India: GAIL Appoints New Finance Director
Mr. P. K. Jain has joined as Director (Finance) of GAIL (India) Limited.
A Chartered Accountant and an MBA in Finance from the University of HULL, United Kingdom, Mr. Jain has an experience of over 33 years in Finance and Accounts and worked as Executive Director (Internal Audit) before joining as Director (Finance).
The immediate challenges for him would be arranging the necessary finances for a capex of Rs 40,000 Crore, IFRS implementation, upcoming changes in the business environment on account of Direct Tax Code, GST, etc.
Mr. Jain has wide exposure and expertise in the area of financial and treasury management and was involved in restructuring of loan portfolio, raising funds at competitive rates through various sources including bonds (domestic/International), ECB, ECA, Term Loans to have the optimal cost of capital. He also has a rich experience in the area of project evaluation, financial appraisal of projects and headed finance team during execution of major projects of GAIL like pipelines, petrochemicals, E&P, Pricing, Tariff Determination, Risk Management and Internal audit. He has extensively travelled internationally and has represented the company in different road shows for IPO/Disinvestment.
In GAIL, Mr. P K Jain has been involved in various specialized areas including mergers and acquisitions with due-diligence exercises of overseas ventures, finalization of LNG Purchase agreement from RasGas, Qatar for Petronet LNG Ltd. (Joint Venture of GAIL), Farm-in of two overseas E&P blocks, business model of petrochemical business, etc.
He joined GAIL in 1986 in the early stages of the company and has immensely contributed to the growth of the company. Before joining GAIL, Sh. P K Jain had served in various capacities in different companies like ONGC Ltd. and Union Bank of India. Mr. Jain is also on the Board of GAIL’s 100% subsidiary GAIL Gas Ltd. as Part-Time Director.
Source: GAIL, March 7, 2011;