AK Balyan quits Anil Ambani's Reliance

Vol 21, PW 26 (04 Oct 18) News in Brief

Frustrated with the slow pace of work, former ONGC director and Petronet-LNG chief AK Balyan has quit his job as CEO (Oil & Gas) of Anil Ambani-controlled Reliance Infrastructure, little more than three years after joining the group.

Balyan's last day was on September 30 but a source says he'd been planning to quit for some time. When contacted on September 28, Balyan was caught off-guard.

"I'm not sure," he mumbled. "I can't comment; anyway today is the 28th; there are two more days to go." Balyan's colleagues say he was unhappy at lack of progress with Anil Ambani's oil and gas ventures, notably a 3000-MW R-LNG based power station and FSRU in neighbouring Bangladesh.

"Nothing is moving," says a well-placed source. "Everything has gone quiet." He speculates that lack of progress is due to extra caution displayed by banks when lending to highly indebted business groups like Anil Ambani's Reliance.

Before joining Reliance in July 2015, Balyan spent five years as Petronet-LNG managing director. Before that he was ONGC director HR from 2003 to July 1, 2010.