Research on India_Energy and Utilities Sector in India Monthly Update_February 2012

Energy and Utilities Sector in India

Monthly Update

February 2012

Top Story

PV developers under JNNSM who have missed commissioning date to be fined NTPC Vidyut Vyapar Nigam Ltd. (NVVN), the government agency responsible for conducting the first phase of the Jawaharlal Nehru National Solar Mission (JNNSM) has fined 14 PV developers for missing their commissioning deadlines. It is also investigating the compliance of another 14 developers, implying that 28 out of the 30 developers in the first batch of JNNSM projects have failed to complete the project ithin the stipulated timeline. The 14 projects which were allocated in late 2010 and w

totaling 70 MW of capacity have been fined for missing the 9th January deadline. Three of the developers who have been fined are being financially backed by Lanco Infratech, which is already under investigation for establishing front companies to participate in more first‐round projects. These three companies, Electromech Maritech, DDE Renewable Energy and Finehope Allied Energy are all building 5 MW arrays in Rajasthan. Lanco, which is denying the allegations against it, is also involved n the contracting and systems integration work of several other projects facing ipenalties. The modest fines of about INR 2 mn per project suggests that the government is only trying to spur developers to complete work rapidly but not looking to completely put them out of business. However, the number of projects that have already been fined and are being considered for fines along with the investigation into Lanco underscores the growing‐pains and legal vagaries pervading the Indian PV industry. After paying the fines the developers will be given two more months to complete their projects failing which they will face another fine. After that, they will be given a final three months to finish the project before it is scrapped from the JNNSM altogether. News Update

General Gujarat government suffering from problem of plenty in the power sector The state government of Gujarat is facing the problem of not knowing how to utilize the excess power being produced in the state. Already a power surplus state, the additional 578.40 MW of solar power which is set to be added to Gujarat’s overall capacity of 13,314 MW is proving to be a problem for the state government. Gujarat already has 2,000 MW of surplus power and at a time when it is being difficult for the overnment to sell the traditionally generated power it produces to the national grid nd other states, additional solar power is being added to the state’s overall capacity. ga

Energy and Utilities – Monthly Update

The Gujarat Energy Transmission Corporation (GETCO) which is responsible for using up the power being produced by the solar plants commissioned by Dec 2011 is not being able to evacuate more than 5% of the power. The state government wants the central government to share the burden and make other states buy solar power from Gujarat. For every unit of power being produced from the solar plants, the state government pays INR 15 in accordance with the power purchase agreements that it had signed with the solar project developers. The only condition was that the plants had to start production by 28 Jan 2012. After the deadline, the state government wants the Gujarat Electricity Regulatory Commission (GERC) to bring down the rate o INR 7.49 per unit. However, the government is under pressure from entrepreneurs o continue providing the same rate instead of going to GERC. tt NTPC, Bangladesh company enter into JV deal to set up a coalfired power plant India’s public sector company National Thermal Power Company (NTPC) has signed an INR 75 bn deal with the Bangladesh government to build a 1,320 MW coal‐fired power plant in the country. Bangladesh’s state run Power Development Board (PDB) and NTPC have entered into a 50:50 joint venture deal to install and operate the plant which will be set up in Rampal, Bagerhat. The two countries, Bangladesh and India, ill have equal partnership in production. 70% of the total project cost will be rranged through loans while the rest will be provided by the two companies. wa Indian Energy and Trishe Developers join to set up 1 GW wind projects by 2016 Indian Energy, a subsidiary of Isle of Man‐based Infrastructure India, and Trishe Developers have signed an agreement to build up to 1 GW of wind farms across the country by 2016. Trishe Developers will develop the projects and sell them to Indian Energy. According to the agreement signed between the companies, about 300MW of rojects will be commissioned during 2013, another 350MW by 2014 and the premaining 350MW by 2016. The deal between Trishe and Indian Energy is one of the largest announced in the country’s wind power sector after the 2 GW agreement between Mytrah Energy and Gamesa in May last year. Indian Energy plans to sell the power generated from these projects to state utilities and industrial users. The company currently owns and perates two wind farms, a 24.8 MW project in Gadag Plains, Karnataka and another 6.5MW project in Theni, Tamil Nadu. o1 BG puts MGL stake on sale along with GGCL stake After announcing that it is selling its 65.12% stake in Gujarat Gas Company Ltd (GGCL), UK based oil and gas company BG Group Plc. is clubbing its 49.75% stake in Mahanagar Gas Ltd. (MGL) with the ongoing sale. The decision to club the MGL stake with the GGCL stake is being viewed as a move by the company to make the deal more attractive as most investors are not willing to pay the 15‐20% premium that BG wants for its stake in the Gujarat unit. The deal could be valued anywhere between INR 800


