The Telegraph
Saturday , March 29 , 2014
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Sesa Sterlite veteran quits

Mukherjee: Stepping down

Mumbai, March 28: Industry baron Anil Agarwal witnessed a high profile exit today at one of his group companies when Prasun K. Mukherjee, executive director (iron ore business), quit Sesa Sterlite Ltd.

Although there was no official announcement from the Rs 2,749-crore company, it is learnt that a board meeting of Sesa Sterlite is scheduled to meet tomorrow where Mukherjee’s resignation will be accepted.

The reason behind Mukherjee’s resignation is not known. It is understood that he will demit office on March 31.

Mukherjee has been a key lieutenant of Anil Agarwal and he is credited with making Sesa Goa India’s top private iron ore miner.

Under his leadership as managing director & CEO, Sesa Goa grew to become a more than Rs 1,000-crore company.

However, the imposition of mining bans, first in Karnataka and later in Goa, impacted its financials. In a major restructuring in 2013, Sterlite Industries, a Vedanta group company, was merged into Sesa Goa to form Sesa Sterlite and another entity, Vedanta Aluminium, was consolidated into Sesa Sterlite.

Further, Vedanta’s holding of nearly 39 per cent in oil and gas exploration company Cairn India was transferred to Sesa Sterlite, raising the latter’s holding in Cairn India to around 59 per cent.

In January, Mukherjee was re-designated as executive director (iron ore business) from managing director.

Incidentally, M.S. Mehta, wholetime director and CEO of Sesa Sterlite, is also scheduled to retire on March 31.

Earlier this month, the Vedanta group announced the appointment of former Rio Tinto boss Tom Albanese. Albanese will take over as chief executive officer of Vedanta and join the Vedanta board with effect from April 1, 2014. He will also be appointed CEO of Sesa Sterlite from April 1.

Mukherjee has been with Sesa Goa since 1987 and was its managing director since April, 2006. He has around 33 years of experience in finance, accounts, costing, taxation, legal and general management.