EESL sacks Sood as MD within a year of taking over

“In terms of clause 7(a) of the Standard Terms and Conditions of your offer of appointment, your services EESL are terminated with immediate effect. In lieu of notice period, one (01) month, you will be paid notice payment,” said EESL in a September 17 communication to Sood, reviewed by Mint.

Mint The reason behind Sood’s removal could not be ascertained.

EESL, an energy services company set up under the Union Ministry of Power, NTPC Ltd., Power Grid Corp. of India Ltd. is a Joint Venture (JV) of Power Finance Corporation, and REC Ltd. It is leading India’s ambitious energy efficiency programme. , which seeks to reduce carbon emissions as part of the country’s climate change goals and is assessed ₹5,000 crore as reported by financial services company Investec Mint East.

An alumnus of the Indian Institute of Management Ahmedabad, Sood has previously worked with Sterlite Power and NTPC Ltd.

Queries emailed to the spokespersons of EESL on 18 September and the Union Power Ministry on 20 September did not elicit any response till press time. Sood did not respond to phone calls and a message was left on his cellphone on Sunday.

EESL has been allotted under Demand Aggregation of Electric Three-Wheeler and Electric Bus Component ₹10,000 crore Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme of the Government. It is one of the first entrants into India’s energy efficiency market and is part of the world’s largest electricity smart metering program through IntelliSmart, which is partnered with the National Investment and Infrastructure Fund (NIIF), India’s quasi-sovereign wealth fund. is a joint venture.

On September 14, Saurabh Kumar, executive vice-president of EESL, resigned on personal grounds.

As part of pushing forward reforms in the next generation power sector, the government is rolling out the marquee ₹3.03 trillion electricity discom reform scheme with a mandatory smart metering ecosystem component.

“Sood has been asked to leave,” said one of the two people mentioned above, requesting anonymity.

Convergence Energy Services Limited (CESL), a subsidiary of EESL, is also helping to increase the use of Light Emitting Diode (LED) bulbs.

The government has reduced the price of LED bulbs under Unnat Jyoti under the Affordable Lighting for All scheme. CESL is also running the Gram Ujala scheme, which provides world’s cheapest LED bulbs in rural areas ₹10. A total of 350 million Compact Fluorescent Lamp (CFL) bulbs have been replaced with LED bulbs. The target is to reach 770 million bulbs. CESL has also invited bids for procurement of 100,000 electric three wheelers with an estimated cost of ₹3,000 crore in the biggest such global tender.

EESL also acquired Edina, a joint heat and power provider ₹493 million in March 2018 to enter the UK £6.4 billion energy efficiency services market.

India is trying to cement its position as a green energy champion for the United Nations Climate Change Conference (COP-26) in Glasgow. The United Nations Intergovernmental Panel on Climate Change (IPCC) has said that extreme weather events will affect lives, livelihoods and businesses in India and South Asia, and called for urgent steps to mitigate climate change.

India, the largest emitter of greenhouse gases after the US and China, has been adopted by 195 countries as part of their commitments to the United Nations Framework Convention on Climate Change to reduce their carbon footprint by 33–35 from their 2005 levels by 2030. Planning to reduce the %. 2015 in Paris.

India has also committed to having 40% of its total installed electricity generation capacity from renewable energy by 2030.

According to the government, the country has already reached 38.5% of its installed power capacity from non-fossil fuels and this will increase to 66% by 2030. Also, India has already reduced emissions by 28%.