AFCONS has expanded its board with the appointment of Santosh Balachandran Nayar and Firoz Cyrus Mistry as additional directors. Udai Veer Singh is now categorized as Senior Management Personnel. The board also approved the Afcons Infrastructure Limited Employee Stock Option Plan 2025 and the issuance of Non-Convertible Debentures through private placement.
New Appointments to the Board
Santosh Balachandran Nayar has been appointed as an Additional Director (Non-Executive & Independent Director), effective September 25, 2025. He will serve a term of five years as an Independent Director, pending shareholder approval.
Firoz Cyrus Mistry has also been appointed as an Additional Director (Non-Executive & Non-Independent Director), effective September 25, 2025, and is subject to shareholder approval.
Senior Management Designation
Udai Veer Singh, currently serving as Executive Vice President (Operations), has been categorized as Senior Management Personnel, effective September 25, 2025.
Employee Stock Option Plan Approval
The Board approved the Afcons Infrastructure Limited Employee Stock Option Plan 2025 (“ESOP 2025”), subject to shareholder approval and other necessary regulatory approvals. This plan aims to incentivize employees and align their interests with the long-term growth of the company.
Issuance of Debentures
Approval was also granted for the issuance of Non-Convertible Debentures on a private placement basis, providing the company with additional financial flexibility.
Statements from Leadership
Krishnamurthy Subramanian, Executive Chairman of AFCONS, expressed his delight at the appointments of Firoz Mistry and Santosh Nayar, stating that their entry marks their passionate involvement in shaping AFCONS’ future. He noted that both individuals have been engaged with the company for a long time and will bring fresh perspectives and insights to the Board.
About the New Directors
Firoz Cyrus Mistry is on the boards of S C Finance and Investments Pvt Ltd and Cyrus Investments Pvt Ltd. He is also the designated partner in CPM Nexgen Ventures LLP and Mistry Ventures LLP.
Santosh Nayar has over four decades of experience in project finance, banking, and insurance and has held several senior leadership positions in various financial institutions. He currently serves as an independent director on the boards of several companies in the power, finance, and infrastructure sectors.
Source: BSE
