Reliance Power sets up  new subsidiary Reliance NU Energies Private Limited

Mayank Bansal, Former Group President at Renew, appointed CEO, and Rakesh Swaroop as COO to lead the new venture.

Reliance Power has set up a new subsidiary by the name Reliance NU Energies Private Limited for renewable energy business. The new venture has appointed two key people in its leadership, Mayank Bansal as Chief Executive Officer (CEO) and Rakesh Swaroop as Chief Operating Officer (COO) who have a combined experience of over 40 years in the energy sector.

The two energy sector veterans will helm Reliance Power’s new initiative, Reliance NU Energies, which focuses on renewable energy solutions, from energy sources such as solar, wind, geothermal and Firm and Dispatchable Renewable Energy (FDRE) to energy storage such as  pump storage hydropower ( PSP) and Battery Energy Storage System ( BESS).

Mayank Bansal, the new CEO of Reliance NU Energies, brings 25 years of expertise in renewable energy and management consulting. Based in Delhi, he has been instrumental in building one of India’s largest renewable energy portfolios, driving growth through strategic expansion and operational excellence. Previously, Mayank served as Group President of ReNew Power’s India RE Business, leading initiatives such as a digital transformation recognised by the World Economic Forum and scaling the platform to over 10 GW of operating capacity. Earlier roles at A.T. Kearney and McKinsey further sharpened his strategic acumen. A graduate of IIT Bombay (B.Tech.) and ISB (MBA), Mayank is well-positioned to lead Reliance NU Energies in advancing sustainable energy solutions and delivering innovations that can change the face of India’s renewable energy sector.

Rakesh Swaroop, Reliance NU Energies’ COO, brings over 17 years of experience in startups and the energy sector. Based in Delhi, he has contributed significantly to business growth, partnerships, and innovation in renewable energy, with expertise in hybrid solutions, energy storage, international expansion, and Green Hydrogen initiatives. Previously, Rakesh served as Vice President and Head of Utility Business at ReNew Power and held leadership roles at PR Clean Energy, Agni Energy, and Siemens Power Engineering. At Agni Energy, a Silicon Valley biofuels startup, he was part of the founding team and spearheaded product development. Rakesh earned a B.Tech. in Mechanical Engineering from MNIT in 2007 and continues to drive forward-looking energy solutions.

Reliance Power Limited launched the new subsidiary, Reliance Nu, to innovate and seize the opportunities in developing clean, affordable and reliable energy solutions that India and the world’s growing demand for sustainability needs. As the world transitions to renewable energy to mitigate climate change, India plays a crucial role with its target of 500 GW of non-fossil fuel capacity by 2030 under the Paris Agreement. Reliance Nu focuses on solar, wind, hybrid systems, and advanced energy storage to address these needs.

Reliance Power Limited, part of the Reliance Group, is one of India’s prominent power generation companies. With an installed capacity of 5,300 MW, it operates the 4,000 MW Sasan Ultra Mega Power Project in Madhya Pradesh, the world’s largest integrated thermal power plant.

Bansal and Swaroop are poised to lead Reliance Nu in rising to the unique needs of India’s decarbonisation drive with scalable and cost-effective green energy solutions. With innovation, the company will not only support India’s transition to cleaner energy sources but strengthen its position in the global renewable energy market.