Kalpataru Projects International Limited (KPIL) has extended the validity of its Counter Bank Guarantee for USD 10 Million to its subsidiary, Kalpataru IBN Omairah Company Limited, until September 30, 2027. Additionally, Mr. Sriram Pechiappan has been appointed as President – Group Assurance and designated as Senior Management Personnel (SMP), effective October 31, 2025.
Bank Guarantee Extension
The Board of Directors has approved the extension of the Counter Bank Guarantee(s) up to USD 10 Million for Kalpataru IBN Omairah Company Limited, a subsidiary, until September 30, 2027. This guarantee supports lender(s) of the subsidiary. The Executive Committee of the Board has been delegated the authority for this extension.
Details of the Guarantee
The Counter Bank Guarantee(s) are provided in favor of lender(s) of Kalpataru IBN Omairah Company Limited (KIOCL), such as Saudi British Bank, which provides bank guarantees to KIOCL’s client. These guarantees are contingent liabilities for the company, and currently, there is no other impact.
Appointment of New President
Mr. Sriram Pechiappan has been appointed as President – Group Assurance and designated as Senior Management Personnel (SMP), effective October 31, 2025. This appointment was made based on the recommendation of the Nomination and Remuneration Committee.
About Mr. Sriram Pechiappan
Mr. Sriram Pechiappan holds a Bachelor’s degree in Commerce from Mumbai University and is a Chartered Accountant and Cost and Works Accountant. He has over 27 years of experience in Finance and Internal Audit, leading risk management, internal audit, and finance profiles across diverse industries in leading corporates in India. He was previously associated with organizations like Reliance Industries Limited and Asian Paints Limited, among others.
Source: BSE
