OPG Power Ventures announces board changes

OPG power Ventures, an AIM listed company that develops and operated power plants in India, has announced that its chairman is stepping down and it has appointed a new independent non-executive director.

The company’s chairman Munish Gupta is retiring after eight years of service. He has overseen the company’s growth from admission to AIM to 750 megawatts (MW) of operating capacity. The firm’s current chief executive Arvind Gupta will assume the role of executive chairman.

Arvind Gupta commented: "We have, with regret, accepted Mr M C Gupta's decision to step down from the Board as Chairman. We will miss his wise counsel and leadership which contributed in significant measure to the Company's growth and development over the last eight years."

The company will also appoint Jeremy Beeton as an independent non-executive director. Beeton has over 40 years’ experience in international business. He is currently a non-executive director of SSE plc, WYG plc and John Lain as well as director of Tanah Merah, advisory board member of PricewaterhouseCoopers and chairman of Merseylink.

"I look forward to welcoming Jeremy Beeton to the Board. His experience of large listed companies operating and building assets in emerging markets will no doubt be the source of much learning for us and will place us in good stead to achieve our vision of becoming a leader in India's power sector," said Arvind Gupta.

Both positions will come into effect from the company’s upcoming annual general meeting in October 2016.

The share price fell 1.58% to 68.40p at 1025 BST on Friday.