JSW Infrastructure Board Approves Appointment Of Rinkesh Roy As MD And CEO

JSW Infrastructure Ltd.'s board approved the appointment of Rinkesh Roy as a joint managing director and chief executive officer and consequently as key managerial personnel of the company with effect from Nov. 8, 2024.

Roy was promoted from his current position as President of the Company. He was appointed as president of the company with effect from Aug. 1, 2024.

Roy has been appointed for three years, that is, from Nov. 8, 2024, till Nov. 7, 2027.

Arun Maheshwari stepped down as JSW Infrastructure Ltd.'s joint managing director and chief executive officer, according to an exchange filing from BSE. He also stepped down from the position of joint managing director and key managerial personnel of South West Port Ltd., a subsidiary of JSW Infrastructure.

However, he will continue to serve as a non-executive director on the board of the company. This decision comes as he will be moving to a new role within the JSW group, the company said in the exchange filing.

Maheshwari will continue to serve in his current position in the aforementioned companies till Nov. 7, 2024, to "support an orderly transition."

"It has been an honour to serve as joint managing director and chief executive officer, and I am proud of the progress and achievements we have made over the years. I am confident that the company will continue to thrive under the capable leadership of the management team," Maheshwari said.

Shares of JSW Infrastructure closed 2.83% higher at Rs 323.45 apiece on the NSE, compared to a 0.88% uptick in the benchmark Nifty 50. The stock has risen 54.90% on a year-to-date basis and 88.02% over the past 12 months. The relative strength index was at an uptick of 58.86.

Out of the seven analysts tracking the company, four have a 'buy' rating on the stock and three recommend a 'sell', according to Bloomberg data.

The average of 12-month analysts' consensus price targets implies a potential upside of 6.4%.