B.G. Raghupathy, Chairman and Managing Director, BGR Energy Systems Ltd, passed away on Sunday night, according to a press release from the company.
He was 59. He is survived by his wife, Sasikala Raghupathy, three daughters and one son.
Raghupathy founded BGR Energy, a leading player in turnkey engineering and contracting for power and process sector projects, in 1985.
The company has delivered up to 500/600 MW coal-based power projects and gas-based combined cycle power plants and has the capability to manufacture a portfolio of large and high-tech equipment.
In 2008, BGR Energy was listed on the NSE and BSE. BGR Energy has a partnership with Hitachi to manufacture super-critical boilers, turbines and generators of 660-1,000 MW.
His wife is a director on the board. The eldest daughter, Swarnamugi Kartik, was inducted as a whole-time director in charge of corporate strategy. The other daughters and son are also employed in the company in various capacities.
The stock dipped to a fresh 52-week low of Rs 90.90 before recovering to Rs 96 on the BSE.
The stock has been, like other capital goods stocks, under performing for months and is now trading at less than one-third of its one-year peak price of Rs 297.40 that it had touched on October 5 last year.