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`Reliance man unlikely to head BSES'

Our Bureau

MUMBAI, April 10

BSES continues to be a professional-run company even though the Reliance group is now the single largest stakeholder, according to Mr R.V. Shahi, Power Secretary-designate and currently Chairman and Managing Director, BSES Ltd.

Mr Shahi told Business Line, "At present all the directors are professionals or institutional nominees. What would happen in the future I cannot say."He, however, said it `is not likely" that a person from the Reliance group would succeed him.

The Reliance group has now become the single largest stakeholder in the company with close to 37 per cent equity holding. Mr Anil Ambani, Managing Director, Reliance Industries, has reiterated at various media conferences that BSES "would be the vehicle for Reliance group's ventures in the power sector."

Mr Shahi takes over as Union Power Secretary on April 13. The BSES board is meeting on April 12 to pick a successor to him. Meanwhile, the company board has appointed the senior-most director, Mr S.S. Dua, as Chairman in the interim period.

Mr Shahi, who would be one of the select few from outside the bureaucracy to get the administrative job of Secretary, however, declined comment on the new job.

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