Torrent names scion director of power arm – Times of India
[ad_1]
MUMBAI: Torrent Group has elevated Varun Mehta as a director of its power arm. The move comes 10 days after the induction of Aman Mehta into the board of its pharma company.
Aman’s father Samir Mehta is the chairman of the publicly listed Torrent Pharma and Torrent Power, while Varun’s father Sudhir Mehta (Samir’s older brother) is the chairman emeritus of the two companies, which have a combined market cap of about Rs 80,000 crore.
The Ahmedabad-based group, which has its origins in pharmaceuticals, was founded by Aman and Varun’s grandfather Uttambhai Nathalal Mehta in 1959. Uttambhai used to be a salesman for Swiss pharma major Sandoz before he set up Torrent Pharma (earlier known as Trinity Laboratories).
A BSc in management from the University of Warwick, UK, and an MBA from INSEAD, France, Varun (34) joined Torrent Power in February 2009. Varun’s older brother, Jinal (39) is the MD of Torrent Power, which was established in 1991. “Over the past decade, the third generation of the Mehta family has worked their way up to full-time leadership roles within the group,” read a statement from the enterprise.
The Mehta brothers, Sudhir and Samir, own 50% each in Torrent Investments, the holding company of Torrent Pharma, Torrent Power and Torrent Gas (a closely held company that runs CNG stations). They had initiated succession planning in the group some time ago with the third generation being groomed across businesses and functions. Their elevation to board positions are “a recognition of their contribution to the respective businesses”.
At Torrent Power, Varun had strategised its foray into renewables and had also spearheaded the initiative of importing LNG from international markets.
This initiative, added the statement, made Torrent Power the “first Indian power company to do so, leading to revenue enhancement and cost savings”. Currently, Varun oversees the company’s electricity distribution business, which he had expanded through acquisitions and improved operations by cutting down AT&C losses (AT&C losses means the total commercial losses due to non-realisation of billed amount).
Aman’s father Samir Mehta is the chairman of the publicly listed Torrent Pharma and Torrent Power, while Varun’s father Sudhir Mehta (Samir’s older brother) is the chairman emeritus of the two companies, which have a combined market cap of about Rs 80,000 crore.
The Ahmedabad-based group, which has its origins in pharmaceuticals, was founded by Aman and Varun’s grandfather Uttambhai Nathalal Mehta in 1959. Uttambhai used to be a salesman for Swiss pharma major Sandoz before he set up Torrent Pharma (earlier known as Trinity Laboratories).
A BSc in management from the University of Warwick, UK, and an MBA from INSEAD, France, Varun (34) joined Torrent Power in February 2009. Varun’s older brother, Jinal (39) is the MD of Torrent Power, which was established in 1991. “Over the past decade, the third generation of the Mehta family has worked their way up to full-time leadership roles within the group,” read a statement from the enterprise.
The Mehta brothers, Sudhir and Samir, own 50% each in Torrent Investments, the holding company of Torrent Pharma, Torrent Power and Torrent Gas (a closely held company that runs CNG stations). They had initiated succession planning in the group some time ago with the third generation being groomed across businesses and functions. Their elevation to board positions are “a recognition of their contribution to the respective businesses”.
At Torrent Power, Varun had strategised its foray into renewables and had also spearheaded the initiative of importing LNG from international markets.
This initiative, added the statement, made Torrent Power the “first Indian power company to do so, leading to revenue enhancement and cost savings”. Currently, Varun oversees the company’s electricity distribution business, which he had expanded through acquisitions and improved operations by cutting down AT&C losses (AT&C losses means the total commercial losses due to non-realisation of billed amount).
[ad_2]
Source link
