For nearly twenty years, Statkraft, a government-owned company from Norway, has been conducting business in India, mostly in the hydropower generation industry.
After leading Statkraft’s Indian operations for 15 years, Rahul Varshney has resigned from the company, which is Europe’s largest generator of renewable power, according to people with knowledge of the event.
It was suggested that Varshney launch his own business in the energy transition space.
For nearly twenty years, Statkraft, a government-owned company from Norway, has been conducting business in India, mostly in the hydropower generation industry.
In the challenging mountainous environment of Himachal Pradesh, Varshney is recognized for having spearheaded the development of numerous hydropower plants near the Beas River’s tributaries.
Industry leaders cited Varshney’s initiative to provide Statkraft’s construction workers with “living wages”—above the local regulatory minimum wage requirement that only covers the cost of living—as a standout aspect of his tenure. This included better healthcare, food, and social security for their families, all in line with European standards. They stated that it was amazing, particularly considering the significant health and safety hazards that workers in this industry confront.
Varshney’s departure from the company was confirmed by Statkraft upon communication.
According to Varshney’s LinkedIn profile, he began his professional career at Aditya Birla Group. Statkraft made three purchase attempts while he was in office. It submitted a successful bankruptcy process proposal for a 2013 flash flood-related project at Kedarnath, which was abandoned by Lanco Hydro Power.
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