The board of Mahanagar Gas has approved the appointment of Ashu Shinghal, as additional executive director designated as MD in place of Sanjib Datta, the incumbent MD of the company with effect from close of business hours of 23 December 2022.
Shinghal is not liable to retire by rotation, until further orders from GAIL but not exceeding consecutive period of five years from the date of appointment, subject to approval of shareholders, said MGL.Ashu Singhal has experience of more than 31 years in hydrocarbon sector covering diverse functional areas which includes corporate strategy, large scale project execution including cross country gas pipelines, petrochemical and LNG. He works in close association with top management in strategic decision making of GAIL.
Further, Sanjib Datta shall cease to be managing director (MD) of the company with effect from closure of business hours of 23 December 2022, due to repatriation order of GAIL on account of reaching his age of superannuation.
Mahanagar Gas (MGL) is one of India's leading natural gas distribution companies. It has a natural gas distribution network in Mumbai and its adjoining areas. GAIL (India) (Maharatna Company of Govt. of India) is the promoter of MGL and holds 32.50% stake in the company, as on 30 September 2022.
The city gas distributor reported 19.7% decline in net profit to Rs 163.97 crore despite of 88.2% jump in net sales to Rs 1562.66 crore in Q2 FY23 over Q2 FY22.
The scrip rose 0.08% to Rs 907.15 on the BSE.
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