The reshuffle also marks the entry of the next generation of Infosys founder with Murthy's son, Rohan, joining the over $7 billion firm as his father’s executive assistant
In a major top management reshuffle, Infosys on Friday said it has re-appointed N R Narayana Murthy as executive chairman and additional director with immediate effect.
The decision was taken at a board meeting held earlier in the day; Infosys said in a statement, adding the appointment will be with effect from 1 June 2013.
Veteran banker KV Kamath would step down from his position as chairman of the board and take up the role of lead independent director, it added.
“The board has taken this step keeping in mind the challenges that the technology industry and the company faces and in the interest of all stakeholders, particularly shareholders large and small, who have asked for strengthening of the executive leadership during this challenging time,” Kamath said.
Murthy’s entrepreneurial and leadership record and the long experience he has had as a technology pioneer makes him eminently qualified to lead the company and provide strategic direction at this point in time, he added.
S Gopalakrishnan, who was serving as the executive chairman, would be re-designated executive vice chairman and would primarily focus on key client relationships and broader industry issues, the statement said.
S D Shibulal would continue to be the managing director and CEO of the company, it said.
In August 2011, Kamath was appointed chairman, succeeding Murthy, who was made the chairman emeritus post his retirement. Also, the then CEO and MD S Gopalakrishnan (Kris) was elevated as the executive co-chairman, while COO SD Shibulal filled in Kris' position.
The re-shuffle also marks the entry of the next generation of Infosys founder with Murthy's son, Rohan, joining the over $7 billion firm as his father’s executive assistant.
The increase in petrol price is the first in three months, the last hike being on 1st March. For diesel, this is the fifth increase in rates this year
The government on Friday raised the price of petrol by 75 paisa per litre and diesel by 50 paisa a litre as the rupee hit 11-month low making oil imports costlier.
The increase in rates, which are excluding local sales tax or VAT, are effective from Saturday, Indian Oil Corporation (IOC), the nation's largest oil marketing company, said.
Petrol price in Delhi has been hiked by 90 paisa to Rs63.99 a litre from Rs63.09, while diesel will cost Rs50.25 per litre as against Rs 49.69 earlier.
Also, the oil marketing companies (OMCs) cut price of cooking gas (LPG) that consumers have to buy beyond their quota of nine subsidised cylinders in a year, by Rs45 per bottle.
Non-subsidised domestic LPG in Delhi will now cost Rs802 per 14.2-kg cylinder as against Rs847 currently.
The increase in petrol price is the first in three months, the last hike being on 1st March. Since then, petrol prices had been cut four times on falling global oil prices.
For diesel, this is the fifth increase in rates this year.
State-owned oil firms had been in January authorised to raise diesel prices by up to 50 paisa per litre every month till entire losses on the fuel are wiped out. Diesel price was last hiked by 90 paisa a litre on 11th May after the companies skipped raising rates in April to avoid troubles for the government during the Budget session of Parliament.
Petrol in Mumbai will now cost Rs70.68 a litre as against Rs69.73 earlier, while diesel prices have been raised by 62 paisa to Rs56.66.
“Prices of petrol were last revised downwards on 1st May by Rs2.50 per litre (excluding state levies). The current increase is required mainly due to depreciation of rupee from Rs54.26 to a dollar to Rs55.32 per dollar,” IOC said.
KG-D6 fields, which began gas production in April 2009, had hit a peak of 69.43 mmscmd in March 2010 before water and sand ingress shut down well after well
Reliance Industries (RIL) has reported that natural gas production at its eastern offshore KG-D6 fields dropped to less than 15 million standard cubic metres per day (mmscmd), the lowest level since starting output in April 2009.
RIL produced a total of 14.83 mmscmd from Dhirubhai-1 and 3 (D1&D3) gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the week ended 26th May, according to a status report of the Directorate General of Hydrocarbons (DGH).
RIL has shut half of the 18 wells on D1&D3 field due to high water and sand ingress and a third of six wells on MA field due to the same reason.
The report said D1&D3 fields produced 11.05 mmscmd of gas while the rest came from MA field. Output at D1&D3 field has dropped from 12.35 mmscmd in March and 11.85 mmscmd in April.
MA field produced an average of 5,709 barrels of oil in the week ending 26th May.
RIL has so far drilled 22 wells on D1&D3 fields but has put only 18 on production so far. Half of these wells are now shut.
KG-D6 fields, which began gas production in April 2009, had hit a peak of 69.43 mmscmd in March 2010 before water and sand ingress shut down well after well.
This peak output comprised 66.35 mmscmd from D1&D3, the largest of the 18 gas discoveries on the KG-D6 block, and 3.07 mmscmd from MA field, the only oil discovery on the block.
Besides the fall in output from D1&D3, gas production from MA field, which had hit a peak of 6.78 mmscmd in January 2012, too has dropped.
The report said of the 14.83 mmscmd of gas production from KG-D6, 14.34 mmscmd was sold to urea manufacturing fertiliser plants. No sale was made to power plants.
The remaining 0.49 mmscmd was consumed by LPG manufacturing plants and the pipeline that transports the KG-D6 gas, it said.
RIL, the report said, has projected an output of 14.50 mmscmd last week of May.
The company has so far made 18 gas and one oil discovery in the Krishna Godavari basin block in Bay of Bengal. While the lone oil find, MA went on stream in September 2008, largest among the gas finds, D1&D3 were put on production in April, 2009.