Lalit Jalan

Last updated

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

Lalit Jalan is the Advisor & former Chief Executive Officer of Reliance Infrastructure, part of the Reliance Anil Dhirubhai Ambani Group (ADAG), 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. [16]

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. [17]

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, [18] 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. [19] [20]

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. [21] [22]

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, [23] 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. [24]

Related Research Articles

<span class="mw-page-title-main">Reliance Industries</span> Indian multinational conglomerate

Reliance Industries Limited is an Indian multinational conglomerate headquartered in Mumbai, India. Its businesses include energy, petrochemicals, natural gas, retail, entertainment, telecommunications, mass media, and textiles. Reliance is the largest public company in India by market capitalisation and revenue, and the 100th largest company worldwide. It is India's largest private tax payer and largest exporter, accounting for 7% of India's total merchandise exports. The company's motto is Growth is Life.

<span class="mw-page-title-main">Bombay Stock Exchange</span> Indian stock exchange in Mumbai

BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange which is located on Dalal Street. Established in 1875 by cotton merchant Premchand Roychand, it is the oldest stock exchange in Asia, and also the tenth oldest in the world. The BSE is the world's 6th largest stock exchange with a market capitalization exceeding US$5 trillion on May 21, 2024.

<span class="mw-page-title-main">National Stock Exchange of India</span> Indian securities marketplace

National Stock Exchange of India Limited (NSE) is one of the leading stock exchanges in India, based in Mumbai. NSE is under the ownership of various financial institutions such as banks and insurance companies. It is the world's largest derivatives exchange by number of contracts traded and the third largest in cash equities by number of trades for the calendar year 2022. It is the 7th largest stock exchange in the world by total market capitalization, exceeding $5 trillion on May 23, 2024. NSE's flagship index, the NIFTY 50, is a 50 stock index that is used extensively by investors in India and around the world as a barometer of the Indian capital market. The NIFTY 50 index was launched in 1996 by NSE.

<span class="mw-page-title-main">Reliance Communications</span> Indian telecommunications company

Reliance Communications Limited (RCOM) was an Indian mobile network provider headquartered in Navi Mumbai, Maharashtra that offered voice and 2G and 3G and 4G data services. In February 2019, the company filed for bankruptcy as it was unable to sell assets to repay its debt. It has an estimated debt of ₹500 billion against assets worth ₹180 billion.

<span class="mw-page-title-main">Dhirubhai Ambani</span> Indian billionaire businessman (1932–2002)

Dhirajlal (Dhirubhai) Hirachand Ambani was an Indian billionaire businessman who founded Reliance Industries in 1958. Ambani took Reliance public in 1977. In 2016, he was honoured posthumously with the Padma Vibhushan, India's second-highest civilian honour for his contributions to trade and industry. Ambani faced numerous accusations of market manipulation, tax evasion, and cronyism.

<span class="mw-page-title-main">Mukesh Ambani</span> Indian billionaire businessman (born 1957)

Mukesh Dhirubhai Ambani is an Indian billionaire businessman who is the chairman and managing director of Reliance Industries. He is the richest person in Asia and 11th richest in the world.

<span class="mw-page-title-main">Anil Ambani</span> Indian businessman (born 1959)

Anil Dhirubhai Ambani is an Indian businessman, chairman and managing director of Reliance Group. The Reliance Group was created in July 2006 following a demerger from Reliance Industries Limited. He led several stocks listed corporations including Reliance Capital, Reliance Infrastructure, Reliance Power and Reliance Communications.

<span class="mw-page-title-main">Reliance Infrastructure</span> Infrastructure development company based in Mumbai, India

Reliance Infrastructure Limited (R-Infra), formerly Reliance Energy Limited (REL) and Bombay Suburban Electric Supply (BSES), is an Indian private sector enterprise involved in power generation, infrastructure, construction and defence. It is part of the Reliance Group. The company is headed by its chairman, Anil Ambani, and chief executive officer, Punit Narendra Garg. The corporate headquarters is in Navi Mumbai. Reliance Infrastructure's interests are in the fields of power plants, metro rail, airports, bridges, toll roads, and defence. It is a major shareholder in the other group company, Reliance Power and Reliance Naval and Engineering Limited.

