Vik Bansal appointed InfraBuild CEO

The former CEO of Cleanaway has been appointed to the top job at Sanjeev Gupta’s InfraBuild.

Incoming InfraBuild CEO Vik Bansal. Picture: Waste Management Review

Former Cleanaway chief executive Vik Bansal has been appointed CEO and board member of steel product manufacturer and supplier InfraBuild, part of Sanjeev Gupta’s GFG Alliance, owner of the Whyalla steelworks in South Australia.

The appointment comes after Mr Bansal ended a six-year stint at Cleanaway, Australia’s largest waste management business, in February.

Mr Bansal has experience with InfraBuild, formally serving for three years as general manager of the company’s steel distribution and metal processing service when it was known as OneSteel.

Current chief executive Dak Patel will remain a director of ­InfraBuild.

Mr Gupta, who is executive chairman of the company, said he welcomed Mr Bansal’s appointment.

“Vik knows our industry very well and has runs on the board as a successful chief executive of an ASX 100 company, successfully creating value and driving business transformation,” Mr Gupta said.

“He is aligned with our plans for InfraBuild, and the board is pleased to have him joining us to build on the exceptional work of Dak Patel and the team.”

Mr Gupta also thanked Mr Patel for his time in the CEO role and for producing strong financial results for the company.

“Dak has led a remarkable turnaround at InfraBuild,” he said. “Recent financial results have been strong and he has built the foundations for future growth.

“I am delighted that we will continue to have access to Dak’s experience and commercial judgment in his continuing roles.”

InfraBuild reported earnings before interest, depreciation and amortisation of $217 million in the last financial year, with Mr Gupta telling The Australian last month the company recently had its best half year on record amid buoyant steel margins.

The company is considered one of GFG’s most valuable ­assets, but has been placed on credit watch negative by Fitch Ratings and had plans for an IPO walked back amid the collapse of Mr Gupta’s chief lender, Greensill Capital, placing his empire in turmoil.

Mr Bansal, who starts in the role on July 1, said he believed the company would continue to produce strong results.

“I am incredibly encouraged by the company’s results, its prized infrastructure and competitive positioning,” he said.

“With strong market demand, InfraBuild is well-poised to continue on its recent trajectory.”

Mr Bansal’s time at Cleanaway has been defined by an increase in the company’s fortune, with revenue increasing 10 per cent a year from 2016, net profit rising 23.2 per cent, while return on capital lifted from 3.7 per cent to 5.5 per cent.

But his departure was preceded by a string of media reports alleging he bullied staff.

The Cleanaway board in September last year investigated the concerns, and described Mr Bansal’s behaviour as “overly assertive”.

Mr Bansal subsequently agreed to apologise to the board, staff and public and surrendered his long-term incentive plan entitlement for 2021.

Outgoing InfraBuild CEO Mr Patel said Mr Bansal’s appointment had been in the works for some time.

“We have been planning for this transition for some time and Mr Bansal’s appointment aligns well with the future ambitions of InfraBuild,” he said.