Azure Power Appoints new CEO and President

Azure Power has announced the appointment of Ranjit Gupta as CEO and a member of the Board, and Murali Subramanian as president.

Azure Power, one of the leading solar power producers in India has announced the appointment of Ranjit Gupta as chief executive officer (CEO) and a member of the Board, and Murali Subramanian as president, effective July 18, 2019.

Earlier in May, the company announced that Inderpreet S Wadhwa, who has led the company to become one of the country’s largest solar power developers and operators with over 1.5 GW of operating assets plus over 1.5 GW of contracted projects, is planning to step down from his position.

“I am excited to join Azure Power and look forward to getting started immediately,” said 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.”

Gupta and Subramanian were the co-founders and CEO and COO, respectively, of Ostro Energy, a start-up enterprise that they grew into one of the leading renewable energy companies in India with a portfolio of over 1,000 MW. Prior to Ostro Energy, both were the leading executives at other power companies, including Orange Renewables and IndiaBulls Power.

“We are excited to welcome Ranjit and Murali to Azure Power,” said Barney Rush, chair of the Nomination and Governance Committee. “They are proven senior executives who are deeply knowledgeable of the Indian renewable sector. We have confidence that under their leadership, Azure will continue to strengthen its leadership position in the renewable power sector. We would also like to thank Inderpreet Wadhwa for his vision, commitment and skill in building Azure into the strong and dynamic company it is today.”

In June, the company announced its consolidated results and revenue for the fiscal fourth quarter and year ended March 31, 2019, reporting revenue of Rs 284 crore for the fiscal’s fourth quarter. A 26% increase over the Rs 225.9 crore generated during the same period of 2018. Total revenue during the year was Rs 992.6 crore, up by 29% from Rs 770 crore during the previous year. The revenue increase was largely due to new solar capacity additions during the year. The adjusted EBITDA for the quarter was Rs 214.25 crore, an increase of 32 percent over the quarter ended March 31, 2018.