New Delhi: In a key development for India’s renewable energy financing sector, the Public Enterprises Selection Board (PESB) has recommended Jatin Kumar Nayak, Executive Director (Finance) at REC Limited, for appointment as the next Chairman and Managing Director (CMD) of the Indian Renewable Energy Development Agency Limited (IREDA).
The recommendation was made during PESB Meeting No. 49/2026, held on Friday morning. The CMD post at IREDA holds Schedule ‘A’ status, making it one of the most important leadership roles in India’s clean energy financing ecosystem.
Competitive Selection Process with Ten Senior Candidates
Ten senior executives from major public sector undertakings and government organizations appeared before the PESB for the selection process.
The candidates included senior officials from IREDA, REC Limited, GAIL, RailTel, Indian Oil Corporation, BSNL, Ministry of Railways, and Central Electronics Limited, among others.
After evaluating their experience and suitability, PESB recommended Jatin Kumar Nayak for the top leadership position at IREDA.
Jatin Kumar Nayak Brings Strong Finance and Power Sector Experience
Currently serving as Executive Director (Finance) at REC Limited, Jatin Kumar Nayak emerged as the selected candidate after a highly competitive evaluation process.
His background in finance and the power sector is expected to support IREDA’s strategic role in accelerating renewable energy financing and project development across India.
Key Role for IREDA in India’s Renewable Energy Expansion
The leadership change comes at a crucial time when India is rapidly expanding investments in:
- Solar and wind energy
- Green hydrogen projects
- Battery storage systems
- Energy efficiency initiatives
IREDA plays a central role in funding and supporting these projects, helping drive the country’s clean energy transition.
Senior Officials Who Appeared Before PESB
The selection process included the participation of the following candidates:
- Surendra Kumar Sharma, Executive Director (Finance), IREDA
- Dhiraj Mehta, Executive Director (Finance), IREDA
- Prabhat Kumar Singh, REC Limited
- Ayush Gupta, GAIL (India) Limited
- Vippagunta Rama Manohara Rao, RailTel Corporation of India Limited
- Krishna Mohan Srivastava, BSNL
- Dr. Ajit Kumar Thakur, Indian Oil Corporation Limited
- Dr. Pudi Hariprasad, Ministry of Railways
- Chetan Prakash Jain, Central Electronics Limited
Strategic Importance of CMD Appointment
The appointment is seen as a significant step for strengthening leadership at IREDA, which is expected to play an even larger role in financing India’s renewable energy ambitions in the coming years.
Officials believe the new leadership will further enhance institutional efficiency and support India’s transition toward sustainable energy systems.
About IREDA
The Indian Renewable Energy Development Agency (IREDA) is a Mini Ratna public sector enterprise under the Ministry of New and Renewable Energy. It provides financial assistance for renewable energy and energy efficiency projects, playing a key role in supporting India’s clean energy goals and accelerating the country’s transition toward a sustainable energy future.
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