CP Jain to remain NTPC chairman for another year

Vol 9, PW 10 (25 Aug 05) News in Brief

CP Jain is likely to stay as chairman of NTPC for at least another year.

Jains position as NTPC chairman officially comes to an end on 31st August but its expected that the ministry of power will extend his term at least until the end of March next year, when he reaches 60 and the official retirement age for state-owned company chairmen. Normally the ministry would allow a chairman to work out the last year of his retirement if it is so close to the end of his term, we learn.

No advertisment for a new NTPC chairman has appeared in the press, a clear indication that the ministry has granted or is about to grant Jain a years extension. If confirmed, Jains extension should scotch growing industry speculation that NTPC director operations Chandan Roy, aged 54, is tipped to succeed him.

Jain is widely ridiculed in oil industry circles for insisting on a burner tip price of $3 or $4 per mmbtu for regassified LNG.

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