Reliance Power Board Approves Neeraj Parakh As CEO For Three-Year Term

Reliance Power Ltd. appointed Neeraj Parakh as the chief executive officer on Monday, according to an exchange filing.

Parakh's appointment as the CEO for a period of three years follows his approval by the company's board of directors. His term will become effective from Monday.

However, Parakh, who joined the Reliance Group 21 years ago as an additional manager in the Central Technical Services team at Reliance Infrastructure, will require approval of the members, the disclosure added.

The filing added that he is not related to any of the company's directors.

From his initial focus on planning, project monitoring, technical services, and project execution, he advanced to operations and maintenance roles at both Reliance Power and Reliance Infrastructure Ltd.

"His expertise extends to navigating complex regulatory requirements and tax matters, enabling the Reliance Group to maintain compliance across multiple domains while ensuring smooth project operations," the company stated.

Earlier on Jan. 10, Reliance Power and Reliance Infra had revealed plans to alter the shareholding status of their key stakeholders. The reclassification move involved Group Chairman Anil Ambani and his son Jai Anmol Ambani stepping down from their "promoter" roles.

Anil Ambani and Jai Anmol, who were classified as part of the promoter and promoter group respectively, had submitted applications to reclassify their status as "public shareholders".

The boards of both Reliance Power and Reliance Infra had reviewed and approved the applications, which were deemed compliant with Regulation 31A of SEBI's Listing Regulations.

Shares of Reliance Power closed 2.95% lower at Rs 40.83 apiece on the BSE, compared to a 0.59% advance in the benchmark Sensex.

(With PTI Inputs)