New Delhi, Nov. 11 -- Tata Power, an electric utility and electricity generation company, on Wednesday announced the appointment of Sanjay Banga as its new chief executive officer (CEO) and managing director. Banga, whose career spans 37 years in the electricity sector, will begin his five-year term on May 1, 2027, succeeding Praveer Sinha.

His appointment comes at a time when the company reported a nearly 49% rise in second-quarter profit, helped by a recovery in power generation and growth in its renewable energy business. The company posted a 48.6% increase in consolidated net profit to Rs.1,366 crore, up from Rs.919 crore in the corresponding quarter last year.

Banga, who joined Tata Power more than eight years ago, in May 2018, is ...