Following his tenure of over two decades at different Tata Group companies, Tata Power chief executive officer (CEO) Anil Sardana may soon be putting in his papers, according to sources who added that the resignation could come in anytime this week. Sardana is seeking growth opportunities outside the group, the second person said.
Tata Group, under chairman N Chandrasekaran, has been trying to restructure the conglomerate by creating around five verticals, consolidating businesses with potential synergies. As part of the exercise, the group was planning to create a defence and infrastructure vertical by bringing in the power projects and defence-related businesses under one roof, and it would be headed by former GE executive Banmali Agrawala. Tourism, financial services and consumption are some other likely verticals. Agrawala, who was working with Tata Power, was reporting to Sardana. “After the current restructuring, Sardana would have reported to Agrawala,” the second person said. Sardana also served as the executive director (business development & strategy) for Tata Power from March 1, 2007, to August 3, 2007, and continued to be on its board until July 1, 2008. He was the MD of Tata Teleservices for more than three years from 2007 to 2011, it said.
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