PPG Sarma takes charge at Sabarmati Gas
Gujarat Gas CEO PPG Sarma has taken over as chairman of GSPC and Bharat Petroleum joint venture Sabarmati Gas, signalling GSPC's end-game of swallowing up the north Gujarat gas retailer.
Sarma replaced GSPC managing director Atanu Chakraborty as Sabarmati chairman in August. “Sarma’s arrival means GSPC is in the last leg of the final takeover,” we hear.
“As chairman, he will ensure a smooth transfer from BPCL to GSPC.” Sarma becomes the first non-IAS chairman of Sabarmati.
Joining him on the Sabarmati Board is independent director Manjula Pooja Shroff, a London School of Economics graduate well-known in Ahmedabad for setting up schools. Shroff was appointed to a similar role on the Board of Gujarat Gas last October.
GSPC (25%) is in the process of acquiring 20% of BPCL’s 25% stake in Sabarmati along with the stakes of IDFC Project Equity Company, IFCI Venture Capital Fund and Unit Trust of India which each hold 16.62%.