Statkraft India head Rahul Varshney quits

Rahul Varshney has quit Europe's largest renewable power generator Statkraft after helming its Indian operations for 15 years, according to people aware of the development.

Varshney could possibly set up his own venture in the energy transition segment, they said.

Statkraft, which is owned by Norway's government, has been operating in India for more than two decades, mainly in the hydro power generation sector.


Varshney is credited with leading the development of multiple hydro power projects in difficult mountainous terrain in Himachal Pradesh around tributaries of the Beas river.

Industry executives said a notable feature of Varshney's tenure was his project to provide "living wages" to Statkraft's construction workers which included better healthcare, food and social security for their families in line with European standards, exceeding the local regulatory requirement of providing minimum wages which only cover the cost of living. It was remarkable especially since workers in this sector face high health and safety risks, they said.

When contacted, Statkraft confirmed that Varshney was leaving the company.

Varshney started his career at Aditya Birla Group as per his LinkedIn profile. During his tenure Statkraft attempted three acquisitions. It successfully bid under a bankruptcy process for Lanco Hydro Power's project near Kedarnath which was washed out by flash floods in 2013.