Companies

Sunil Jain quits Hero Future Energies

M Ramesh Chennai | Updated on January 05, 2021

Only Rahul Munjal, the company’s CMD, has said he wished ‘Sunil success for his new beginning’

Sunil Jain, a renewable energy veteran and Executive Director and CEO of renewable energy company Hero Future Energies, is quitting the company. Hero Future Energies, promoted by the Munjal family of the Hero group, said in a statement today that Jain will be “handing over complete charge” to his successor, Srivatsan Iyer, “within this month”.

Only Rahul Munjal, the company’s Chairman and Managing Director, has said he wished “Sunil success for his new beginning”.

Jain joined the then fledgling wind and solar energy producer, Hero Future Energies, about eight years ago, from another renewable energy company, Green Infra, now part of Sembcorp. Under him the company has grown to own about 2,000 GW of assets.

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In November 2019, Abu Dhabi-based Masdar took 20 per cent stake in Hero Future Energies for $150 million, valuing the company then at $750 million. Earlier in January 2017, IFC, Washington, the private equity arm of the World Bank, had invested $125 million in the company.

A recent Bloomberg New Energy Finance report ranked the company ninth among the renewable energy companies in India (after ReNew Power, Greenko, Tata Power, Adani Green, Acme, Mytrah, Sembcorp and Azure Power.)

Also read: 2021: India to garner Rs 1.75 lakh crore investment for renewable energy sector

“One should move on in life,” Jain told BusinessLine today, adding that he had decided to quit back in March 2020, but then the pandemic came and he was requested to stay on for some more time. He did not disclose his next plan but hinted that he would be “in the industry”.

Published on January 05, 2021

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