Deepak Parekh steps down as IDFC chairman

Deepak Parekh, non-Executive Chairman of infrastructure financing company IDFC, has stepped down from his post.

The veteran banker was with the company since its inception in 1997.

The decision was taken in order to “create more time for himself and to participate more on the national and the international level,'' according to sources close to Parekh.

Speaking to Business Line, an official said since August 2011, Parekh has resigned from around eight boards.

Notable amongst these were Lafarge, Castrol and Hindustan Unilever, where he had the longest stint of around 14 years.

Parekh continues to be non-executive chairman of GlaxoSmithkline Pharmaceuticals and Siemens India. He is also on the board of Mahindra & Mahindra and Indian Hotels Company, in addition to the international board of port major DP World (UAE).

Parekh has been recently appointed to five high-powered Government-appointed advisory committees.

Parekh would, however, continue to be associated with IDFC as chair of the advisory council to be formed in the next few months.

Rajiv Lall, Vice-Chairman and Chief Executive Officer of the company, has taken over as Executive Chairman, while Vikram Limaye is to be the new Managing Director and CEO.

amritanair.ghaswalla@thehindu.co.in

Source: thehindubusinessline