Former Petronet LNG Ltd CEO Prabhat Singh has joined a Reliance Industries Ltd affiliate firm, second top executive to join billionaire Mukesh Ambani-run group within weeks of demitting office.
Singh, who completed a five-term term at India's largest liquefied natural gas importer Petronet in mid-September, joined the "business leadership team of the India Gas Solutions (IGS)", an employee communication by Reliance Industries executive director P M S Prasad said.
In August this year, former Indian Oil Corp (IOC) chairman Sanjiv Singh joined Reliance Industries Ltd (RIL) as a group president for the firm's oil-to-chemicals business.
Singh had retired from India's top oil firm in June-end.
"He (Prabhat Singh) will lead and drive the IGS organisation, aimed at assured supply of natural gas to meet its energy demand of India," Prasad wrote. Singh's exact role, designation and hierarchy in the organisation were fuzzy.
India Gas Solutions Private Limited (IGS) is a 50:50 joint venture of supermajor BP and RIL, which is focused on sourcing and marketing of natural gas in India. Bibhas Ganguly, an executive with RIL, is the chairman of IGS. Vinod Tahiliani, who was previously with BP, was named chief executive officer (CEO) of the company in February 2018.
"As a cleaner, sustainable fuel source, the demand for natural gas is expected to grow at an exponential rate. We are confident that with his experience and abilities, Prabhat will steer IGS towards meeting this exponential demand and marketing of natural gas within the country," Prasad wrote.
Prabhat Singh was appointed Managing Director and CEO of Petronet on September 14, 2015, for an initial period of five years. Though Singh, 63, was eligible for an extension till he achieved superannuation age two years later, Petronet appointed a replacement for him.
Petronet is owned by state-owned gas utility GAIL (India) Ltd, refiners Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL) and explorer Oil and Natural Gas Corp (ONGC). The four firms own a 12.5 per cent stake each in the firm which is registered as a private company but is headed by the Secretary to Ministry of Petroleum and Natural Gas.
