Azure Power, a renewable energy company, has announced the appointment of a new Chief Executive Officer (CEO) and Group Chief Financial Officer (CFO). The new appointments come on the heels of significant changes in the company’s top management in the past year.
Sunil Gupta will take over as the new CEO and Managing Director of Azure Power India, effective July 10, 2023.
Gupta will replace Rupesh Agrawal, who is leaving to pursue other opportunities. Gupta’s appointment comes less than a year after the company’s prior CEO, Harsh Shah, stepped down in August 2022, just two months after taking charge.
The company said Gupta brings with him extensive leadership experience in the renewables sector and a strong track record of building renewable energy businesses. Prior to joining Azure, Gupta held key positions at Vena Energy and Sembcorp Industries, where he successfully managed existing businesses and developed new projects.
Sugata Sircar has been appointed as the new Group CFO and Executive Director, Finance of Azure Power India, effective May 1, 2023. Sircar has resigned from his position as a non-executive independent director and member of the company’s audit & risk committee and capital committee.
Sircar will work closely with Pawan Agrawal, who will continue as CFO of Azure Power India and its subsidiaries.
Alan Rosling, Chairman of the Board of Directors of Azure, expressed confidence in the abilities of the new appointees to lead the company’s growth in the renewable energy sector.
The company faced a major management crisis last year when its CEO Ranjit Gupta, and Chief Operating Officer, Murali Subramanian resigned in April 2022.
The two top executives cited personal reasons for their departure.
The company is yet to publish its 2022 Annual Report pending internal reassessment; the New York Stock Exchange recently granted the company an extension to submit the report and an additional trading period through July 15, 2023.
In June last year, Azure Power inked a Module Supply Agreement (MSA) with Premier Energies Group to procure modules up to 600 MW annually for the next four years. Premier Energies had stated in a release that the two companies jointly invested ₹7 billion (~$89.60 million) to deploy a solar cell and solar module manufacturing unit, each with 1.25 GW capacity, in Telangana.
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