JSW Energy says Prashant Jain to step down as MD and CEO

Following his exit, Prashant Jain will also be no longer a director of the company.

JSW Energy on October 31 said its Joint Managing Director & Chief Executive Officer, Prashant Jain has resigned from his position. Following his exit, he will cease to be a director in the company.

“Prashant Jain has expressed his intention to take early retirement from active professional life to pursue his personal interests and accordingly step down from the position of Joint Managing Director & CEO and as a Key Managerial Person of the Company,” the company said in an exchange filing.

Jain has agreed to serve in his current position till January 31, 2024 to support an orderly transition. A search process for selecting a suitable candidate (both internal or external) has commenced and the outcome of the same will be informed in due course, the company added.

Jain has worked at JSW Group for 28 years. He joined as an Assistant Manager - Projects at JSW Steel's Tarapur plant in December 1995. He started working for the Chairman's office in 2003. He was eventually promoted to his current position in 2017.

Recounting his and the company's achievements, Jain in his resignation letter said, the Company's power generation capacity has increased from 4.5 GW to 9.8 GW (with 3 GW under construction projects to be commissioned by December 2024) and has transitioned from a
thermal power producer to a renewable power producer with a well-diversified portfolio of Wind, Hydro and Solar plants.

The Company has successfully completed the acquisition of Mytrah
assets, resulting in addition of 1. 7 GW renewable capacity and lnd-Barath's thermal assets adding close to 0.7 GW thermal capacity. With these acquisitions, the Company has marked its presence across India, he added.