Lalit Jalan

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Lalit Jalan [1]
Lalit Jalan.jpg
Born (1956-09-23) 23 September 1956 (age 68)
Kolkata, West Bengal, India
Nationality Indian
Alma mater The Wharton School
Moore School of Engineering
IIT Kanpur
Occupation(s)CEO of Reliance Infrastructure (20 August 2016 to 06 April 2019)
Chairman of BSES Delhi
Director of several firms (registered in Kolkata)
SpouseAnita Jalan
ChildrenAkshay Jalan & Varun Jalan
Website www.lalitjalan.in/lalitjalan/biography.html [ dead link ‍]

Lalit Jalan is the advisor and former chief executive officer of Reliance Infrastructure, part of the Reliance Anil Dhirubhai Ambani Group, one of India's largest corporate houses. [2] [3] [4] [5] He is the Chairman of BSES Rajdhani Power Limited and BSES Yamuna Power Limited and serves as Director in several companies including Reliance Defence Ltd, which is associated with the Rafale deal between India and France.

Contents

Apart from his major responsibilities in the Reliance group owned by Anil Ambani, he is also a Director of several other firms which are from his native town Kolkata, and some bear his family name "Jalan" including Jalan Brothers Private Limited, Jalan Properties Private Limited, Jalan Infosystems Private Limited, Jalan Reality Private Limited, Data Ware Private Limited, etc.

He continues to hold the post of Chairman of BSES Rajdhani and BSES Yamuna Power Limited, the electricity distribution companies in joint-venture with Government of NCT Delhi. [6] [7] [8] RInfra is one of India's largest integrated infrastructure company developing projects, through various special purpose vehicles, in several high growth areas in the infrastructure sector including power, roads, metro, airport, cement and EPC. [9]

Early life and education

Lalit Jalan Lalit Jalan, CEO, Reliance Infrastructure 4.JPG
Lalit Jalan

Lalit Jalan was born in Kolkata in a Marwari family. He attended St. Xaviers School during the early 1970s. Jalan now resides in Mumbai with his family which includes his parents, wife Anita, and two sons, who are also Wharton graduates and handle his family business. [10]

Career

Jalan started his career at General Electric as a Strategic Planner where he was mentored by Jack Welch. [11] After working there for two years, he returned to India and joined his own family venture Jalan Brothers, a distributor of plastic products. [12] in his hometown Kolkata. Jalan claims to have turned it into a Rs 250-crore business before acceding to his Wharton School classmate Anil Ambani's wish to join the Reliance Industries Limited. [13]

In 1995, Jalan joined Reliance Industries Limited (RIL) as the Head of Polypropylene Business. Jalan made the fastest ‘billion dollar hit’ in the industry by increasing business from zero to a billion dollars in 42 months with no prior experience in the petrochemicals industry. He also served as Head of the E-business at RIL, where he initiated practices such as e-procurement and SAP within the group. [14]

Jalan has served Reliance Group in many roles, including serving as CEO of RInfra's Delhi power distribution company, where he reduced power theft from 55% and improved its operations. Jalan joined Reliance Industries Limited as Chief Executive Officer, Polypropylene Business in 1995. At 39, he was the youngest ever CEO at Reliance. [15]

From 2003 onwards, Jalan has led Reliance Energy, a distribution company into the over Rs 23000 crore RInfra. Today RInfra is India's largest integrated infrastructure development firm with interests in power, roads, metros, airports, cement and other urban infrastructure projects with a turnover exceeding $4.5 billion. [13]

He became CEO of Reliance Infrastructure on 20 August 2016 and resigned on 6 April 2019 due to his retirement. Since then, he is associated with R-Infra as Advisor under new CEO Punit Garg.

Education

Jalan studied Electrical Engineering at the Indian Institute of Technology Kanpur (IIT Kanpur) in 1979. He completed an MBA from Wharton School, University of Pennsylvania in 1981 and MS (Computer Science) from Moore School of Engineering. In 2002, he was conferred with the distinguished alumnus award of IIT Kanpur for his outstanding managerial skills. [16]

Controversies

New Delhi power distribution companies BSES Yamuna and BSES Rajdhani, for which Lalit Jalan has served as Chairman, have been the focus of controversies concerning energy metering, [17] the frequent removal of CEOs and recent government-ordered audit, and the threat of Revocation of License and Non-Payment of dues to Power Suppliers like NTPC. [18] [19]

Settlement with Indian Stock Market Regulator

Securities and Exchange Board of India (sebi.gov.in) is the stock market regulator of India. It issued a consent order (no 426/2011 of 14 January 2011) directing Anil Ambani and others, including Lalit Jalan, to pay INR 250 million (approximately $6 million) to settle allegations they illegitimately used the funds from External Commercial Borrowings in the Indian stock market and without the applicant admitting or denying any charges or guilt. [20] [21]

The legality of such consent order was contested in court, and the government of India passed "Securities Law Amendment Ordinance 2013" on 18 July 2013, [22] which retroactively legalized 426/2011. As the stipulated period of six months had elapsed before the ordinance was approved and regularized in to an Act by the Parliament of India (House of Representatives), again on the recommendation of the Government of India, the President of India has re-promulgated the same ordinance on 15 January 2014, which must be passed by the parliament within six months. [23]

