Waaree Appoints Amit Paithankar CEO Of Indosolar

Waaree Appoints Amit Paithankar CEO Of Indosolar

Waaree Energies has announced the appointment of Amit Paithankar as the Chief Executive Officer (CEO) of Indosolar Limited, a subsidiary of the company. The company also appointed Sonal Shrivastava as the Chief Financial Officer (CFO) of the company. The appointments were made with effect from November 11.

Paithankar is currently working as the CEO of Waaree Energies. “Dr. Amit Paithankar is the Chief Executive Officer (“CEO”) at Waaree Energies Limited. An industry veteran with over 25 years of experience in Engineering, R&D, Manufacturing, IT, and General Management, he has operated across diverse geographical locations over the course of his distinguished career, including India, Asia Pacific, EU, and the US,” the company said in a statement.

On the other hand, the company said that the new CFO of Indosolar Sonal Shrivastava comes with an experience of 27 years. “Sonal has 27 years of rich experience in the finance and accounting profession, Ms. Sonal Shrivastava is the Ex Group CFO of Vedanta and Ex Regional CFO Holcim for Asia Pacific, Middle East Africa covering 25 countries, Asia Pacific, EU, and the USA,” the firm said in its filing.

Background

Waaree Energies received formal approval from the National Company Law Tribunal, Delhi Bench (NCLT) on 21st April 2022. Indosolar was the manufacturer of solar cells. It was acquired by Waaree Energies under the corporate insolvency resolution process under the Insolvency and Bankruptcy Code 2016. The acquisition was planned to augment the strength of the Indian solar module manufacturer to manufacture solar cells for the solar industry.

Waaree Energies in the solar module and solar cell production vertical of the Waaree Group, touted as the largest manufacturer of solar modules in India. It is also one of the leading exporters of solar modules to the United States (US). The company has also planned to open a 5 GW of solar module manufacturing unit in the US soon. The company also recently ventured into the stock market by introducing IPO.