Saurabh Agrawal Takes Charge As Tata Power Renewable Energy’s Chairman
He previously served as the director of Tata Sons. The induction of three more directors, being Eduard Ruijs, Anjali Bansal and Rajiv Mehrishi, took place. The restructuring of board happened within months, after Tata Power made announcement of investing Rs 75,000 crore in renewable energy for next five years
The Tata group restructuring the board of Tata Power Renewable Energy, made Saurabh Agrawal the chairman of the board on 20 October. He previously served as the director of Tata Sons.
The induction of three more directors, including Eduard Ruijs, the Managing Director and Head of the London-based BlackRock Global Infrastructure Fund team, was given effect. The other two being Anjali Bansal, Founder of Avaana Capital, and former Indian Administrative Service officer Rajiv Mehrishi, were inducted on the board.
The restructuring of board happened within months, after Tata Power made announcement of investing Rs 75,000 crore in renewable energy for next five years. Such investment is made on the lines of Reliance Industries, which is nearly investing Rs 77,000 crore in the next three years.
This year in April, Tata Power Company and BlackRock Real Assets-led consortium, including Mubadala Investment Company, entered into a binding agreement to invest in the renewable energy subsidiary.
Along with Mubadala, BlackRock Real Assets invested Rs 4,000 crore through equity/compulsorily convertible instruments to have 10.53 per cent stake in Tata Power Renewables. The base equity valuation of which turned out to be Rs 34,000 crore.