Energy explorer Cairn India on Wednesday announced its chief executive officer Rahul Dhir has quit the company.
With Dhir’s exit, the entire top management of Cairn India has left the company since billionaire Anil Agarwal’s Vedanta announced it was buying a majority stake in the firm from Scottish explorer Cairn Energy Plc.
Dhir, who was the face of Cairn India since the firm’s British promoters listed it on Bombay Stock Exchange, resigned less than eight months after London-based mining group Vedanta took over the firm.
“The board of Cairn India announces that Dhir has decided to step down as managing director and chief executive officer of the company effective August 31, 2012 to pursue his entrepreneurial interests,” the company said in a statement.
Dhir took over as Cairn India’s chief executive and spearheaded its listing on local stock exchanges in January 2007.
Under his leadership, Cairn India began crude oil production from its key Rajasthan oilfields three years ago. The fields are producing 175,000 barrels per day (bpd) and the company is aiming to achieve 300,000 bpd output.
Vedanta completed its $8.67 billion acquisition of Cairn India in December 2011, a sale beset by difficulties over a dispute involving royalties from the Rajasthan oil production.
“The search for Dhir’s successor is underway and an announcement is expected soon,” the company said, adding it named P. Elango, Cairn’s strategy director as interim chief executive.
Cairn India chief quits in aftermath of Vedanta takeover
