– ISLE OF MAN, Douglas – OPG Power Ventures Plc (AIM: OPG), the developer and operator of power generation plants in India, is pleased to confirm the following board changes which will be effective from the forthcoming Annual Meeting of the Shareholders of the Company, to be held in October 2016, notice of which will be given in due course.
Having been Chairman of the Company for eight years, and having overseen the Company’s growth from Admission to AIM to 750 MW of operating capacity, Mr MC Gupta has informed the Board of his intention to retire from the board at the annual general meeting of the Company. At that time, Arvind Gupta, OPG’s CEO, will assume the role of Executive Chairman.
On the same date, the Company will appoint Mr Jeremy Beeton (aged 63) as an Independent Non-Executive Director. Mr Beeton has more than 40 years’ international business experience including in Government, corporate, project management, construction and facilities management. He is currently a Non-Executive Director of SSE plc, WYG plc and John Laing Group plc as well as being an Advisory Board member of PricewaterhouseCoopers LLP, a Director of Tanah Merah and Chairman of Merseylink Ltd. He also sits on the governing Court of Strathclyde University. Mr Beeton spent five years (2007-2012) as Director General of the UK Government Olympic Executive, where he was responsible for supervising the delivery of the London 2012 Olympic and Paralympic Games. Between 1999 and 2007 he was Principal Vice President and Director of Bechtel Ltd with responsibility for the management and delivery of Bechtel’s worldwide civil engineering projects in its infrastructure and aviation business lines.
Arvind Gupta commented: “We have, with regret, accepted Mr M C Gupta’s decision to step down from the Board as Chairman. We will miss his wise counsel and leadership which contributed in significant measure to the Company’s growth and development over the last eight years. On behalf of the Company and the Board I would like to thank Mr Gupta for his immense contribution and wish him well for the future.”
He added, “I look forward to welcoming Jeremy Beeton to the Board. His experience of large listed companies operating and building assets in emerging markets will no doubt be the source of much learning for us and will place us in good stead to achieve our vision of becoming a leader in India’s power sector. “
OPG operates and develops power generation related assets in India, principally under the group captive model, and currently has 750 MW of assets in operation with 62 MW solar under development. In the year ended 31st March 2016, according to its preliminary results, the Company generated revenues of approximately £128 million, Profit before tax of £28.6 million and earnings per share of 5.90 pence.
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.