bn to INR 900 bn and will make the winner the largest gas marketing company in India. Acquiring BG’ stake in GGCL will give the winning bidder a strong foothold in Gujarat which consumes one‐third of the country’s total gas supplies. BG has been quite keen on exiting most of its investments in India and clubbing the MGL stake along with the ongoing sale doesn’t come as a surprise. Moreover, most of the companies bidding for he Gujarat Gas stake are large energy companies that would also be keen to get a take in MGL. ts World Bank’s investment arm to provide INR 2.5 bn to Mahindra Solar One World Bank Group’s private sector investment arm, International Finance Corporation (IFC) will provide an INR 2.5 bn debt to Mahindra Solar One Pvt Ltd. for setting up a 5 MW solar power project in Rajasthan. The project is a part of the Jawaharlal Nehru National Solar Mission (JNNSM) and will generate enough lectricity to power 60000 rural homes. Mahindra Solar One is a joint venture etween the Mahindra Group and Mumbai based solar power company, Kiran Energy. eb CIL goes back to old pricing system f llowing protests from states and consumers After having switched over to the Gross Calorific Value (GCV) based pricing mechanism on January 1 which had caused a hike in coal prices, Coal India Limited (CIL) has decided to temporarily go back to the old pricing mechanism. The decision comes following protests from states like West Bengal and Jharkhand. CIL has said hat it will delink rates from the international parity prices which would eventually

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tlead to a reduction in the prices of different grades of coal. The new pricing mechanism had led to a 5‐12% increase in price for various grades. Consumers had protested against the new system saying that it would lead to a high revenue outgo for them. However, the Ministry of Coal has said that the GCV system ill continue and it will be revenue neutral. A review of the new pricing system will e done in March. wb


Thermal power stations in Andhra Pradesh suffering from coal shortage A serious shortage of coal is affecting thermal power generation in Andhra Pradesh. Most thermal power plants in the state are in a critical state with coal stock of less than seven working days. Apart from Ramagundam and Kothagudem, most other power stations have coal stock for less than a week. The 1000 MW Simhadri thermal station of NTPC has just one day’s coal stock left and is presently generating only 75% of its capacity. This is mostly because supplies from the Mahanadi Coal fields are getting delayed due to a shortage of rail racks. The 1760 MW Vijayawada thermal station has only three days stock left while the 1050 MW Rayalaseema thermal power plant has only two days stock left. As per the Central Electricity Authority (CEA) guidelines, thermal plants must maintain enough coal stocks to last 25 days.

Cairn India’s SalayaBhogat pipeline project still not started amid protests from locals Cairn India Ltd has not yet been able to start work on its 80 km pipeline project from Salaya to Bhogat in Gujarat due to protests from local politicians and farmers. The company is not being allowed to acquire land in the area for the project due to disagreements over compensation and work has been stuck for the last 15 months. The area is rich in minerals such as bauxite and the locals are not willing to give away their land at the low prices which are currently being offered to them. At such a ritical time, even Larsen and Toubro Ltd (L&T), which was given the contract for claying down the pipeline, has declared its intent to leave the project. Cairn India contributes about 20% of the country’s domestic crude production. It has invested over INR 150 bn for oil exploration in Rajasthan’s Mangala field from where the company gets almost 90% of its current crude production. The company needs to complete the Salaya‐Bhogat pipeline to achieve its aim of increasing oil production to 240,000 barrels per day (bpd). Also, the company’s single‐point mooring (SPM) ystem, which involved an investment of INR 50 bn is near completion but cannot be ommissioned unless the pipeline work is done sc BHEL commissions the country’s first Ultra High Voltage AC 1200 kV transformer State‐run Bharat Heavy Electricals Limited (BHEL) has developed and successfully commissioned the country’s first 1200 kV Ultra High Voltage Alternating Current (UHVAC) transformer of 333 MVA rating. This is the first commercial 1200 kV transmission system in India. The transformer which is the outcome of 2 years of hard work was developed, manufactured and successfully tested by BHEL entirely through in‐house research at the its manufacturing facility in Bhopal, Madhya Pradesh. With it, India has now joined a list of select countries that possess this technology. BHEL had signed a MoU with Power Grid Corporation Of India Limited for the development of his transformer which also happens to be the largest equipment used in a sub‐tation. ts Lanco Infratech exiting wind energy sector Lanco Infratech Ltd has decided to exit the wind energy sector and has given the mandate for selling the business to Ernst and Young. The company which has 5000 MW of wind power licenses and had acquired land for 600 MW of capacity through its ubsidiary Lanco Wind Power Pvt. Ltd had a debt burden of INR 296.657 bn as of 30 s


