NEW DELHI: Varun Mehta was on Monday appointed to the board of Torrent Power as a whole-time director, becoming the second third-generation family member to be elevated within a week in a clear succession plan at the Ahmedabad-based pharma-to-energy conglomerate with an estimated market cap of Rs 80,000 crore.
Varun, 34, is the younger son of Torrent group chairman-emeritus Sudhir Mehta. A B.Sc Honours in management from University of Warwick, UK, he also holds an MBA from INSEAD, France.
His appointment comes within a week of cousin and group chairman Samir Mehta’s son Aman’s elevation to the board of Torrent Pharmaceuticals on August 1.
Varun’s older brother, Jinal Mehta, has been serving as the managing director at Torrent Power since 2018 and also looks after the gas distribution business.
The appointments mark the passing of the batons to the third generation of Uttambhai Nathalal Mehta, who started the group with pharma foray in 1959. The group ventured into power generation and distribution business in late 1990s.
As executive director in Torrent Power, Varun headed the Ahmedabad, Gandhinagar, Surat, Diu, Daman, Dadra, Nagar Haveli, Dahej distribution business as well as the Dholera transmission and cables business.
Varun started in the company’s renewables business and played a key role in formulating the group’s entry strategy setting up the initial portfolio, which currently stands at 1.6 gigawatts. In thermal generation, he led the initiative to import gas from the international markets, which enhanced revenues and saved costs.
Passionate about early childhood education, Varun has helped setup Toy Blocks, an early-education campus following the Reggio Emilia approach.