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India Wind Developer Mytrah beefs up board

Wind power development company Mytrah Energy (LON:MYT) has announced the appointment of Russell Walls and Peter Neville to the Board as independent non-executive directors with immediate effect. In addition, the Company announces the significant strengthening of its execution and development capability in India.

U.B. Reddy, who joins Mytrah Energy (India) Limited, the Company’s wholly owned Indian subsidiary, as Chief Operating Officer, has been working in the wind industry for 20 years and widely recognised as one of the pioneers of the Indian wind industry.

Shirish Navlekar, joins as Chief Financial Officer and will be a director of MEIL. He is an experienced professional in the Infrastructure Sector, primarily in conceptualisation, development, structuring/financing including private and public equity, mergers and acquisitions, implementation and operations of large infrastructure projects.

He was the Chief Executive Officer of the Power Business of Cairn India Limited, and prior to this he served as the Chief Financial Officer of the Delhi International Airport.

Following the appointment of Mr Navlekar as CFO of MEIL, Vikram Kailas has been appointed as Managing Director of MEIL, with Ravi Kailas remaining as Chairman. Vikram Kailas will continue as Finance Director of Mytrah Energy Limited.

Ravi Kailas, Mytrah Energy’s Chairman and Chief Executive Officer, commented:

“I would like to take this opportunity, on behalf of the Company, to welcome Russell Walls and Peter Neville to the Board as independent non-executive directors. I believe that they will both provide valuable assistance to Mytrah Energy in developing its strategic opportunities.

“I believe that we now have one of the most experienced wind-farm execution and development teams in India, with advanced capabilities across the entire value chain from land acquisition, wind resource analysis, design, development, execution, EPC, operations and management of projects. This will significantly increase our ability to deliver on our target of installing 5,000MW over the next few years.

Our first two projects, totalling 67.2 MW, have since been progressively commissioned starting in June 2011; this was achieved ahead of schedule and we are confident that we will achieve our capacity roll out targets over the next twelve months.”

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