JP Chalasani, the chief executive officer of Reliance Power Ltd, has quit the company to pursue his entrepreneurial ambitions and relocate overseas, as per a stock market disclosure. Reliance Power, one of the country’s top private sector power generation companies, said Chalasani will leave the firm towards the end of the year.
This marks another high-profile exit from the company this year. In January, senior executive Ashwin Kumar left the firm to join L&T’s power development arm. Kumar was president – corporate development.
Chalasani joined the Reliance Group in 1995 after a 15-year stint with public sector power generation firm NTPL. After the group restructuring, which marked a split in Ambani business family, he chose to stick with Anil Ambani-led Reliance ADAG (nor renamed Reliance Group). He was previously associated closely with Reliance Infrastructure and other group firms, including as CEO of BSES Rajdhani Power.
He took over as CEO of Reliance Power in March 2008, soon after the company completed its big initial public offer.
An engineering graduate from the Regional Engineering College in Nagpur, Chalasani exit comes at a time when several of the company’s mega projects are stuck and with regulatory hassles related to pricing of electricity.
(Edited by Joby Puthuparampil Johnson)