Dr Praveer Sinha reappointed as CEO & Managing Director of Tata Power for 4 more years

Dr Praveer Sinha, who has been serving as the CEO & Managing Director of Tata Power since May 2018, has been appointed for another four-year term starting from May 1, 2023, until April 30, 2027. This decision was taken at a meeting of the Board of Directors of Tata Power held on March 30, 2023.

During his tenure as the CEO & MD of Tata Power, Dr Praveer Sinha has successfully led the company towards growth and expansion. One of his notable achievements has been the remarkable growth in the market capitalisation of Tata Power. The market cap of Tata Power on May 2, 2018, was Rs 23,843 crore, which has now grown to Rs 59,322 crore as of March 29, 2023, a growth of 149 percent.

Under Dr Sinha's leadership, Tata Power has also made significant strides in expanding its geographical and business lines. In April 2022, a BlackRock Real Assets-led consortium, including Mubadala Investment Company, announced a Rs 4000 crore investment in Tata Power renewables.

The company has also formed joint ventures and taken over the distribution through the PPP model in Odisha, adding nine million customers. In addition, Tata Power has created a consumer business in rooftop solar, home automation, and EV charging as a consumer play.

The consolidated operating income of Tata Power for the year 2017-18 was Rs 26,430 crore. For the nine months ended December 31, 2022, it has already reached Rs 43,278 crore. The EBITDA for the year 2017-18 was at Rs 6,296 crore, which has now increased to Rs 6,968 crore for the nine months ended December 31, 2022.

With Dr Praveer Sinha's reappointment as the CEO & Managing Director of Tata Power, the company is expected to continue on its growth trajectory and strengthen its position as a leading player in the Indian power sector.