State Industrial & Investment Corporation Of Maharashtra Limited (SICOM), a Government of Maharashtra Undertaking that helped transform small cities like Aurangabad, Mahad, Nagpur and Nashik into industrial centres, has appointed senior solicitor Ashok Paranjpe as its new additional director.
Paranjpe, Managing Partner of Mumbai-based law firm MDP & Partners, is joining SICOM Ltd.as an independent director. Paranjpe is also on the board of LIC Mutual Fund Trustee Pvt. Ltd. and Stelios Asset Management Pvt. Ltd.
Paranjpe Shares Statement As Confirmation
Confirming his appointment, Paranjpe said: “The role of an independent director has been transformed in the last few years from being an observer to an active guide for the companies and hence increasingly companies are looking to appoint on the board from diverse backgrounds with solid knowledge of regulations, law and corporate governance.”
An alumnus of the Government Law College (Mumbai) from the 1982 batch, Paranjpe started his career with Wadia Ghandy & Co and since June 2011, he is a managing partner of MDP & Partners.
SICOM is one of the promoters of the City and Industrial Development Corporation (CIDCO) that set the ball rolling for the development of the city of Navi Mumbai. It is also considered one of the pioneers in the financing of roads and bridges on the Build Operate and Transfer (BOT) model.
Currently, the State Government of Maharashtra owns 49% of SICOM, while it has about 21.15% foreign holding and the remaining 29.85 is held by other bodies and corporates.
Dr. Nitin Jawale (IAS) is a Managing Director and Dr. Harshadeep Kamble (IAS) is the Principal Secretary Industries at SICOM.