Mumbai: Power producer JSW Energy Ltd on Saturday said its chief executive of five years, Sanjay Sagar, has decided to step down from the top job.
Sagar’s contract as joint managing director and chief executive was due for expiry on 20 July, JSW Energy said in a statement on Saturday. Sagar expressed “the desire to be relieved from his responsibilities at the earliest” and the board has decided to relieve him with effect from 15 June, the statement said.
Sagar under whom JSW Energy has in recent years expanded capacity by acquiring plants from rivals, did not immediately respond to a request for comment.
Sajjan Jindal-led JSW Energy, a part of the $11 billion JSW Group, has operational capacity of 4,531 megawatt (MW).
“Under his stewardship the company has grown from strength to strength with installed capacity multiplying nearly two times,” JSW Energy said in a statement. The company added that Sagar’s successor will be announced in “due course”.
Sagar was instrumental in the acquisition of two hydro-electric power, which marked JSW Energy’s foray in the hydro power generation sector. Under his leadership, JSW Energy set an ambitious target to double generation capacity at a time when the sector has struggled with a lack of power purchase agreements (PPAs). The company has also evaluated 25-30 proposals of sale from struggling thermal power producing companies in the past year.
During Sagar’s tenure, JSW Energy in September 2015 agreed to buy two hydropower projects—Baspa II and Karcham Wangtoo—from Jaiprakash Power Ventures Ltd for Rs9,275 crore.
Last year, it also agreed to buy a 1,000 MW thermal power plant in Chhattisgarh from Jindal Steel and Power Ltd (JSPL); the deal is yet to fructify. JSW Energy’s plans to acquire Monnet Power Co. Ltd and a Bina thermal plant from Jaiprakash Power failed after the latter’s lenders invoked strategic debt restructuring (SDR).
Sagar is an alumnus of Sri Ram College of Commerce, Delhi and holds a management degree from the University of Delhi. He has over three decades of experience, of which the past decade has been in the energy sector.