Torrent Power has appointed Vikas Poddar as its new Chief Financial Officer and Whole Time Key Managerial Personnel, effective August 21, 2026. The company's Board of Directors approved the appointment during a meeting held on August 20, 2026, following the resignation of Saurabh Mashruwala from the same role due to planned retirement.

Mashruwala's resignation is effective from the close of business hours on August 20, 2026. To facilitate a seamless handover, he will continue with the company as an Executive Director until the transition is complete. Consequently, Mashruwala ceases to be the authorised Key Managerial Personnel for determining materiality and making disclosures under Regulation 30 of the SEBI Listing Regulations.

New leadership profile

Vikas Poddar brings over 27 years of experience in finance leadership. He holds an MBA from the National University of Singapore and is a Chartered Accountant. Prior to joining Torrent Power, Poddar served as the Chief Financial Officer at Indus Towers, an Indian telecommunications infrastructure company with revenue exceeding USD 3.5 billion.

His previous roles include:

• Head of FP&A and Decision Support in India at Vodafone
• Regional Finance Controller and Finance Director in the UK at Vodafone
• Various finance management positions at ITC Limited

Poddar will assume responsibility for determining materiality of events and making stock exchange disclosures under Regulation 30 of the Listing Regulations, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026.

Leadership transition at a glance

The key details of the leadership change are summarised below:

Regulatory compliance

The change in key managerial personnel was disclosed pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Rahul Shah, Company Secretary and Compliance Officer, confirmed the filings to both the BSE and NSE.

Torrent Power has expanded its corporate structure in the renewable energy sector by incorporating two new special purpose vehicles (SPVs). The listed entity disclosed that its wholly owned subsidiary, Torrent Green Energy Private Limited (TGEPL), registered the new companies with the Registrar of Companies, Gujarat at Ahmedabad on August 19, 2026.

The move aligns with the company's strategic focus on non-conventional energy sources. Both entities were incorporated specifically to carry out business related to electricity generation from renewable energy and the trade of hydrogen and its derivatives.

Entity Details

The two newly incorporated companies are structured as step-down subsidiaries under TGEPL. TGEPL holds 100% of the equity share capital in both entities. The subscription was made via cash consideration.

Business Scope

The SPVs have been incorporated with a broad mandate covering the manufacture, processing, production, and trading of hydrogen, ammonia, compressed natural gas, and other mineral substances. Their operational scope also includes the generation, transmission, distribution, purchase, and sale of power from non-conventional, renewable, green, and hydro power sources.

Financial Structure

Each subsidiary has an authorized share capital consisting of 50,000 equity shares with a face value of ₹10 each. The total cost of subscription for each entity is ₹5,00,000. TGEPL holds complete control over both SPVs, ensuring full consolidation within the group's renewable energy vertical.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. No governmental or regulatory approvals were required for the incorporation of these entities.