Suresh Nagarajan began his career with SBI Capital Markets, gaining expertise in project and asset financing. He later joined PSEG India in 1999, where he played a key role in developing two IPPs, in India and in Oman (the Salalah privatisation project). He worked with Tata Power from 2003 to 2006 leading efforts to set up power projects in Bangladesh. From 2006 to 2008, he served as Vice President (Business Development) and went on to become CFO of Reliance Power. From 2018 to 2019 he served as CEO – Renewable Energy Business of the RP Sanjiv Goenka “Group”. Since 2019, he has been CEO of DB Power.
According to Nagarajan, the Indian power sector is experiencing robust demand, driven by industries such as manufacturing, electric vehicles and module manufacturing. Discom dues are being streamlined, enhancing the sector’s ability to meet demand. Coal availability for thermal power plants has improved. Renewable capacity is expanding, with competitive tariffs for round-the-clock power bids.
Nagarajan identifies several critical challenges facing the sector. First, the weak financial status of discoms remains a concern. Second, there is a need for a tripartite arrangement involving coal companies, the railways and IPPs to define clear roles and responsibilities. This would prevent undue pressure solely on IPPs and offer equal opportunity and a level-playing field to all parties involved in the trade. Finally, Nagarajan stresses the importance of streamlining regulatory processes to facilitate smoother operations in the sector.
The key focus areas at DB Power include the successful commissioning of the flue gas desulphurisation project, surpassing its previous performance to achieve debt-free status at the earliest.
Nagarajan’s notable assignments include overseeing the privatisation of the Salalah Power Project in Oman and development of the Sasan Ultra Mega Power Project, and establishing the renewable energy business of Reliance Power. Notably, he achieved a turnaround in DB Power’s operations, leading to a progressive improvement in its external credit rating from BBB levels to AA levels. Nagarajan’s management style is collaborative, actively involving his team in the decision-making process. He provides space for colleagues to express their views and welcomes constructive ideas and feedback.Nagarajan is a chartered accountant by training and ranked 11th nationwide.