A release from the company said his resignation "was reluctantly accepted by the other board members who also put on record their deep appreciation for the services provided by Mr Jagatramka".

He will be replaced by Jasbir Singh, Jindal Steel and Power Group’s Australian general manager, who has been appointed as chairman and interim chief executive officer.The Mercury is seeking to confirm whether this means Mr Jagatramka's involvement with Gujarat NRE is limited to just being a shareholder.