Background about outgoing CEO, interim CEO and firm
March 27 (Reuters) – Diversified miner Vedanta Ltd VDAN.NS mentioned on Friday Chief Government Officer S Venkatakrishnan has resigned on account of private causes, lower than two years after he took the helm.
Sunil Duggal, present head of Vedanta unit Hindustan Zinc Ltd HZNC.NS, will take over as interim CEO.
Venkatakrishnan, who was beforehand CEO of South African miner AngloGold Ashanti LtdANGJ.J, took over as Vedanta chief in 2018 amid a rebound in metallic costs.
Vedanta has been seeking to increase its zinc, silver and oil and gasoline enterprise and mentioned in January that it will make investments 600 billion Indian rupees ($eight billion).
The corporate was delisted from the London Inventory Alternate in 2018, citing maturity of Indian capital markets.
Duggal can be president of the Federation of Indian Mineral Industries, the nation’s greatest mining foyer group.
Shares of Vedanta have plunged greater than 70% since Venkatakrishnan took over as CEO. Shares of Hindustan Zinc, the world’s second-largest zinc miner, have fallen about 50% in the identical interval.
The Indian authorities holds a 29.5% stake in Hindustan Zinc, which Vedanta has repeatedly mentioned it wish to purchase.
(Reporting by Arathy S Nair in Bengaluru; Enhancing by Maju Samuel)
((arathys.nair@thomsonreuters.com; +1 646 223 8780 (Extn 2726); Twitter: https://twitter.com/ArathySom;))
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