NOVEMBER 20239TATA POWER RENEWABLES WELCOMES DEEPESH NANDA AS CEOWHEELS INDIA TO SETUP SUBSIDIARIES IN USA & EUROPETata Power, one of India's largest integrated energy companies, today announced that Deepesh Nanda has been appointed as Head of Renewable Energy and Managing Director of Tata Power subsidiary Tata Power Renewable Energy Limited (TPREL) effective from November 1, 2023.A respected leader in the energy industry, Nanda brings with him 28 years of extensive experience from companies such as GE, Flowserve and Tyco. Nanda joined Tata Power from GE Gas Power, where he was Managing Director of South Asia, overseeing operations in India, Bangladesh, Sri Lanka, Mauritius and Nepal.He was additionally President & CEO of GE's Aero-derivative Gas Turbine business segment for Asia. A distinguished alumnus of Annamalai University, India, Nanda graduated in Mechanical and production engineering. He further pursued an MBA from the Open University Business School, Milton Keynes, UK, and has undergone extensive leadership training at GE Crotonville. In his new role, Nanda will be responsible for driving the growth and profitability of Tata Power's renewable energy portfolio, which encompasses solar, wind, hybrid, and B2C green energy solutions. He will also lead innovation and digital transformation initiatives in the renewable energy sector. Wheels India, which manufactures wheels for trucks, tractors, passenger vehicles, and construction equipment, has plans to establish fully-owned subsidiaries in the United States and Europe in order to enhance business development and sales coordination. Here in the Nov 2 discussion, Srivats Ram, the MD of Wheels India, stated that the establishment of subsidiaries was motivated by the potential growth that these new geographies could offer to the business.He explained to reporters that the presence of staff is due to our examination of potential new business opportunities in Europe during the first quarter of the upcoming year.In terms of our business expansion, we are looking to tap into the off-load business in the construction and agri-tractor segments of both the United States and European markets. In the meantime, the company was also considering a boost in renewable energy from the current 26 percent to 75 percent by 2026.The city-based company registered a net profit of Rs 14.53 crore during the corresponding quarter of last year.Ram said, "The Q2 profit was impacted due to one-off expenses, notably a one-off charge for pre-delivery inspection charges." TOP STORIES
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