Sanjeev_Aggarwal

Sanjeev Aggarwal

Sanjeev Aggarwal

Indian businessman

Sanjeev Aggarwal (born 1970[1]) is an Indian businessman. He is the founder of energy company Amplus Solar, acquired 100%[2] in 2019 by PETRONAS for US$391 million,[3] for which he was the former CEO. He received the Federation of Indian Chambers of Commerce and Industry young leaders award in 2013.

Quick Facts Born, Nationality ...

Personal life and education

Aggarwal studied mechanical engineering from Jamia Millia Islamia, New Delhi.[4] He holds a Postgraduate Diploma in Management (PGDM, equivalent to MBA) from Indian Institute of Management, Ahmedabad.[5]

Aggarwal resides in Gurgaon, India,[6][failed verification] where Amplus Energy Solutions is headquartered.[7]

Career

Prior to starting Amplus Energy, Aggarwal worked at AES India, the Indian subsidiary of the US fortune 200 company AES Corporation.[8] At AES, Aggarwal was involved in the development of AES's bulk capacity greenfield project, a 1200 MW electricity plant with a combined captive coalmine in Chhattisgarh.[5] After Aggarwal's departure from AES in March 2010, he tried multiple businesses which almost led him to becoming insolvent,[9] they included bidding for hydrocarbon blocks (no blocks were awarded), setting up a gas plant (gas turned out to be a poor business).[1][9]

Aggarwal started Amplus Energy Solutions in 2010, got the first solar rooftop contract in 2013 and raised ₹2 crore (equivalent to ₹3.2 crore or US$400,000 in 2023) from family and friends.[1] In 2015 he secured an investment of US$150 million (about ₹900 crore) in equity funding from I Squared Capital, an American investing company.[1] As of 2017, Amplus is one of the largest companies in the OPEX project development space according to Bridge To India, a consultancy and knowledge services provider specialising in renewable energy.[10] In 2019, Amplus was acquired 100%[2] by the Malaysian government's oil and gas company, PETRONAS, for US$391 million (about ₹2700 Crore); Aggarwal continued as CEO.[3] Aggarwal and his company have been the subject of a case study by Indian Institute of Management, Ahmedabad.[11]

Aggarwal writes articles on various industry blogs and newspapers such as LiveMint[12] and VCCircle's Infracircle.[13] He is on various industry committees, including on the Infrastructure Power Committee of the American Chamber of Commerce in India (AmCham India), India Electricity 2009 Advisory Council, and the Federation of Indian Chambers of Commerce and Industry Power Committee.[5]

Awards and recognition

Aggarwal received the Federation of Indian Chambers of Commerce and Industry (FICCI) young leaders award in 2013[14] and was featured in Finance-Monthly global CEO awards in 2016.[14] In 2017 he was listed in Solar Quarter magazine's 100 most powerful leaders in the Solar Industry.[15]

Aggarwal received the Jury Recognition award – Individual Excellence at the Renewable Energy India (REI) 2019 held at IEML, Greater Noida in September 2019. The auditorium where the award felicitation ceremony happened was powered by Amplus Solar's 2 MW Rooftop Solar Plant.[16]

Aggarwal has been chosen as one of the 100 Most Powerful Solar Business Leaders in the Indian PV Market and has also featured in the Power100 Map of year 2019 at the Solar Quarter's 3rd Edition of Powerful Solar Business Leaders.[17]

References

  1. [1]
    Aggarwal, Mayank; Bhaskar, Utpal (28 April 2017). "Amplus Energy: cutting out the middleman". Live Mint. Retrieved 16 December 2017.
  2. [2]
    "Malaysia's Petronas acquires Singapore-based Amplus Energy". The Financial Express (India). 16 April 2019. Retrieved 24 July 2020.
  3. [3]
    "Malaysia's Petronas buys Amplus Energy". India Inc. 16 April 2019. Retrieved 23 July 2020.
  4. [4]
    "Sanjeev Aggarwal".
  5. [5]
    "Sanjeev Aggarwal: Executive Profile & Biography – Bloomberg". Bloomberg L.P. Retrieved 16 December 2017.
  6. [6]
    "Sanjeev Agarwal, Gitanjali Exports Corp Ltd: Profile and Biography". Bloomberg.com. Retrieved 12 May 2021.
  7. [7]
    Dutta, Sanjay (10 May 2017). "India solar tariff drops below cost of coal-fired power". The Times of India. Retrieved 26 January 2018.
  8. [8]
    Yee, Amy (14 December 2007). "AES plans $2.8bn India power plants". Financial Times. Retrieved 26 January 2018.
  9. [9]
    Singh, Seema (18 December 2017). "Why rooftops are the sunniest for Amplus and Cleanmax". The Ken. Retrieved 23 July 2020.
  10. [10]
    "Bridge to India cuts rooftop solar forecast to 10.8 GW by 2021". The Economic Times. 4 December 2017. Retrieved 26 January 2018.
  11. [11]
    Medicherla, Kiran; Agarawal, Shrey; Jamar, Arushi; Garg, Amit (28 March 2018). Amplus Solar - The Sky is the Limit (Thesis). Indian Institute of Management, Ahmedabad. Retrieved 24 July 2020.
  12. [12]
    Aggarwal, Sanjeev (12 August 2012). "Decontrol the power sector". Livemint. Retrieved 26 January 2018.
  13. [13]
    "Sanjeev Aggarwal's articles on Infracircle". Infracircle. Retrieved 26 January 2018.
  14. [14]
    "Finance Monthly global CEO awards 2016". Finance Monthly. p. 94.
  15. [15]
    "SolarQuarter Power100 Map". SolarQuarter.
  16. [16]
    "Winners – Renewable Energy India Awards 2019". reiawards.com. Retrieved 1 October 2019.
  17. [17]
    Newsdesk, SolarQuarter. "SolarQuarter India Power100 Map 2019". solarquarter.com. Retrieved 1 October 2019.
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