 "Sugata Sircar")
The managing director of Gujarat Gas Company Ltd (GGCL), Sugata Sircar is all set to join British Gas Group (BG Group)’s overseas operations. GGCL on Monday announced that Sircar had resigned from the board of directors of the company effective from December 12.
“I will be moving to BG, but the assignment is yet to be finalized,” Sircar told.
“The tenure of Shri Sugata Sircar as managing director of Gujarat Gas Company Limited (GGCL) ends on December 11, 2013. The Board of Directors of GGCL has appointed Shri PPG Sarma as the “in-charge” w.e.f. December 12, 2013. Shri Sircar has resigned from the Board of Directors of GGCL w.e.f. December 12, 2013,” the company said in a stock exchange filing on Monday.
According to sources, Sircar, a chartered accountant with more than 23 years of experience, will be given a larger role in BG’s overseas operations, possibly in the finance vertical. Before taking the charge as MD from July 1, 2012, Sircar had served as the finance director at GGCL.
Sugata Sircar
Sources revealed that post the stake sale in Gujarat Gas, BG Group preferred to retain its key officials in the GGCL management and put them in different global operations of the Group. These officials also included the current managing director of the company. However, Sircar had continued with GGCL to do handholding to the new management and make the transition smooth.
Sircar will be replaced by PPG Sarma, who presently heads GSPC Gas Company - the CGD arm of state-run petroleum giant, Gujarat State Petroleum Corporation (GSPC). Notably, in October last year, GSPC had acquired 65.12 per cent in GGCL for Rs 2,464 crore from BG through its subsidiary Gujarat Distribution Networks Ltd (GDNL). Later, GSPC made an open offer, which increased its stake in GGCL by 8.58 per cent to a total of 73.7 per cent.
Insiders maintained that Sarma’s selection for the top job at GGCL was obvious as he has earlier served in different capacities at BG Group, including director - business development and director - operations and general manager at GGCL. “The choice of Sarma as MD for GGCL would be an obvious choice as he knows the BG culture and he can take forward the Gujarat Gas brand in absence of Sircar,” said an industry source, who declined to be identified.
Sarma could not be reached for comments.
