Sobha appoints Nangineni as new MD

Sobha on Monday announced that the board has approved the appointment of Jagadish Nangineni as an additional director in the capacity of whole-time director, designated as managing director of the company.

Jagadish Nangineni is appointed for a period of five years, with effect from 1 April 2022. Nangineni will succeed the outgoing Jagdish Sharma. Jagadish Nangineni has about twenty years of experience in the fields of real estate, consulting and technology. He is associated with Sobha since 2009 in senior strategic & operational roles.

Meanwhile, Jagdish Chandra Sharma vide his letter on Friday tendered his resignation for the position of director, vice chairman, managing director and key managerial personnel of the company.

Sobha is primarily focused on residential and contractual projects. Its residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes.

The company reported a 60% rise in consolidated net profit to Rs 33.2 crore on a 1% decline in total income to Rs 688.8 crore in Q3 FY22 over Q3 FY21.

Shares of Sobha were trading 5.03% lower at Rs 708.40 on BSE.

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