Shimla: State-run hydropower generation PSU SJVN Limited has appointed Akhileshwar Singh as new Chief Financial Officer (CFO) of the company. Prior to his appointment, Singh was serving as Chief General Manager (Finance) in the same organisation. The appointment was made by SJVN's board of directors on November 27, the company said in a regulatory filing to the stock exchanges on Friday.
Singh's name was recommended by the Public Enterprise Selection Board (PESB) for the post on August 21. He was selected for the position by a PESB panel from a list of nine candidates. A total of six candidates who were on the list were from SJVN Limited, the others were from NHPC Limited, Power Finance Corporation (PFC) and Pashchim Gujarat Vij Co Ltd (PGVCL).
SJVN Limited, a Miniratna PSU under the administrative control of Ministry of Power, was incorporated on May 24, 1988, as a joint venture of the government and the state government of Himachal Pradesh. SJVN is now a listed company having shareholders pattern of 61.93 percent with government 26.85 percent with the government of Himachal Pradesh and rest of 11.22 percent with Public, according to the company's website.
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SJVN Limited is in the process of developing power projects which are in different stages of development in India as well as the neighbouring countries Nepal and Bhutan. The completion of these projects will add 5,564 MW of capacity. As a part of the plan for achieving 5000 MW installed capacity by 2023, 1,2000 MW by 2030 and 25000 MW by 2040, SJVN has formulated aggressive strategies which include both organic as well as inorganic modes for growth.