<span class="mw-page-title-main">Reliance Capital</span> Indian Financial Services company

Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. Reliance Capital, a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index, is a part of the Reliance Group. It is amongst India's leading and most valuable financial services companies in the private sector. As on 31 March 2017, the net worth of the company stood at ₹16,548 crore, while its total assets as on the date stood at ₹82,209 crore. In Fortune India 500 list of 2018, Reliance Capital was ranked as the 77th largest corporation in India with 5th rank in 'Non-Banking Finance' category.

Reliance Group is an Indian conglomerate, headquartered in Mumbai, India. The company, which was formed after Dhirubhai Ambani's business was divided up, is headed by his younger son Anil Ambani. Reliance Group has five listed companies, Reliance Power, Reliance Infrastructure, Reliance Home Finance, and Reliance Health. The group provides financial services, construction, entertainment, power, health care, manufacturing, defence, aviation, and transportation services.

<span class="mw-page-title-main">Anand Jain</span> Indian business executive (born 1957)

Anand Jain is an Indian business executive. He is the Chairman of Jai Corp Limited.

Reliance Power Limited (R-Power), formerly Reliance Energy Generation Limited (REGL) is a part of the Reliance Group. It was established to develop, construct, operate and maintain power projects in the Indian and international markets. Reliance Infrastructure, an Indian private sector power utility company and the Reliance ADA Group promote Reliance Power. The present CEO of Reliance Power is K. Raja Gopal since 2 May 2018.

<span class="mw-page-title-main">Reliance General Insurance</span> Indian insurance company

Reliance General Insurance Company Limited is an India-based private insurance company and is part of Reliance Anil Dhirubhai Ambani Group, wholly owned through Reliance Capital. As of March 31, 2021, Reliance General Insurance's distribution network is composed of over 129 branches with more than 52,595 intermediaries.

<span class="mw-page-title-main">Ashish Chauhan</span> Indian business executive and administrator

Ashishkumar Chauhan is an Indian business executive and administrator who is currently the Managing Director (MD) and Chief Executive Officer (CEO) of the National Stock Exchange of India (NSE). A technocrat from IIT Bombay and IIM Calcutta, Ashish was a founding member of NSE. Prior to joining NSE back in 2022, he was the Managing Director and Chief Executive Officer of the Bombay Stock Exchange (BSE) for 10 years. Ashish is a member of the University Grants Commission and is the Chancellor of University of Allahabad. He also serves as a member of Governing Council of one of the premier B-Schools in India - IIM Calcutta. Ashish is best known as the father of modern financial derivatives in India, and is considered one of the foremost experts in financial market policies, Information technology, organized retail, telecommunications, cricket and Indian social issues. Ashish has been awarded Lifetime Achievement Award by Global Custodian

Reliance Naval and Engineering Limited, formerly known as Reliance Defence & Engineering Limited and prior to that as Pipavav Shipyard Limited (PSL) and Pipavav Defence & Offshore Engineering Company Limited is an Indian shipbuilding and heavy industry company headquartered in Mumbai. The shipyard is located near the village of Pipavav in Gujarat, at a distance of 90 km South of Amreli, 15 km South of Rajula and 140 km South West of Bhavnagar. Reliance Naval was the first private sector company in India to obtain a license and contract to build warships and owns the largest shipyard in India.

<span class="mw-page-title-main">Dahanu Thermal Power Station</span>

Dahanu Thermal Power Station (DTPS) is a coal based thermal power plant located at coastal Dahanu town in Palghar district in the Indian state of Maharashtra It was constructed by BSES Limited. The power plant operated by Adani Electricity is located on Mumbai-Ahmedabad rail line and is 120 km away from Mumbai and 20 km away from Mumbai-Ahmedabad-Delhi National Highway 8 (India).

<span class="mw-page-title-main">Tata Power Delhi Distribution Limited</span> Indian public-private utility company

Tata Power Delhi Distribution Limited (TPDDL) is an Indian electric utility serving the northern and western parts of Delhi. It is a joint venture between the Government of NCT of Delhi and Tata Power Company Limited, which holds a 51% majority stake in the venture.

Alchemist Group is an Indian conglomerate which has a presence in multiple sectors, including healthcare, pharmaceuticals, food-processing, real estate, infrastructure and tea estates. It was founded by businessman turned politician K.D. Singh. The flagship company of Alchemist Group – Alchemist Limited is a publicly traded at NSE & BSE. Multiple central and state government agencies in India including SEBI has barred many companies of Alchemist group for multiple violations. Securities Appellate Tribunal had earlier ordered Alchemist group to comply with SEBI orders that had asked the company to refund an estimated Rs 1,000 crore collected from public through unauthorised collective investment schemes (CIS). On August 7, 2015, Alchemist Capital was told to refund 165 crore with 15% interest for issuing 16.52 crore RPS of Rs 10 each amounting to Rs 165.21 crore up.

