Reliance NU Energies sees CEO, COO exit amid turmoil

Less than a year after its launch, Reliance NU Energies - the renewables arm of Anil Ambani-owned Reliance Power - has lost its top leadership, with Chief Executive Officer Mayank Bansal and Chief Operating Officer Rakesh Swaroop exiting the company, people aware of the development said.

Their departures come alongside the resignation of nearly a dozen other executives, the people added.

Reliance Power had set up NU Energies in December 2024 to drive its clean energy ambitions. Bansal and Swaroop had both joined from renewable major ReNew, where Bansal was Group President for India operations and Swaroop headed the utility business.

"Given the ongoing turmoil at the Anil Ambani Group, there have been significant exits from the NU Energies unit," an industry source said, adding that it may take time to find replacements.

Bansal and Swaroop did not respond to calls or messages seeking comment.

In an emailed response, a Reliance Power spokesperson said: "Mayank Bansal and Rakesh Swaroop resigned on September 30 to pursue independent entrepreneurial opportunities. A few colleagues who had been brought in by Bansal and Swaroop have also chosen to voluntarily move on to join them in their new venture."

The company said NU Energies continues to have a strong internal leadership team and skilled talent pool.

"Several accomplished professionals are in the process of being onboarded to further strengthen the organisation. All project execution activities are being led by the existing team and continue on schedule," it added.

The exits come as Anil Ambani and his companies face increased scrutiny from law enforcement agencies. On November 4, the ED said it had frozen assets worth over ₹7,500 crore, including offices, residential properties and more than 132 acres of land, as part of a money-laundering probe.

( Originally published on Nov 07, 2025 )