Chandra Appointed Tata Power Chairman
Mumbai: Tata Power Company has appointed N Chandrasekaran as chairman and additional director of the company with effect from Saturday, the power utility said in a statement on Friday.
He will replace S Padmanabhan who was appointed chairman on January 4 after Cyrus Mistry resigned from the post following his ouster from Tata Sons.
Chandrasekaran is the chairman-designate of Tata Sons, the holding company of Tata Group. “I am honoured to be appointed as the chairman of the board of this historic organisation which has been serving the nation for the past 100 years with dedication. It will be my endeavour to help the management team fulfil Tata Power’s commitment to light up the lives of our future generations,” he said.
Q3 CONSOLIDATED NET UP 38%
Tata Power on Friday also reported a consolidated net profit of ₹ 599 crore for the third quarter ended December, up 38% on year, driven mainly by improved performance by key Indian subsidiaries and coal companies, and a favourable tax credit.
“Net profit after other comprehensive income stood at ₹ 695 crore, up 42% from the corresponding quarter last year, mainly due to profit from sale of one of the businesses of Tata Communications,” the company said.