A R Ansari, the chairman and managing director of Neyveli Lignite Corporation, is stepping down on June 30. B Surender Mohan, Director (Mines) is the new CMD.
Ansari has been the CMD of NLC since December 17, 2008 and served as its Director of Planning and Projects. He has been an Executive Director of Neyveli Lignite Corp. Ltd. since September 29, 2003.
During his tenure, NLC's revenue rose by around 45% to Rs 4,844.85 crore in 2011-12 from Rs 3,354.91 crore in 2008-09. During the same period company's net profit rose to Rs 1,411.33 crore in 2011-12 from Rs 821.09 crore in 2008-09.
NLC is now planning to add 15,000 MW of power with an investment of around Rs 90,000 crore, of which 30% of will be infused as equity.
The lignite-based power producer reported 6.25% growth in lignite production and 5.08% in power generation in 2011-12.
Current capacity of the company is around 2740 MW and lignite mining capacity is 30.60 MTPA.
During Ansari's period the Navaratna company decided to diversify into renewable energy. The company is planning to set up a 50 MW wind farm and 10 MW solar farm in Tamil Nadu.
The new CMD Surender Mohan has been Director of Mines of NLC since May 1, 2008. He served as CGM of Mine-1 and CGM of Mine Planning & SME of Neyveli Lignite Corp. Ltd and has been Additional Director of NLC since September 2, 2010.
He was instrumental to increase NLC's mining capacity to the level of 30.6 MT and another five million tonnes on the cards. It may be noted, the Corporation is also scouting for acquisition of mines in overseas.