Realty giant DLF has appointed Sriram Khattar as the new Chief Executive Officer (CEO) of the company's rental business.
Khattar was earlier Senior Executive Director in India's largest realty firm and was responsible for managing office of Vice Chairman Rajiv Singh, corporate governance and risk assurance functions.
Khattar replaces Ramesh Sanka, who put in his papers in March as Managing Director of DLF RentCo business.
Rental business (named RentCo) posted an annuity income of Rs 1,950 crore in last fiscal, of which Rs 1,800 crore was rent from leased office buildings and retail malls. This fiscal, the company has guided to a target of Rs 2,100 crore.
Sanka continued in his position till May 31 and will continue to serve DLF as an advisor.
Khattar, a member of Institute of Chartered Accountants of India (ICAI), has been in DLF for over 6 years and executed many joint ventures/acquisitions and managed various legal and regulatoty mandates. Before DLF, Khattar was with companies like ITC and Escorts in diverse roles.
When contacted, Sanka said he resigned from the company to pursue his own entrepreneurial venture related to the real estate sector.
"It was an important and happy association of 10 years. I will continue to work as a consultant in DLF for the next three years," said Sanka.
Sanka was in DLF for last 10 years, of which five years were in capacity as group's Chief Financial Officer (CFO) and another five years as MD of rental business.
He was CFO when DLF raised over Rs 9,000 crore from the initial public offer (IPO) in 2007.
