Sterlite Power unit’s CEO Manish Agarwal quits

Manish Agarwal, CEO, global products and services and wholetime director, Sterlite Power Transmission Ltd (STPL), has resigned as the company prepares to launch an initial public offering (IPO).

The exit of Agarwal, an energy infrastructure veteran of 25 years, was announced in a mail to employees by Sterlite Power MD Pratik Agarwal. “It's with a heavy heart that I would like to inform you that Manish Agarwal, CEO - Global Products & Services, has decided to pursue his career outside Sterlite Power,” Pratik Agarwal wrote in the mail, a copy of which LiveMint reviewed.

Saikrishna Bendapudi to be the interim CEO of the unit

Saikrishna Bendapudi, senior director and business head of overhead products, will take over as interim CEO of the power transmission and energy solutions company, Pratik Agarwal said in the mail. Bendapudi brings three decades of experience in leading and managing business operations including handling P&L for the product business at SPTL, he said, adding that he has “done exceptional work on large strategic opportunities for the company in areas of submarine cables and putting US conductor plant”.

On March 24, Pratik Agarwal confirmed to Mint that the company was exploring a public listing as part of its fundraising plans. Agarwal said the company was awaiting the approval for the demerger from the National Company Law Tribunal (NCLT) and expects the process to be completed by the second quarter of FY25.

In November, the company said it was demerging its transmission business into a separate entity.

The exit of Manish Agarwal, who was responsible for manufacturing and the telecom asset monetisation businesses, comes in the wake of the departure of Reshu Madan, head of the contracts and commercials business at STPL.

LiveMint contacted Sterlite Power for comment and the article will be updated with the company's response.