• Two senior executives of Actis backed Ostro Energy have joined Azure Power of India
  • Ranjit Gupta has come on board as the company’s new CEO while Murali Subramanian is now Azure Power’s president
  • Inderpreet Wadhwa who resigned in May 2019 will continue to work with Azure as an advisor till December 31, 2019

Azure Power Global Limited has found its new CEO in Ranjit Gupta, who has also been appointed as a member of the board. In addition, the company has also appointed Murali Subramanian as president with effect from July 18, 2019. Both the executives were previously working with Actis backed Ostro Energy as its co-founders. While Gupta was the CEO of Ostro Energy, Subramanian was the company’s chief operating officer (COO).

Indian green power project developer Ostro Energy was acquired by ReNew Power Ventures in April 2018 (see ReNew Power Acquires Ostro Energy). An October 2018 news report in India’s Mint business newspaper hinted at Gupta and Subramanian planning to raise $100 million to establish a renewable energy platform in India soon after the acquisition. According to Gupta’s LinkedIn profile, he and Subramanian founded Neara Energy in October 2018

Before Ostro Energy, the duo worked with companies like Orange Renewables, IndiaBulls Power and Schlumberger among others.

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,” said Barney Rush, Chair of the Nomination and Governance Committee. “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.”

The search for Azure Power’s CEO began in May 2019 when the company’s Founder Inderpreet Wadhwa announced his decision to leave the company as the CEO, chairman and board member and all subsidiaries (see Azure Power’s Founder To Leave Company). He will continue to serve as an advisor to the company till December 31, 2019 to facilitate an orderly transition.