Anil Ambani's SUPERHIT move as he makes this announcement ahead of new year, company's share price surges...

Reliance Power on Tuesday announced setting up its renewable energy business arm Reliance NU Energies and appointed Mayank Bansal as Chief Executive Officer and Rakesh Swaroop as Chief Operating Officer of the subsidiary.

Both of them have joined the company from ReNew. Bansal was Group President of ReNew Power's India RE Business and Swaroop served as Vice President and Head of Utility Business at ReNew Power.It has set up a new subsidiary namely Reliance NU Energies for renewable energy business, Reliance Power said in a statement.

"The new subsidiary Reliance Nu will innovate and seize the opportunities in developing clean, affordable and reliable energy solutions that India and the world's growing demand for sustainability needs," it said.

Reliance Nu focuses on solar, wind, hybrid systems, and advanced energy storage to address these needs.

On the appointment of CEO and COO, Reliance Power said the two energy sector veterans will helm Reliance Power's new initiative, Reliance NU Energies.

Reliance Power, part of the Anil Ambani-led Reliance Group, is one of India's prominent power generation companies. With an installed capacity of 5,300 MW, it operates the 4,000 MW Sasan Ultra Mega Power Project in Madhya Pradesh, the world's largest integrated thermal power plant.

Reliance Power share price surged over 3% on Monday after the company announced settling of loan default by its subsidiary Samalkot Power.

(Except for the headline, this story has not been edited by DNA staff and is published from PTI)