Sunday, December 10, 2023

jsw energy: Prashant Jain to step down as JSW Energy MD & CEO

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JSW Energy on Tuesday announced that Prashant Jain is going to step down from his position as Joint Managing Director and CEO on January 31, 2024 to pursue personal interests, said the company through its exchange filing.A search process for selecting the next CEO has been initiated, informed the company.

“I wish to take early retirement from active professional life in order to pursue my personal interests and passions in life,” said Jain in his resignation letter published by the company.

Jain has spent nearly 28 years with the company and six years as the CEO. He started his stint with JSW as an assistant manager of projects at the company’s steel plant in Tarapur on December 31, 1995.In his resignation letter, Jain has expressed gratitude to Sajjan Jindal, current Chairman and Managing Director of JSW Steel.

“Sir, thank you for your invaluable mentoring, guidance and support. I deeply treasure our relationship that has developed over the years,” said Jain to Jindal.Recently, Ashok Ramachandran was appointed as the Chief Operating Officer of the company with effect from October, 20 2023.JSW Energy has seen a rise of 82 per cent in its consolidated net profit to Rs 850 crore for the September quarter on the back of higher revenues.

“Profit After Tax (PAT, or consolidated net profit) was Rs 466 crore in the corresponding period of previous year,” a company statement said.

Net (power) generation during the quarter under review stands at 8,638 million units, up 29 per cent y-o-y driven by generation at acquired RE portfolio and higher thermal generation, partly offset by lower generation at hydro assets, it stated.

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