Jubilant Energy fires half its staff in Noida

Vol 17, PW 6 (17 Oct 13) Exploration & Production
     

Arjun Bhartia, the 27-year old son of Jubilant Energy promoter Hari Bhartia, fiercely denies he is behind the company’s decision to sack around half the workforce at its HQ in the Noida suburb of Delhi.

“I am not involved in any way in this decision,” Bhartia tells PETROWATCH. “It’s true I am part of the promoter family but I have nothing to do with the decision-making.

My only involvement with Jubilant Energy was a three-month internship in 2011.” This month Jubilant fired around 40 people from its approximately 90-strong staff hired over the last few years, as the company expanded its operations in northeast India and Myanmar.

Company sources say 10 people were let go from human resources and around eight each were fired from the finance, drilling, geological and geophysical divisions. London-listed Jubilant appointed 54-year old Rakesh Jain as its new CEO in August to replace Ajay Khandelwal who has moved to Reliance’s oil and gas division.

Jubilant sources say Jain, previously head of Suntera Energy, has been carrying out the restructuring on instructions from Arjun Bhartia, something Bhartia denies. “Jubilant hasn’t had much exploration success despite investing lots of money,” says a senior source, who has been asked to leave, “so it is focusing on a few assets only with a smaller team.

" Bhartia, who studied at Brown University in the US, says he is involved with the Bhartia group’s food division, not the oil division.

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