Reliance Power said on Friday that its chief executive officer JP Chalasani will quit the company by the end of the year. Reliance Power, part of Anil Ambani’s Reliance Group, said in a statement that Chalasani would leave to pursue his “entrepreneurial ambitions” and would relocate overseas.
Chalasani has been the chief executive at Reliance Power since March 7, 2008.
He has spearheaded Reliance Power's aggressive plans in the power generation sector and has been cited as having played a key role in the company bagging three of the four ultra mega power projects (UMPPs) awarded to private sector players under the tariff-based competitive bidding route over the last five years.
Of these three 4,000 MW projects, the Reliance Power's pithead-based Sasan project had earlier this year sought an upward revision in tariffs.
Reliance Power had in January this year approached the Central Electricity Regulatory Commission seeking “relief to recoup or adjust the project economics for certain changes since the award of the project”, including increase in water charges, royalty rates, changes in tax rates, etc.
Reliance Power has also approached the power regulator seeking an increase in tariff for electricity generated from its ultra mega power project at Tilaiya in Jharkhand, citing regulatory delays, higher prices of land and sharp increase in equipment cost due to the depreciation of the rupee.