Suzlon Energy Ltd. board on Tuesday appointed Ajay Kapur as the group chief executive officer and elevated JP Chalasani to the Group Executive Council (GEC) as the company moves ahead to transform from a wind energy solutions provider to a full-stack renewable energy solutions conglomerate.
Kapur will takeover the role from Chalasani on Feb. 24 and report to Chairman and Managing Director Vinod Tanti. His previous stint was that of managing director at Ambuja Cements Ltd.
"Suzlon plans to diversify its portfolio across wind, solar, BESS, new emerging technologies and diversified business models to offer integrated solutions to our customers. The new leadership architecture will see the Group Executive Council as a strategic body established to steer the Group's long-term and medium-term growth agenda," a company statement said.
"The GEC will also set enterprise-wide priorities, shape portfolio strategy, and allocate capital across existing and emerging businesses," Chalasani said.
Pune-based Suzlon has also formed an Executive Management Council led by the Group CEO to lead the transformation and sustainable growth of the group's businesses.
About Ajay Kapur
Ajay Kapur is an MBA from Mumbai's KJ Somaiya Institute of Management and an alumnus of The Wharton School of the University of Pennsylvania. He has over 36 years of expertise in the cement, construction, power and heavy metals sector. Kapur has been extensively involved in several business forums, such as CII, FICCI, and ASSOCHAM.
Suzlon Energy reported a 15% growth in consolidated net profit and 42% jump in revenue in the third quarter of the current fiscal. The company's orderbook stood at 6.4 gigawatt and reported the highest-ever quarter deliveries at 617 MW. It has 2.4 GW of execution projects underway.
Shares of Suzlon Energy traded flat after the announcement, compared to a 0.9% decline in the benchmark Nifty 50. The stock is down 19% on a 12-month basis.
ALSO READ: Suzlon Energy Q3 Results: Profit Up 15%, Revenue Surges 42%
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