Energy Efficiency Services Ltd has announced the appointment of Arun Kumar Mishra as Chief Executive Officer (CEO) on deputation. He will be responsible for EESL’s operations across the nation.
Sharing his thoughts, Mishra said, “It is an honor to be a part of world’s largest public Energy Service Company (ESCO). Government of India has acknowledged potential of renewable energy and energy efficiency as the key pillars of National climate change strategies. I look forward to consolidating EESL leadership position in sustainable energy transformation.”
EESL is a Central PSU under the power ministry. It is a joint venture between NTPC, Power Grid Corporation of India Ltd. PFC and REC.
It may be recalled that in September this year, PGCIL infused fresh equity capital in EESL, making it a significant shareholder in EESL.
PFC now a “Maharatna”
In an independent development, the Government of India recently accorded ‘Maharatna’ status to Power Finance Corporation Ltd (PFC), thus giving PFC greater operational and financial autonomy. An order to this effect was issued on October 12, 2021, by the Department of Public Enterprises, under the Ministry of Finance. Incorporated in 1986, PFC is the today largest infrastructure finance company today, exclusively dedicated to power sector under the administrative control of the Ministry of Power.
The grant of ‘Maharatna’ status to PFC will impart enhanced powers to the PFC Board while taking financial decisions. The Board of a ‘Maharatna’ CPSE can make equity investments to undertake financial joint ventures and wholly-owned subsidiaries and undertake mergers and acquisitions in India and abroad, subject to a ceiling of 15 per cent of the net worth of the CPSE concerned, limited to Rs.5,000 crore in one project. The Board can also structure and implement schemes relating to personnel and human resource management and training. PFC can also enter into technology joint ventures or other strategic alliances, among other things.
