Harsh Shah Exits Azure Power; Rupesh Agarwal Steps in as Acting CEO

Sunil Gupta Assumes the Role of CEO & Group CFO at Azure Power

Leading renewable power producer in India, Azure Power Global Limited has announced the appointment of Rupesh Agarwal as its Acting Chief Executive Officer (CEO). Agarwal will take the reigns of the organisation from Harsh Shah, who has resigned as CEO with immediate effect. The Board will consider the appointment of a new permanent CEO in due course of time.

Harsh Shah’s resignation as the CEO comes within the span of two months of his joining Azure Power, on July 1. Notably, the stepping-down of Shah from the position has come at a time when the closing of company’s accounts for FY22 has been delayed.

Harsh Shah

Chairman of the Board, Alan Rosling, said of Shah’s resignation, “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.” Shah has been commissioned as the CEO and whole-time director of IndiGrid Investment Managers and the Investment Manager at IndiGrid Trust, where his appointment becomes effective 30 August.

The new CEO, Rupesh Agarwal, who served as Chief Strategy and Commercial Officer after a period of acting as a Consultant to the Board at Azure Power, has 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. His career trajectory entails leadership positions at Convergence Energy Services, a Government of Indiawas -owned company, Lightsource India, BDO, and EY. He also founded AEM Energi & Motum- a zero-emission electric mobility company, that pioneered the country’s first public electric bus trials. Shah, whose appointment comes at a critical juncture, will work closely with the Company’s Board during this time.

Alan Rosling added, “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.”