Indian FMCG CFO made a huge mistake and got FIRED!
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In May 2021, we helped a customer in the FMCG sector owned by a US-based private equity fund to procure 5 MW of #openaccess solution in Uttar Pradesh from the country's No. 1 #renewableenergy developer as per media reports at that time.
The developer committed to deliver the project to the CFO by December 2021 without fail.
We, as the country's largest renewable energy consultant, advised the CFO to continue our project monitoring service until the project was commissioned to ensure that their 100% IRR and annual savings of 15 million weren’t delayed.
The CFO said, "Gaurav, you've done a fantastic job, but since this is the country's top developer, there's no need for you to spend time, and for us to allocate resources.”
However, on November 11, 2021, they received an email stating that land acquisition had been significantly delayed due to the passing away of someone responsible for aggregating land, resulting in an indefinite project delay.
CFO was in a flux due to this delay and the commitment he made to the board of directors regarding cost savings.
When he approached the developer requesting liquidated damages, the developer replied, 'You are free to exit the contract and look for another partner.”
They finally got the power in April 2023, AFTER a 15-MONTH DELAY!
Unfortunately, in January 2023, the CFO was fired because the board lost trust in him due to missed power delivery timelines, leading to a delay in 15 million #savings and a reduction in their IRR from 100% to a meagre percent.
So don't be the next one!
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