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Azure Power a leading solar power producer in India, announced that M.S Unnikrishnan, soon retiring-Managing Director and CEO of Thermax Ltd., was appointed to Azure Power’s Board of Directors as a non-executive and nominee Director of Caisse de dépôt et placement du Québec (CDPQ), which is a AAA debt rated, long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans in Canada with over CA$300 billion in assets under management and is Azure Power’s largest individual shareholder with 50.7% ownership.
Mr. Unnikrishnan has over 30 years of experience in the energy and environmental sector. In his most recent role as Managing Director and CEO of Thermax Ltd., he led the implementation of a strategy to accelerate Thermax’s growth and position it as one of the leading suppliers of power systems and equipment with a market capitalisation of over US$1 billion. Thermax Ltd has been recognized for having exemplary management, strong corporate governance, excellent transparency and stringent ethical practices. Mr. Unnikrishnan has received numerous accolades for his leadership including Asia Innovator of the Year by CNBC Asia, one of the best CEOs in India by Grant Thorton, and India Innovator of the Year by CNBC India. Mr. Unnikrishnan is also actively involved with various industry bodies to help in policy making and technology development for India. Mr. Unnikrishnan has a Bachelor of Engineering (Mechanical) from Visveswaraiya National Institute of Technology, Nagpur and Advanced Management Program from Harvard Business School.
Speaking on the appointment, Ranjit Gupta, Chief Executive Officer, Azure Power said, “We are pleased to have Mr. Unnikrishnan join our Board. His strong track record coupled with his experience managing and leading one of the most admired companies in the power sector over more than a decade will provide a valuable perspective as we continue to execute our strategy, drive profitability and enhance value for shareholders.”
Commenting on the appointment, M.S. Unnikrishnan said “Azure Power is a leading player in the Indian solar power sector. I am glad to join the Board of an organization with such a strong commitment to sustainability and governance. I look forward to working with the other members of the Board to lead Azure Power through the next phase of its growth journey.”