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References

  1. ↑ "Lalit Kumar Jalan: Distinguished Alumnus Award - 2002". Indian Institute of Technology Kanpur . Archived from the original on 19 July 2014. Retrieved 18 September 2014.
  2. ↑ "Reliance Infra plans to have road portfolio of Rs 20k cr by 2012". The Economic Times . 7 December 2009. Archived from the original on 20 September 2022. Retrieved 16 November 2024.
  3. ↑ Anil Dhirubhai Ambani (14 August 2014). "Reliance Infrastructure Directors Report". Moneycontrol. Network18 Group (which owns Moneycontrol). Archived from the original on 28 October 2014. Retrieved 18 September 2014.
  4. ↑ "RInfra re-designates Lalit Jalan as CEO". Zee News . New Delhi. Press Trust of India. 23 April 2012. Archived from the original on 22 January 2019. Retrieved 18 September 2014.
  5. ↑ "Lalit Jalan re-designated as Reliance Infra CEO". The Times of India . Mumbai. 23 April 2012. Archived from the original on 19 April 2019. Retrieved 18 September 2014– via World News.
  6. ↑ "Lalit Jalan to be Chairman of BRPL & BYPL". Moneycontrol. Network18 Group (which owns Moneycontrol). 21 April 2007. Archived from the original on 28 October 2014.
  7. ↑ "BSES removes CEO, appoints separate heads for two companies". The Indian Express . New Delhi. Archived from the original on 23 May 2014. Retrieved 18 September 2014.
  8. ↑ "BSES Yamuna gets new CEO". The Economic Times . 6 September 2005. Archived from the original on 22 May 2014. Retrieved 18 September 2014.
  9. ↑ "Rinfra's SPV Commissions the 7th Transmission Line in Maharashtra Ahead of Schedule" (PDF) (Press release). Mumbai: Reliance Infrastructure. 18 November 2013. Archived from the original (PDF) on 10 February 2014.
  10. ↑ Nair, Sulekha (20 February 2009). "Involve children in sports. When you play a sport, you learn to build a great team". Financial Express . Archived from the original on 16 November 2024. Retrieved 16 November 2024.
  11. ↑ Sharma, Sumit (4 March 2012). "Building Foundations" (PDF). Business India . Archived from the original (PDF) on 2 December 2013. Retrieved 26 November 2013.
  12. ↑ "Member Directory Details". Indian Plastics Federation. Archived from the original on 18 October 2014. Retrieved 18 September 2014.
  13. 1 2 Pandey, Piyush; Mukherjee, Shubham (9 March 2013). "R-Infra on threshold of commissioning most projects". The Times of India . Archived from the original on 23 September 2022. Retrieved 18 September 2014.
  14. ↑ "A Fine Fellow". Business Today . 17 March 2002. Archived from the original on 25 December 2018. Retrieved 16 November 2024– via lalitjalan.in (personal website).
  15. ↑ Jalan, Lalit (31 January 2013). Sharma, Sanjay (ed.). "Infrastructure will drive India's Growth Story". EPC World. Archived from the original on 28 October 2014. Retrieved 18 September 2014.
  16. ↑ "Mr. Lalit Kumar Jalan (BT/EE/1979)". Office of Resources and Alumni. Indian Institute of Technology Kanpur . Archived from the original on 14 August 2018.
  17. ↑ Venugopal, K.; Singh, Berjinder (23 February 2008). "BSES Rajdhani Power Limited Multi Year Tariff Order (FY08 – FY11)" (PDF). Delhi Electricity Regulatory Commission . Archived from the original (PDF) on 12 April 2015. Retrieved 28 October 2014.
  18. ↑ "NTPC to cut supply if BSES fails to pay dues before May 31: Supreme Court". The Economic Times . New Delhi. 7 May 2014. Archived from the original on 6 August 2022. Retrieved 18 September 2014.
  19. ↑ "Delhi govt asks DERC to revoke license of BSES if power stopped". The Times of India . New Delhi. Press Trust of India. 3 February 2014. Archived from the original on 25 October 2016. Retrieved 18 September 2014.
  20. ↑ Abaraham, K. M.; Saran, Prashant (14 January 2011). "In the Matter of Dealing in the Shares of Reliance Communications Limited" (PDF). Securities and Exchange Board of India . Mumbai. CO/IVD/426/2011. Archived (PDF) from the original on 8 November 2021. Retrieved 16 November 2024.
  21. ↑ "Annual Report 2010–2011" (PDF). Securities and Exchange Board of India . Mumbai. 31 March 2011. Archived (PDF) from the original on 30 June 2024. Retrieved 16 November 2024.
  22. ↑ Zachariah, Reena (23 July 2013). "Consent orders get legal sanctity as govt amends Sebi Act restospectively". The Economic Times . Mumbai. Archived from the original on 29 July 2013. Retrieved 18 September 2014.
  23. ↑ "President re-promulgates SEBI ordinance" . The Hindu . New Delhi. 16 November 2021 [29 March 2014]. Archived from the original on 10 July 2014.
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