HEG Advanced Materials Limited has appointed Om Prakash Ajmera as Joint Managing Director and CEO of its hydropower subsidiaries, Malana Power Company Limited (MPCL) and AD Hydropower Limited (ADHPL). This leadership change, effective November 1, 2026, coincides with the appointment of Riju Jhunjhunwala as Chairman of both entities.
The appointments were approved by the respective Boards on October 26, 2026. Ajmera, who previously served as Chief Financial Officer for both companies, will relinquish that role upon assuming his new position. His tenure as Joint MD and CEO is set for five years, running from November 1, 2026, to October 31, 2031. The move aligns the operational leadership of the group’s hydropower assets with its broader green power strategy.
Riju Jhunjhunwala, currently Chairman, Managing Director, and CEO of HEG Advanced Materials, has been appointed as Additional Director (Non-executive) and Chairman of both MPCL and ADHPL, effective November 3, 2026. This integration places the management of the hydropower subsidiaries directly under the parent company’s strategic oversight. Jhunjhunwala noted that hydropower provides reliable renewable generation that becomes more valuable as India adds solar and wind capacity.
Consequently, Ravi Jhunjhunwala has relinquished the position of Chairman at both MPCL and ADHPL. However, he continues as Managing Director of MPCL for a further period of five years, from November 1, 2026, to October 31, 2031, ensuring continuity in operations.
Om Prakash Ajmera is a Fellow member of The Institute of Chartered Accountants of India and an Associate member of The Institute of Company Secretaries of India. He has been associated with the LNJ Bhilwara Group for over four decades, with experience in restructuring, corporate finance, and merger & acquisition activities. Prior to this elevation, he served as Executive Director, CEO, and CFO of MPCL, and Director and CFO of ADHPL. He also serves as the Non-executive Director of HEG Advanced Materials and the Group CFO.
Ravi Jhunjhunwala stated that the teams have run these assets with commitment despite challenging terrain. He affirmed that his continued engagement with both Boards will support the next phase of growth under the new chairmanship structure. The relationship between the new Chairman and the continuing MD is familial; Ravi Jhunjhunwala is the father of Riju Jhunjhunwala.
