Saurabh Agrawal takes over as Tata Power Renewable Energy's chairman

Three more directors including Eduard Ruijs, the Managing Director and Head of the London based BlackRock Global Infrastructure Fund team, also joined the board.

The Tata group on Thursday restructured the board of Tata Power Renewable Energy with Saurabh Agrawal, a director of Tata Sons, taking over as the chairman of the board.

Three more directors, including Eduard Ruijs, the Managing Director and Head of the London-based BlackRock Global Infrastr­ucture Fund team, joined the board as well. Anjali Bansal, Founder of Avaana Capital, and former Indian Admi­nistrative Service officer Rajiv Mehrishi, were inducted on the board as well.

The board restructuring took place within months of Tata Power announcing Rs 75,000 crore in renewable energy in the next five years —taking on the likes of Reliance Industries, which is investing Rs 77,000 crore in the next three years.

In April this year, Tata Power Company and BlackRock Real Assets-led consortium, including Mubadala Investment Company, had entered into a binding agreement to invest in the renewable energy subsidiary, BlackRock Real Assets, together with Mubadala invested Rs 4,000 crore by way of equity / compulsorily convertible instruments for a 10.53 per cent stake in Tata Power Renewables, translating to a base equity valuation of Rs 34,000 crore.