“I am excited to join Azure Power and look forward to getting started immediately,” said Mr. 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.”
Mr. Gupta and Mr. Subramanian were the co-founders and CEO and chief operating officer, 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 MWs. Prior to Ostro Energy, Mr. Gupta and Mr. Subramanian were the leading executives at other power companies, including Orange Renewables and IndiaBulls Power. They began their careers at Schlumberger, in various field and management positions.
As previously announced, Mr. Inderpreet Wadhwa made the decision to retire as CEO and chairman of the board of directors upon the appointment of a new CEO. Mr. Wadhwa will continue to serve as an advisor to the Company until December 31, 2019 to facilitate an orderly transition.
“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.”