The UK's development finance institution CDC has formed a new company Ayana Renewable Power that will focus on operations in India and neighbouring South Asian countries. Ayana's strategic vision is to create significant renewable power generating capacity across South Asia, complementing it with a development agenda which reaches out to communities near locations where such capacity has been created.
The firm has appointed PJ Nayak as the chairman and Shivanand Nimbargi as managing director and CEO of Ayana Renewable Power, a new independent solar and wind generation. Ayana will develop hundreds of MWs of generational capacity targeting underserved Indian states and neighbouring countries in South Asia including Bangladesh, Nepal, Myanmar and Sri Lanka. Ayana is 100 percent funded by CDC, and will be run by an independent board and management team.
With more than 25 years of experience in the banking and financial services sector Nayak was the former chairman and CEO of Axis Bank, and has served as the chairman of Union Bank of Colombo, country head at Morgan Stanley India and senior adviser at TPG Capital.