GPS Renewables, a leading biofuels engineering company, has announced the appointment of Homai Ardeshir Daruwalla, a former Chairman and Managing Director of the Central Bank of India, as an Independent Director to its board. This strategic addition aims to leverage her extensive experience in financial and corporate governance to enhance GPS Renewables’ mission of driving India’s clean energy transition. Daruwalla’s impressive career includes leadership roles in several prominent organizations, making her a valuable asset to GPS Renewables’ ambitious growth and innovation goals.
Former Central Bank of India exec Homai Ardeshir Daruwalla joins GPS Renewables as an Independent Director
Understanding GPS Renewables
Working Model: GPS Renewables, headquartered in Bengaluru, operates as a full-stack biofuels firm specializing in technology and project solutions for climate-positive biofuel projects. The company focuses on leveraging renewable natural gas (RNG) and other bioenergy solutions to reduce carbon emissions and promote sustainable energy practices.
Revenue Model: The company generates revenue through:
- Project Development: Setting up large-scale RNG and biogas plants.
- Technology Solutions: Offering cutting-edge biofuel technologies to clients globally.
- Build-Own-Operate (BOO) Projects: Managed by its subsidiary, GPSR Arya Pvt Ltd, BOO projects allow GPS to maintain long-term operational control and revenue generation.
Funding Background: GPS Renewables has attracted significant investment from venture capital firms and clean energy advocates. The company has established itself as a leader in biofuels, securing funding to scale operations and innovate further in renewable energy.
Founders and Their Backgrounds:
- Mainak Chakraborty (CEO and Co-Founder): An IIT graduate, Chakraborty’s vision for GPS Renewables is rooted in addressing climate challenges with scalable bioenergy solutions.
- Sreekrishna Sankar: Co-founder with expertise in project execution and renewable energy technologies.
Services and Products:
- Captive biogas plants for businesses.
- Large-scale RNG plants, including some of the world’s largest installations.
- Technology for waste-to-energy conversion and sustainable fuel production.
The Role of Homai Ardeshir Daruwalla
Career Highlights of Homai Ardeshir Daruwalla
Homai Ardeshir Daruwalla’s illustrious career spans decades, marked by pivotal roles:
- Chairman and Managing Director of the Central Bank of India (2005–2008).
- Chairman of The Zoroastrian Co-operative Bank Ltd.
- Executive Director at Oriental Bank of Commerce Ltd.
- General Manager at Union Bank of India.
Board Experience: Daruwalla’s governance expertise is evident in her previous directorships at:
- NTPC Ltd.
- Triveni Engineering and Industries Ltd.
- Reliance Financial Ltd.
- Vizag Seaport Pvt Ltd.
Significance of Her Appointment: Her appointment as an Independent Director at GPS Renewables is expected to:
- Strengthen corporate governance.
- Provide strategic insights for scaling biofuel initiatives.
- Enhance financial oversight as GPS expands its operations.
Background of GPS Renewables
Origins and Growth: Founded with the mission to address waste management and renewable energy challenges, GPS Renewables began by setting up captive biogas plants for corporate clients. Over the years, the company has scaled its operations to include large RNG plants and advanced biofuel technologies.
Achievements:
- Setting up the world’s largest RNG plants.
- Establishing GPSR Arya Pvt Ltd to spearhead BOO projects, ensuring operational excellence and long-term impact.
- Driving innovation in waste-to-energy conversion technologies.
Leadership Comments on the Appointment
Mainak Chakraborty (CEO and Co-Founder): “As GPS Renewables continues to create a larger impact in the bioenergy sector in India, we will undoubtedly benefit from the expertise of those with rich experience in growing businesses across different industries. Homai is one such name. Her extensive experience and leadership acumen will provide invaluable insights to help us amplify our efforts and drive greater impact.”
Homai Ardeshir Daruwalla: “I am excited to join the board of GPS Renewables, a company that has demonstrated remarkable growth and innovation over the past decade. Their impactful work in the biofuels industry has positioned them as a leader in driving India’s clean energy transition. I look forward to sharing my insights with the team to further strengthen their mission.”
Learning for Startups and Entrepreneurs
- Diverse Expertise Enhances Growth: Bringing experienced leaders onboard can accelerate business growth and improve governance.
- Focus on Sustainability: GPS’s success highlights the importance of aligning business models with environmental sustainability.
- Scalable Solutions: Addressing global challenges with scalable technologies ensures long-term business relevance and impact.
- Strategic Partnerships: Collaboration with experts in finance, technology, and governance can unlock new opportunities.
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