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Home» Economy» Industry» Cairn india ceo rahul dhir to step down

Cairn India CEO Rahul Dhir to step down

Source | August 09, 2012, 05:29 PM IST
cairn india ceo rahul dhir to step down

Gurgaon : The chief of Cairn India Rahul Dhir has decided to step down, the Board of Cairn India announced here on Wednesday. “Rahul Dhir has decided to step down as Managing Director and Chief Executive Officer of the Company effective 31 August, 2012 to pursue his entrepreneurial interests,” said a company release.

The search for Mr. Dhir’s successor is underway and an announcement is expected soon. During this

Intervening period, Mr. P. Elango, Director – Strategy and Business Services and a member of Cairn India’s Executive Committee will function as the Interim CEO.

Dhir led Cairn India since its inception in 2006 and was instrumental in the successful IPO in January 2007. Under his leadership, Cairn India grew to one of the leading oil & gas companies in India, with a market capitalisation of over US $11 billion.

“The success of Cairn India, under Rahul’s leadership has been achieved through building a globally competitive team, ensuring a strong focus on disciplined execution, sustaining low cost and safe operations and innovative application of technology,” Navin Agarwal, Chairman of Cairn India, said.

Recalling the company’s growth over the past six years Dhir said that the company achieved all major milestones set out at the time of the IPO. With the completion of Vedanta’s acquisition, Cairn India’s organisation and asset base are well placed to continue to deliver sustainable growth for all the stakeholders, he added.

Cairn India is now part of the Vedanta Group, a globally diversified natural resources group with wide ranging interests in

aluminium, copper, zinc, lead, silver, iron ore, etc. Cairn India is primarily engaged in the business of oil and gas exploration, production and transportation. The Company sells its oil to major refineries in India and its gas to both PSU and private buyers.

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