CDC launches Ayana Renewable Power, appts PJ Nayak as Chairman

Mumbai, Jan 2 (PTI) The UK's development financeinstitution CDC today said it has formed a new company AyanaRenewable Power that will focus on operations in India andneighbouring South Asian countries.The firm has also appointed PJ Nayak as the chairmanand Shivanand Nimbargi as managing director and CEO of AyanaRenewable Power, a new independent solar and wind generation,the company said in a statement issued here."Ayana will develop hundreds of MWs of generationalcapacity targeting underserved Indian states and neighbouringcountries in South Asia including Bangladesh, Nepal, Myanmarand Sri Lanka. Ayana is 100 per cent funded by CDC, and willbe run by an independent board and management team," it said.With more than 25 years of experience in the bankingand financial services sector Nayak was the former chairmanand CEO of Axis Bank, and has served as the chairman of UnionBank of Colombo, country head at Morgan Stanley India andsenior adviser at TPG Capital.Prior to this he was a senior official in the IndianAdministrative Services, and served as joint secretary for theDepartment of Economic Affairs in the Ministry of Finance."Ayana's strategic vision is to create significantrenewable power generating capacity across South Asia,complementing it with a development agenda which reaches outto communities near locations where such capacity has beencreated," Nayak said.Nimbargi, who has an experience of over 20 years inthe power sector, has served as the managing director and CEOof Green Infra from 2011 to 2016.While at Green Infra, he built a new management team and more than doubled the company's operational capacity from 150 MW to 700 MW. He previously held a variety of senior roles at Alstom India where he was employed for 15 years. He was most recently the managing director of L&T Metro Rail (Hyderabad).

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