Ahmedabad, Feb 10: Chinubhai R Shah has taken over as the managing director of Ahmedabad Electricity Company (AEC), among the few profit-making power-generation and distribution companies in the country. The move follows the acquisition of a 36.79 per cent stake in the company by the city-based Torrent group.Shah, a director of the Torrent group for long, is considered a management expert even by the redoubtable financial institutions, which together hold 32.81 per cent share in the company.
According to sources, Shah is learnt to have severed his relationship with his previous group in deference to the wishes of the representatives of the financial institutions expressed during their meeting with Torrent Group managing directors Sudhir Mehta and Samir Mehta last week.
Shah took over the baton from A Prasad, who was also holding the charge of principal secretary, energy and petrochemicals department, government of Gujarat.Sources said that Rohit Mehta, a prominent industrialist of Ahmedabad, who ischairman of AEC for the last two-and-a-half years, would continue to chair the post till the next general meeting.
Contrary to the views expressed by certain quarters, the sources said, there was no urgency to change the present chairman. As was discussed at a point of time that the Gujarat government would appoint the chairman seems to be a distant possibility as it had already reduced its shareholding to 18.89 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
