/ -- Azure Power (NYSE: AZRE), a leading solar power producer in India, announced that Deepak Malhotra, Director, Infrastructure, South Asia at Caisse de dpt et placement du Qubec (CDPQ), was appointed to its Board of Directors, taking CDPQ's total number of board seats to two. CDPQ, a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans, with CA$326.7 billion in net assets, is Azure Power's largest individual shareholder and holds an equity position of more than 41%. Deepak Malhotra has over 18 years of experience across all facets of infrastructure. Before joining CDPQ in 2018, Mr. Malhotra worked with International Finance Corporation (IFC), World Bank Group, where he led many debt and equity investments in the infrastructure sector. Prior to IFC, Mr. Malhotra worked with one of the leading credit rating agencies in India and in the Merchant Navy.
Speaking on this occasion, Ranjit Gupta, Chief Executive Officer, Azure Power said, "We are pleased to welcome Deepak Malhotra as a Director on our board. The addition of Deepak will provide a valuable perspective as we continue to execute our strategy, drive profitability and enhance value for shareholders. We are honoured to have CDPQ's trust in Azure Power and to see their commitment to the solar sector in India."
Commenting on Mr. Malhotra's appointment, Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ said, "We are pleased to have Deepak as an additional representative on the Board of Azure Power, a leading solar company in India. We are confident in the solar industry's long-term outlook and look forward to working with the Azure's leadership team to capitalize on growth opportunities."
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