Essar Oil, an Indian integrated oil and gas company that is part of the Essar group based in Mumbai, today said that Lalit Kumar Gupta has been appointed as the new managing director and chief executive of the company.
Gupta will replace Naresh Nayyar who has stepped down from his role as managing director and will assume the newly created role of deputy chairman. Gupta has been appointed for a period of five years with effect from today.
"At a meeting of the board of directors of the company held today the change in position of Naresh Nayyar as Non-executive director was approved. Nayyar will focus on wider responsibilities of the energy business portfolio of the Essar Group", a company statement said.
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