The chief executive officer (CEO) of Hyderabad-based CSR Construction Company, along with two other functionaries of the firm, was abducted on Thursday night in Jharkhand's Sahebganj district, about 475 km east of Ranchi.
Apart from CEO Srinivas Rao, the other two have been identified as the company's chief accountant, Narsimha Rao, and their driver, Mannu Bhagat.
Sahebganj police superintendent A Vijayalakshmi said the three had gone missing along with the car they were travelling in.
"Our officers and jawans are conducting raids at various places for rescuing the three persons. It is suspected that they have been abducted. However, no ransom has been demanded so far," she told media persons.
The police said the incident took place around 11pm on Thursday, when they were returning from the work site to their rental home. "They were apparently picked up when they were going through a forest area," a police officer said.
The company is constructing a 300-km road connecting Govindpur in Dhanbad district with Sahebganj in the Santhal Pragana region of the state.
The Asian Development Bank (ADB) had lent about Rs. 1,100 crore for this project, sources said. The company had started work about two years ago and more than 40% of the work has been completed.