Sarma director of L&T, CEO of hydrocarbon subsidiary

Hydrocarbon segment recorded a revenue of Rs 2,207 crore in the first quarter registering a growth of 42%

L&T on Friday appointed Subramanian Sarma as non-executive director, and chief executive officer (CEO) and managing director (MD) of its wholly-owned subsidiary L&T Hydrocarbon, spun into a separate company in 2013 and to be listed in 2016.

K Venkataramanan, MD & CEO of L&T is retiring in September.

The hydrocarbon segment recorded a revenue of Rs 2,207 crore in the first quarter ended June 30 registering a growth of 42%.

Sarma, who will be based in West Asia, was earlier managing director of Petrofac - Onshore Engineering & Construction where he was responsible for the company’s onshore EPC projects worldwide. He has over 30 years of experience in the oil & gas industry. Having joined Petrofac in 1997, he has handled the complete value chain including business development, process engineering, project management and execution.

The L&T board is expected to meet in September to announce a successor for  Venkataramanan. By all available indications, S N Subrahmanyan is likely to become the next MD & CEO of India's largest infrastructure engineering company.

The L&T board will see the exit of M V Kotwal, whole-time director and president- Heavy Engineering, who retires at 67 in September.