Jindal Steel and Power today announced that Ravi Uppal, Managing Director & Group CEO of the company would superannuate on September 30, at a time when the steel maker is grappling with a debt of over Rs 45,000 crore.
Uppal would be completing his five-year term on September 30 and would cease to be a director of the company, Jindal Steel and Power said in a regulatory filing to the stock exchanges.
The company did not mention the replacement of Uppal.
While describing his stint at JSPL as an exceptional experience Uppal said, “Notwithstanding the challenges it faced during the last 5 years, the company through untiring efforts of its team has emerged to be a power house within the Indian steel industry.”
Acknowledging Ravi Uppal’s efforts in company’s turnaround, Naveen Jindal, Chairman of JSPL Group, described him an astute business leader.
Shares of JSPL closed at Rs 151.75, down 0.91% on the BSE on Thursday. Read more
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