Financial Daily from THE HINDU group of publications
Thursday, Apr 03, 2003
Financial Daily from THE HINDU group of publications Thursday, Apr 03, 2003 |
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Restructuring Corporate - Restructuring Top management recast at BPL group Boby Kurian
BANGALORE, April 2 THE domestic consumer durables major, BPL Group, which is in the midst of a major debt and equity revamp, has rejigged its top management force. The Rs 4,000-crore group has inducted Mr M. Sasi on the board of the flagship company, BPL Ltd. Mr Sasi who has had exposure to BPL's European ventures will look after finance and corporate planning as a director. His induction takes the strength of the company's board to 12, the company sources said. The finance team has seen another induction at the top with Mr P.V.K. Sundaram, a senior partner with S.S. Kothari & Co, joining as Vice-President to head the finance restructuring efforts. BPL, which is servicing a debt burden in excess of Rs 750 crore, has been in talks with the ICICI Bank-led consortium to recast the debts at a favourable interest rate regime. ICICI's exposure to the company is estimated at over Rs 400 crore. BPL has seen a spate of exits by top officials in recent months, including Mr R. Murali, Finance Director, Mr Ajay Baijal, COO, Entertainment Electronics Business Group, and Mr George Thomas, COO of Soft Energy Business Group. It has roped in new hands to steer the marketing of entertainment electronics and soft energy business groups. Mr Sharad Mathur, a former national sales head of ICICI Prudential Life Insurance, has been recruited as Vice-President in-charge of marketing for the Entertainment Electronics Business group. He is slated to join in the second week of April. A former Coca-Cola official, Mr Samyukth Sridharan, has joined to head the company's sales and marketing of the Soft Energy Business Group. The Component Business Group, comprising companies such as BPL Engineering Ltd, BPL Display Devices Ltd and Electronics Research Ltd, will soon have a new Chief Financial Officer. Mr Rajiv Dangi, a former CFO and Company Secretary with Agere Systems, a group company of Lucent Technologies Ltd, is slated to join in the third week of May. BPL's component business, industry observers said, had emerged as a robust revenue stream for the group with combined income closer to Rs 1000 crore annually.
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