Azure Power Appoints New CEO & President

India’s independent renewable power producer, Azure Power, has appointed Ranjit Gupta as the chief executive officer and board member while Murali Subramanian has been appointed as the president of the company.

Ranjit Gupta and Murali Subramanian are the former head honchos of global private equity firm Actis Llp’s Ostro Energy Pvt. Ltd. Their next innings in the Indian clean energy space follows the acquisition of Ostro Energy by ReNew Power Ventures at an enterprise value of $1.5 billion in what is India’s largest renewable energy deal stuck last April. Factors such as size, quality and age of Ostro Energy’s assets were key attractions for ReNew Power.

“I am excited to join Azure Power and look forward to getting started immediately,” said Mr. Gupta. “We welcome the opportunity to work with our new colleagues who established Azure Power as India’s leading solar developer. This is an exciting time in Indian renewable markets. We will build on Azure Power’s 3 Gigawatt portfolio and solid track record to advance the company and enhance its leadership position, creating value for shareholders, employees and the communities we serve.”

Prior to Ostro Energy, Mr. Gupta and Mr. Subramanian were the leading executives at other power companies, including Orange Renewables and IndiaBulls Power. They began their careers at Schlumberger.

“We are excited to welcome Ranjit and Murali to Azure Power,” said Barney Rush, chair of the nomination and governance committee.

The move follows Azure Power founder Inderpreet Wadhwa’s decision to retire as CEO and chairman of the board of directors. The Company maintains that Wadhwa will continue to serve as an advisor to the company until December 31, 2019 to facilitate an orderly transition.

Azure, one of the most aggressive solar players in India, has around 3,000 MW (1,400 MW operational) projects in different stages. The company bagged 11 percent of the 13 GW solar auctions, which happened last year and was next only to Manoj Upadhyay-led ACME Solar (16 percent) and SoftBank Group’s SB Energy (15 percent).