Cairn rejigs leadership team to drive $1-bn investment plan

Cairn India on Thursday announced the strengthening of its leadership team to realise the company's vision to contribute 50% of country's crude oil and gas production and channelise investments of over $1 billion.

"Cairn is at an inflection point in its journey of growth with 5 fast-track projects and investments of over $1 billion in the next 18-20 months which are expected to yield about 100,000 barrels of oil and gas per day," the company said in a statement today.

The strategic move will empower the core leadership to take key decisions and to drive Cairn to the next phase of growth, it said.

"The company plans to undertake exploration drilling in its Krishna Godavari Block in 2018 and has also put in Expressions of Interest for 15 exploration blocks under the Government's new Open Acreage Licensing Policy."

As per the statement, the roles of  Sudhir Mathur, Suniti Bhat, Pankaj Kalra and Sharad Goenka have been enhanced to lead this growth strategy.

With the new role, Mathur, who was earlier the acting CEO and CFO will now take the responsibility of Chief Executive, while Bhat, who was earlier director of oil and gas will now have the role of Chief Operating Officer.

Further, Kalra, who was Deputy CFO, has been elevated to the position of Chief Financial Officer and Goenka has been elevated as Chief Strategy and Policy Officer from his earlier role as head, new business.

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