Azure Power appoints SK Gupta as Chief Financial Officer

Gupta to provide the vision and leadership for all aspects of the finance function. End Quote

(1888PressRelease) May 25, 2011 - Azure Power, India's first grid connected solar power plant developer has appointed Mr. Surendra Kumar Gupta, as Chief Financial Officer (CFO). In this position, he will provide the vision and leadership for all aspects of the finance function. He will also be a part of the Executive Team and will contribute to the overall management of the business including operational and business development financing, providing support towards project initiatives, the development of business plans and advice to the Board / Directors.

Mr. Gupta brings with him an experience of more than thirty years in financial management. In his earlier capacity as Group Chief Financial Officer, Al Suwaidi Group he was responsible for finance functions at corporate level and was deeply involved in strategic business & financial planning, fund raising, driving IT initiatives of the group. He also held additional responsibility as General Manager for one of their manufacturing businesses and was responsible for overall operations of that business. Earlier positions held by him include Finance Head with Samtel Color Limited, Vice President, Finance with Fenner India Limited and Deputy General Manager, Finance with Birla Yamaha Limited.

Mr Gupta was involved in raising venture capital funding & large term debts for the Samtel group and was involved in taking one of the first companies of the HCL group public in the year 1984. He has tremendous experience in strategic business & financial planning, fundraising for capex & working capital and driving IT based ERP systems for organizations. Mr. Gupta has completed his B.Com (Hon.) from Delhi University and is a Chartered Accountant from Institute of Chartered Accountant of India.

Inderpreet Wadhwa, Chief Executive Officer, Azure Power said "Solar Power generation is extremely capital intensive and a sound financial strategy is a must for successful growth of any business in the solar power sector. While Azure has already demonstrated successful financing structures for large scale solar power generation, I am quite excited to have Mr SK Gupta on board to build upon Azure's current success and lead the company through its expansion stage using the wealth of his experience in capital strategy, planning, risk management and investor relations. I am happy to welcome Mr. SK Gupta to Azure Power and confident that his experience of more than thirty years in financial management, will hold us in good stead."

Mr. SK Gupta said "Solar sector in India is in its nascent stage and has a large potential for steep growth in coming years. It is a capital intensive industry with special funding requirements. Companies in this sector require long term innovative financial planning to grow steadily. I am delighted to join Azure Power, a company that has taken great strides in this fast growing sector, and am confident to scale the company to new heights."

Mr. S K Gupta has assumed responsibility as the Chief Financial Officer and is contributing to the growth of the company into a leadership position in solar power generation.

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