Prem Sawhney denies Essar job rumours

Vol 12, PW 9 (18 Sep 08) News in Brief

Is Prem Sawhney leaving Reliance for Essar Sawhney is the public face of Reliance’s CBM project and any move would be a big coup for rival Ruia-family-controlled Essar.

Reliance sources tell us Sawhney has quit the company on â€کhealth grounds’. But contacted by this report, Sawhney categorically denies any plan to move to Essar.

“My joining Essar is a rumour,â€‌ he said. “There is no truth in it.

â€‌ In a written response to this report, Essar also denies Sawhney is joining the company. Reliance sources, however, insist Sawhney has resigned.

“Reliance has given Sawhney a month to reconsider his decision,â€‌ we hear. Insiders tell us Essar is believed to have offered Sawhney â€کa hefty package’ to encourage him to switch jobs.

Both Reliance and Essar have important ongoing CBM projects, with Essar keen to develop its RG (E)-CBM-2001/1 (Raniganj East) CBM block and Reliance this year winning DGH approval to drill 100 wells at the Sohagpur East and West blocks over five years.