ACC Okays Appointment of PK Das as CMD, IREDA

The Appointments Committee of the Cabinet (ACC), chaired by Prime Minister Narendra Modi, has provided its consent for the appointment of Pradip Kumar Das as new Chairman and Managing Director (CMD) of Indian Renewable Energy Development Agency (IREDA), a central power financial institution, as per the sources.

ACC committee is comprised of the Prime Minister of India along with the Minister of Home Affairs. The committee decides on the appointments of several top posts that come under the Government of India (GoI).

Pradip Kumar Das is currently handling the post of Director (Finance) at India Tourism Development Corporation Ltd (ITDC). He was recommended, earlier, by the Public Enterprises Selection Board (PESB) after interviewing many candidates.

According to sources, Das has been appointed for a period of five years with effect from the date of his assumption of charge of the post, or till the date of his superannuation, or until further orders, whichever is earliest.

Currently, Bhanu Pratap Yadav has been handling the post of Chairman and Managing Director (Additional Charge) of IREDA, a Mini Ratna GoI Enterprise under the administrative control of MNRE.

IREDA is among the leading Non-Banking Financial Institution (NBFCs) in the Indian Renewable Energy (RE) sector. It is responsible for the promotion, development and extending financial assistance for setting up new and renewable energy projects.

Currently, India’s power sector is struggling with severe financial stress as outstanding dues of power distribution companies (Discoms) to power generation companies (Gencos) grew by 31.1 percent to Rs 92,674 crore in February 2020, which reflected the continued stress in the power sector.

As per the government’s PRAAPTI portal (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators), Discoms owed an aggregate of Rs 70,706 crore to power producers during the same month last year.