Hindustan Construction CFO Rahul Rao Resigns; Girish Gangal Named Successor

Hindustan Construction Company Ltd. (HCC) said its Chief Financial Officer Rahul Rao resigned, and the board named Girish Gangal as his successor, effective today.

Rao, who helmed the CFO position for more than two and a half years, resigned to seek new professional opportunities, according to a stock exchange announcement.

“When I took over the role of CFO, HCC was in a difficult financial situation and glad that HCC is on positive growth path, especially with various project completion and successful subscription by shareholders to the rights issue,” Rao wrote in his resignation letter addressed to Executive Vice Chairman Arjun Dhawan and Managing Director & Chief Executive Officer Jaspreet Bhullar.

Rao also said that with recent success in the fields of business development (order intake) and legal (successful and timely Supreme Court verdicts in favor of the company), “we have been able to turn the company around” and put it on a path to long-term financial stability.

“I have decided that it is time for me to move on to new challenges and opportunities outside HCC Group,” he noted.

NEW CFO

HCC said the new CFO Girish Gangal, a chartered accountant, has 36 years of experience in the finance domain.

Gangal has been associated with the company for the past 13 years and has held various senior positions, including chief financial advisor to HCC and the promoter group in his last role.

Previously, Gangal served as the CFO for HCC E&C, where he was responsible for the accounting and treasury functions, cash flow management, budgeting, business planning, and consolidation of Indian and foreign subsidiary entities.

He also held the role of senior vice president (group taxation), overseeing both direct and indirect taxation.

Before joining HCC, he held significant roles at companies such as Ambuja Cements Ltd., Real Value Appliances Ltd., Lyka Labs Ltd. and KEC International Ltd.

Gangal has also pursued a three-year degree program from Mumbai’s New Law College, according to the statement.

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