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Azure Power Global Limited (Azure) announced the appointment of Mr. Rupesh Agarwal as its Acting Chief Executive Officer (CEO). Mr. Agarwal takes over from Mr. Harsh Shah who has resigned as CEO with immediate effect. The Board will consider appointment of a new permanent CEO in due course.
Shah commented on his departure saying that the Indian renewable energy sector was thriving and has the potential to lead the energy transition globally. Azure is well-positioned to take advantage of the huge growth opportunities India offers, and he looked forward to working with the team in delivering Azure’s potential.
“However, owing to unforeseen circumstances and matters beyond my control, I have decided to step down from my role of the Chief Executive Officer. I am thankful to the Board and the team for the warm welcome and support during my tenure and wish them luck to take Azure to greater heights,” he said.
Alan Rosling, Chairman of the Board, said, “The Board very much regrets Harsh’s unexpected decision to leave the Company after joining only from July 1, 2022. We wish him well for the future. We are pleased that Rupesh is stepping up to lead the Company at this time. The Board will be working closely with Rupesh to ensure the Company’s commercial objectives are met as Azure scales its capacity in the growing Indian market.”
Mr. Agarwal, who joined the Company earlier this month as Chief Strategy & Commercial Officer after a period of acting as a Consultant to the Board, brings over two decades of leadership experience in asset development and strategy consulting, advising leading utilities and private equity investors on developing and managing their cleantech investments. Mr. Agarwal has held leadership positions at Convergence Energy Services, a Government of India-owned company, Lightsource India, BDO, and EY. He was also the founder of AEM Energi & Motum, a zero-emission electric mobility company, which pioneered India’s first public electric bus trials. Mr. Agarwal will work closely with the Company’s Board to steer the Company at this critical juncture.