India’s third largest PV module manufacturer Tata BP Solar India has been renamed as Tata Power Solar Systems Limited and has become a wholly owned subsidiary of its parent company Tata Power. The company has also announced the appointment of Ajay Goel as its new chief executive officer. The firm’s former CEO K. Subramanya resigned from the position earlier in May. However, no explanation was given for his departure.
These latest actions are part of a previously announced restructuring plan. Similar to US and European module makers, the company has been struggling from the increasing competitive pressure from low-cost Chinese manufacturers. As a result, the company has been forced to restructure in order to remain competitive.
Goel brings to the company over 20 years of industry experience, of which the last five years have been spent transforming the North American solar industry. Under Goel’s leadership, “Tata Power Solar is ready to take the solar business forward with renewed vigor”.