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| Mgmt rejig at DLF; may replace Sanka from CFO post |
| BS Reporter / New Delhi Aug 21, 2009, 21:44 IST |
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In a major move, DLF, the largest developer of the country, is mulling restructuring of its management as the company is looking to integrate its business into two verticals from the existing five.
Ramesh Sanka, chief financial officer (CFO) of the company, is expected to head the newly created leasing vertical while Ashok Tyagi, who is currently serving as the executive director, likely to assume the position of the CFO of the company.
“Since the company is integrating its business into two verticals, wanted Ramesh Sanka to take up bigger responsibilities and that is why the management is likely to be restructured in the coming days,” a source close to the development said.
However, a company spokesperson said, “We do not comment on market speculation.”
Sanka has been the group CFO for over five years and has managed company’s finances during the toughest times. Sanka was instrumental in divesting 12 per cent of DLF’s equity for Rs 9,200 crore in June 2007. Off late his strategy to exit the non-core business like hotels helped DLF bring its debt down from over Rs 14,000 crore to less than Rs 12,000 crore.
“The commercial segment needs a lot of negotiation with the corporate as well as investors. DLF is also looking at raising substantial amount of money through private equity and listing of DLF Assets on Singapore Stock Exchange. Sanka would be the right person to head that segment,” said Rupesh Sankhe, analyst, Centrum Broking.
Currently, DLF has five verticals – home, retail, commercial, infrastructure and hospitality - which would now be integrated into two verticals- sales and leasing. In the commercial business segment, DLF has constructed nearly 17 million square feet and another 17 million square feet is under construction.
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