Suzlon’s new CEO believes the company is well-positioned to tap into the next phase of growth of India’s renewable energy sector.
Ashwani Kumar replaces JP Chalasani, who had tendered his resignation effective 7 July after the company reported a full-year net loss of INR 26.9 billion ($361 million) for the previous financial year.
Kumar is a mechanical engineer and has more than three decades of experience in project and business development and finance at leading Indian power and infrastructure companies.
Most recently he was the CEO of the IL&FS Energy Development Company – an owner-operator of power generation and transmission assets.
He has led more than 6GW of power projects from bidding to commercial operations, Suzlon stated.
Kumar said: “I believe that the time for wind and renewable energy to grow exponentially in India is now.
“We have seen how the world is moving towards responsible choices, and I see a future where sustainable sources like renewable energy will be the new normal.
“The early signs of growth are already there, and Suzlon is best positioned to tap into the next phase of renewable energy sector growth in India.”
Suzlon's share price has risen 3.6% to INR 2.85 ($0.04) since Kumar was announced as the new CEO.
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