New Delhi: In a key leadership development in the Indian public sector landscape, Niranjan Bhalerao, currently serving as Executive Director (Finance) at Indian Oil Corporation Limited (IOCL), has been selected for the post of Director (Finance) at Garden Reach Shipbuilders & Engineers Ltd (GRSE), a premier Defence PSU under the Ministry of Defence.
The selection was made during the 58th meeting of the Public Enterprises Selection Board (PESB) held on July 5, 2025, at 9:30 AM in New Delhi.
Chosen From Among Top PSU Finance Leaders
Bhalerao emerged as the top choice among nine senior finance professionals representing leading central public sector enterprises such as NTPC, BHEL, NALCO, NMDC, MTNL, and Bengal Chemicals.
List of Shortlisted Candidates:
- Srikumar Ghose Choudhury (Bengal Chemicals)
- Anirudh Prasad Singh (MTNL)
- Jahangeer Alam Ansari (IOCL)
- Santanu Sinha (NTPC)
- Ashutosh (BHEL)
- Himanshu Sekhar Panda (NALCO)
- Ajit Kumar Swain (NALCO)
- Pradip Kumar Mahapatra (NMDC)
Bhalerao’s performance and experience in managing large-scale finance portfolios, especially at IOCL—India’s largest commercial oil company—were seen as significant assets during the interview process.
Final Appointment Subject to ACC Approval
The PESB recommendation now awaits approval from the Appointments Committee of the Cabinet (ACC), after which Bhalerao will formally assume charge at GRSE.
GRSE, a Schedule ‘A’ Mini Ratna Category I PSU, plays a vital role in India’s defence production ecosystem. The role of Director (Finance) is critical in ensuring financial robustness as GRSE continues to ramp up production and deliver on key naval and coast guard projects.
A Strategic Move in Defence-PSU Leadership
Bhalerao’s transition from IOCL to GRSE marks a significant leadership shift and brings extensive financial oversight experience to India’s defence manufacturing sector. His appointment is expected to bolster GRSE’s financial strategy, capital structuring, and compliance posture as the PSU expands its role in indigenized shipbuilding under the “Make in India” and “Aatmanirbhar Bharat” initiatives.
About GRSE
GRSE is a leading Indian defence shipyard under the administrative control of the Ministry of Defence. It’s a premier defence shipyard based in Kolkata, known for building advanced warships for the Indian Navy and Coast Guard. With over 100 vessels delivered, GRSE plays a vital role in India’s maritime defence and export capabilities. GRSE is also involved in manufacturing portable steel bridges, deck machinery, and marine pumps. The company has a strong focus on “Make in India” and is expanding its global presence in warship construction.
