With just a fortnight to go for the retirement of IFCI chairman P V Narasimham, the committee looking for his successor has shortlisted half-a-dozen candidates.
The list includes the chairman-and-managing director of Kolkata-headquartered Industrial Investment Bank of India (IIBI), Basudev Sen, rating agency Icra's managing director P K Chowdhury and Indian Bank chairman and managing director Ranjana Kumar.
Three executive directors of Industrial Development Bank of India (IDBI) -- the largest shareholder in the cash-strapped IFCI -- are also in the fray. These include V P Singh, A K Doda and J N Godbole.
Except Kumar, all the others had applied for the IDBI chairman's post. Basudev Sen and V P Singh were in the race for IDBI chief's job till the last leg but P P Vora, who was the chairman of National Housing Bank, was appointed.
IFCI's board, slated to meet in Hyderabad tomorrow, is likely to finalise Narasimham's successor.
"Though it is not final, we may discuss the candidature of the new chairman at the board meeting," said a source.
The selection committee comprises Narasimham, the IDBI chairman, National Institute of Public Finance and Policy director Ashok Lahiri, joint secretary in the financial sector division of the finance ministry U K Sinha and chartered accountant Vipin Malik.
The new chairman is expected to have a minimum two year tenure. Sources, however, pointed out that Singh would fall short of the requirement as IFCI had reduced the retirement age for its executives from 60 to 58 years.
With Narasimham superannuating at the end of the month, the new IFCI chairman would take over at a time when the institution is in the midst of a restructuring. The government and shareholders had recently approved infusion of Rs 1,000 crore into the institution through an issue of 20-year non-convertible debentures.
