Quippo looking for CEO to replace Mrinal Vohra
Quippo Oil and Gas will be looking for a new managing director soon to replace Mrinal Vohra who steps down on January 1, 2017.
Vohra is serving three months notice after resigning in October. "The official story is he resigned," says a source.
"But the truth is he was asked to go." Our source claims the Kanoria family which owns SREI, parent company of Quippo, is unhappy with Vohra's performance and disappointed he promised more than he could deliver. "Vohra convinced the Kanorias that Quippo would expand into overseas markets like the Middle East where rig rates are higher than in India ($35,000/day for a 2000-hp land rig compared to $25,000/day in India)," we hear.
Vohra's attempts to venture into offshore drilling by buying debt-laden GOL Offshore in August 2016 also fell through over the valuation of jack-up Kedarnath and drill-barge Badrinath. Another source claims Vohra is an expensive resource making it easier for the promoters to let him go.
"Mrinal was getting more than Rs3cr/year ($500,000)," we hear. "Hardly anyone gets this kind of salary in the Indian oil industry.
He also negotiated a Rs60 lakh ($100,000) severance package." Vohra supporters say he is not responsible for the lack of business. "Drilling activity slowed worldwide after oil prices crashed," says one of them.
"It's not his fault!"