Arvind Pande On Ivrcl Board

Arvind Pande, the former chairman of Steel Authority of India (SAIL), has joined the board of the city-based IVRCL Infrastructure & Projects Limited as its non-executive chairman.

Pande's induction on to the board as chairman was part of the company's initiative to improve its corporate governance practices, IVRCL said in a release.

The Rs 400-crore infrastructure company with a major focus on water transmission, treatment and sewerage projects had an order book position of Rs 1,508 crore as on March 31, 2003.

In addition, the company has been lowest in tenders of the value of Rs 150 crore, for which orders are yet to be received. The company has plans to mobilise $ 15 to $ 25 million either through global depository receipts (GDRs) or foreign currency convertible bonds (FCCBs) or equity from foreign strategic investors to fund its growth plans.

 

The board of directors of the company at its meeting on May 15 discussed the proposal and deferred the matter for the next meeting.

E Sudhir Reddy, the managing director, has been elevated as the vice-chairman and managing director.