Idbi Ready For Top -Level Reshuffle
The Industrial Devel-opment Bank of India is set to undergo a major reshuffle of portfolios at the executive directors level with the implementation of the Booz Allen & Hamiltons recommendations.
The reshuffle will be effected after the retirement of a few executive directors this year R S Agarwal in July, and B K Taparia and Virendra Kapoor in November. The other executive directors are P S Subramanyam, A Lahiri, S K Chakrabarti and P V Narasimham.
The reshuffle will be in such a way that it grooms a successor to the current chairman and managing director S H Khan who retires in June 1998. The two EDs in race for the chairmans post are Narashimam and Subramanyam. Narasimham is due to retire in 1999 and so is Lahari. Subramanyan, however, retires much later.
Subramanyam handles the resources and investment department; A Lahiri is economic adviser; and S K Chakrabarti is adviser (technical). Taparia handles merchant banking and investor services, and heads the task force to look into the implementation of the Booz Allen recommendations.
Narasimhan recently took over the project finance portfolio, which was looked after by GP Gupta who moved to UTI. Tthe project finance portfolio is expected to be split into two, with one ED handling corporates with requirements above Rs 200 crore and the other looking after companies with requirements below this level.