BSES Yamuna Power Limited (BYPL) is a joint venture between the Government of Delhi and Reliance Infrastructure Limited, which holds a 51% majority stake in the venture. It is one of the three electricity distribution companies in Delhi, the other two being BSES Rajdhani Power Limited and Tata Power Delhi Distribution Limited. BYPL started operations in July 2002 and currently serves 1.65 million people in the Central and East parts of Delhi. The company's operations span an area of 200 km2 (77 sq mi) with a recorded peak load of around 1,459 MW.

India Grid Trust (IndiGrid) is an Indian power sector infrastructure investment trust (InvIT), sponsored by KKR & Sterlite Power (SPTL). Established on 21 October 2016, the entity is registered with SEBI pursuant to the InvIT regulations to own power transmission and renewable assets. Harsh Shah is the CEO and Director of IndiGrid and Jyoti Kumar Agarwal is the CFO.

References

  1. ↑ "Lalit Kumar Jalan". 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"
  3. ↑ "Reliance Infrastructure Directors Report, Reliance Infra Reports by Directors". moneycontrol. Retrieved 18 September 2014.
  4. ↑ "RInfra re-designates Lalit Jalan as CEO". 23 April 2012. Retrieved 18 September 2014.
  5. ↑ "Lalit Jalan re-designated as Reliance Infra CEO". World News. Retrieved 18 September 2014.
  6. ↑ Lalit Jalan to be Chairman of BRPL & BYPL. moneycontrol
  7. ↑ "BSES removes CEO, appoints separate heads for two companies". The Indian Express. Retrieved 18 September 2014.
  8. ↑ "BSES Yamuna gets new CEO". The Economic Times. Archived from the original on 22 May 2014. Retrieved 18 September 2014.
  9. ↑ http://www.rinfra.com/pdf/pressreleases/Media_Release_Pune-Parli_Transmission_line_18th_Nov_13.pdf [ bare URL PDF ]
  10. ↑ "Involve children in sports. When you play a sport, you learn to build a great team". 20 February 2009.
  11. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 2 December 2013. Retrieved 26 November 2013.{{cite web}}: CS1 maint: archived copy as title (link)
  12. ↑ "Welcome To ipf Indian Plastics Federation". Archived from the original on 18 October 2014. Retrieved 18 September 2014.
  13. ↑ "R-Infra on threshold of commissioning most projects". The Times of India. 9 March 2013. Retrieved 18 September 2014.
  14. ↑ "Business Today".
  15. ↑ "Infrastructure will drive India's Growth Story". EPC World. Retrieved 18 September 2014.
  16. ↑ "Archived copy". Archived from the original on 3 December 2013. Retrieved 26 November 2013.{{cite web}}: CS1 maint: archived copy as title (link)
  17. ↑ "Mr. Lalit Kumar Jalan/ EE 1979".
  18. ↑ "Archived copy" (PDF). Archived from the original (PDF) on 12 April 2015. Retrieved 28 October 2014.{{cite web}}: CS1 maint: archived copy as title (link)
  19. ↑ "NTPC to cut supply if BSES fails to pay dues before May 31: Supreme Court". The Economic Times. Retrieved 18 September 2014.
  20. ↑ "Delhi govt asks DERC to revoke license of BSES if power stopped". The Times of India. 3 February 2014. Retrieved 18 September 2014.
  21. ↑ http://www.sebi.gov.in/cms/sebi_data/attachdocs/1295931131519.pdf [ bare URL PDF ]
  22. ↑ http://www.sebi.gov.in/cms/sebi_data/attachdocs/1314357411160.pdf [ bare URL PDF ]
  23. ↑ "Consent orders get legal sanctity as govt amends Sebi Act restospectively". The Economic Times. Archived from the original on 29 July 2013. Retrieved 18 September 2014.
  24. ↑ "President re-promulgates SEBI ordinance - The Hindu". The Hindu. 29 March 2014.

Sh. Lalit Jalan, CEO, Reliance Infrastructure – On Mumbai Power Tussle on YouTube

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.