India headquartered and New York Stock Exchange (NYSE) listed independent power producer Azure Power Global Limited has announced the departure of both its CEO Ranjit Gupta and COO Murali Subramanian, with immediate effect.
The management said both the top executives have left to pursue other opportunities. Gupta stated, "Murali and I have been privileged to have had the opportunity to steer this great Company at a challenging time and lay the path forward. We leave the Company with a great team and are confident in its future."
The Chairman of Azure's board Alan Rosling thanked the duo for their leadership and said the company is on the lookout for a new CEO and will annonce the name soon. Rosling will oversee the company in the interim.
"As we look ahead, with 4.5 GW of pipeline, we have tremendous runway for growth in the next three to four years. I look forward to working with the executive leadership team, our employees, and the other members of the Board in strengthening Azure's position as a leader in the renewable energy space," stated Rosling.
Azure Power's pan-India portfolio stands at over 7.4 GW currently comprising more than 2.9 GW operational capacity and 4.5 GW of pipeline.
Both Gupta and Subramanian joined Azure Power as CEO and president, respectively in 2019 from Actis backed Ostro Energy and before that with Orange Renewables (see Ex-Ostro Energy Executives Join Azure Power).