HEG Advanced Materials509631Leadership appointment or

MPCL, ADHPL boards rejig: Riju Jhunjhunwala to chair both, Ajmera named Joint MD & CEO

HEG Advanced Materials' subsidiaries MPCL and ADHPL approved board changes: Riju Jhunjhunwala named Additional Director (Non-executive) & Chairman of both from Nov 3, 2026; Ravi Jhunjhunwala re-appointed MD of MPCL for five years.

By ScoutQuest · Mon 26 Oct 2026, 9:50 PM IST · 4 min read

Chairman Appointment: Riju Jhunjhunwala named Additional Director (Non-executive) & Chairman of both subsidiaries from Nov 3, 2026
MD Re-appointment: Ravi Jhunjhunwala re-appointed MD of MPCL for five years, Nov 1, 2026 to Oct 31, 2031
Joint MD & CEO: O.P. Ajmera becomes Joint MD & CEO of both subsidiaries for five years from Nov 1, 2026

What the update says

The boards of two subsidiaries of HEG Advanced Materials Limited, Malana Power Company Limited (MPCL) and AD Hydro Power Limited (ADHPL), met on October 26, 2026 and approved changes in directors and key managerial personnel. Both companies are subsidiaries of the listed company.

Who moves where

Shri Riju Jhunjhunwala (DIN 00061060) is appointed Additional Director (Non-executive) and Chairman on the boards of MPCL and ADHPL with effect from November 3, 2026. For MPCL, the appointment is subject to the approval of the Board of HEG Advanced Materials Limited.
Shri Ravi Jhunjhunwala (DIN 00060972) relinquishes the position of Chairman of MPCL and ADHPL with effect from November 3, 2026, following the appointment of Shri Riju Jhunjhunwala as Chairman.
Shri Ravi Jhunjhunwala is re-appointed Managing Director of MPCL for a further period of five (5) years, from November 1, 2026 to October 31, 2031.
Shri Om Prakash Ajmera (DIN 00322834) is appointed Joint Managing Director & CEO of MPCL and ADHPL for five (5) years, from November 1, 2026 to October 31, 2031.
Shri Om Prakash Ajmera relinquishes the position of Chief Financial Officer of MPCL and ADHPL with effect from November 1, 2026, following his elevation.

Who the people are

Shri Riju Jhunjhunwala holds a Bachelor's Degree in Science with Business & Management Studies from the University of Bradford, United Kingdom. He was Managing Director of Bhilwara Energy Limited (merged with HEG Advanced Materials Limited under the Composite Scheme of Arrangement) from August 2010, and is Chairman, Managing Director & CEO of RSWM Limited and HEG Advanced Materials Limited. His experience spans textiles, power generation and industrial manufacturing.
Shri Ravi Jhunjhunwala is a Commerce Graduate (1976 batch) from Hindu College and holds a Masters in Business Administration (Corp. Finance) from the Centre D'etudes Industrielles, Geneva. He has been associated with the LNJ Bhilwara Group since 1979 and has been Chairman & Managing Director of Malana Power Company Limited since 2001. He was Chairman, Managing Director & CEO of HEG Limited (now renamed HEG Advanced Materials Limited) until the Composite Scheme of Arrangement took effect, and is currently Chairman, Managing Director & CEO of HEG Graphite Limited (now renamed HEG Limited).
Shri Om Prakash Ajmera is a Fellow member of The Institute of Chartered Accountants of India and an Associate member of The Institute of Company Secretaries of India, with experience in restructuring, corporate finance and mergers & acquisitions. He has been with the LNJ Bhilwara Group for more than four decades and earlier served as Executive Director, CEO & CFO of MPCL and Director & CFO of ADHPL. He is also a Non-executive Director of HEG Advanced Materials Limited and the Group CFO.

Relationships disclosed

Shri Ravi Jhunjhunwala is the father of Shri Riju Jhunjhunwala.
Shri Om Prakash Ajmera is not related to any of the Directors of the Company.

How to read this

These are changes at the level of two power subsidiaries, not a reconstitution of the listed company's own board. The listed company's board approval is expressly required for the MPCL chairmanship of Shri Riju Jhunjhunwala.
The Chairman role passes within the same family while Shri Ravi Jhunjhunwala stays on at MPCL as Managing Director for a further five (5) years, so the change is a reallocation of roles rather than an exit.
At ADHPL, the update records a Chairman change and the Joint Managing Director & CEO appointment; the re-appointment as Managing Director covers MPCL.
Shri Ajmera's move is an internal elevation from CFO to Joint Managing Director & CEO in both subsidiaries, with the CFO position being vacated on the same date.
The update carries no financial figures, so no revenue, profit or capital expenditure impact can be read from it. What it does show is continuity of senior leadership at the two power subsidiaries, with the top executive roles filled for defined five-year terms.

Key dates to note

October 26, 2026: subsidiary board meetings approving the changes.
November 1, 2026: start of the new five-year terms for Shri Ravi Jhunjhunwala (MPCL MD) and Shri Om Prakash Ajmera (Joint MD & CEO); Shri Ajmera steps down as CFO.
November 3, 2026: Shri Riju Jhunjhunwala takes over as Chairman of MPCL and ADHPL; Shri Ravi Jhunjhunwala relinquishes the Chairman position.
October 31, 2031: end of the stated five-year terms.

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