Sep 2011. The decision to exit the sector will help the company’s cash flow position. The power sector in India is facing a number of problems such as scarcity of funds, environmental issues, fuel shortages, resistance from local communities to give up land and the poor financial position of state electricity boards. The high capital expenditure for generating power from wind energy sources has become a concern. It takes INR 60‐70 mn per MW of power generated through wind based projects

compared to INR 42‐47 mn for coal‐based or gas‐based projects. However, the government’s offer of fiscal incentives such as tax breaks for 10 years and depreciation benefits of 80% on investment in the first year of a project’s operation, s well as a chance to earn carbon credits has helped retain the interest of investors in his sector. at Power Finance aiming to invest about INR 2000 bn in the power sector over the next 5 years Power Finance Corporation plans to invest about INR 2000 bn in India’s power sector by end of March 2017, in an effort to profit from the country’s increasing demand for electricity. Institutions such as Power Finance Corporation and Rural Electrification Corporation Limited have been set up by the government to provide dedicated funding to power projects. The power sector will require INR 14500 bn to INR 19400 bn between 2012 and 2017 to increase generation capacity to 186.6 GW. Although India is facing a coal shortage of at least 114 mn tonnes in the current fiscal year, ower Finance is optimistic about the sector's growth and plans to raise INR 400 bn rom within and outside India in the next fiscal. Pf AlstomBharat Forge waiting for NTPC nod to start production of steam turbines The joint venture company between French equipment manufacturer Alstom Group and India’s Bharat Forge, Alstom‐Bharat Forge, which had won an order for steam turbines from National Thermal Power Corporation (NTPC), is waiting for the state run company’s nod to start production. The shortage of coal has resulted in a lowdown in coal‐based projects in the country and NTPC has not yet been able to sdecide whether to go forward with the project. Alstom‐Bharat Forge had won the contract after bidding the lowest amount in a tender floated by NTPC for sourcing super‐critical or energy efficient steam turbines for its upcoming projects. Alstom formed the JV company with Bharat Forge to manufacture steam turbines and auxiliary equipment with an annual capacity of 5000 W. It has also signed an agreement with Bharat Heavy Electrical Limited for anufacturing, supplying and technology transfer of supercritical boilers.

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GAIL looking for mediumterm gas import contracts GAIL (India) Ltd. is looking for medium term gas import contracts of 1 to 12 months to meet the growing demand in the country amidst limited domestic supplies. The company is looking at the Russian, West Asian, and South‐East Asian markets for sourcing liquefied natural gas. The company sees an immediate demand of 2 mn tonnes of additional LNG and expects this to increase to 5 mn tonnes by 2016‐17. It plans to buy four spot cargoes by March. GAIL is sourcing cargo from Marubeni (Japan), Sonatrach (Algeria), Rasgas (Qatar), as well as a USA based company. It is also in talks with a few companies including Macquarie Energy and Freeport LNG Expansion LP to import LNG into India from the US.

Lanco Infratech selling stake in power business to raise funds for expansion After deciding earlier this month to sell its wind power business, Lanco Infratech Ltd is holding discussions with investors to sell a minority stake in its power business. Through this stake sale, the company intends to raise INR 30 bn to INR 37 bn for funding its expansion plans. The cash will be used to partly fund a 4900 MW plant that the company is currently constructing and another 4000 MW project it is lanning to build. The company whose main business is engineering and construction urrently operates a 4400 MW plant. pc Fair value of BP’s stake in D6 block falls by INR 40 bn Six months after oil and gas major, BP Plc invested over INR 300 bn in Reliance Industries’ D6 blocks in the Krishna‐Godavari basin, its fair value has fallen by around INR 40 bn. This is a result of Reliance Industries not being able to arrest the decline in gas production from the block. In the nine months between April to December 2011, 36.4 bn cubic feet of natural gas was produced from the block. This was almost 22% 4lower than the production during the same period in the previous year. BP said that the fair value had come down after taking into account the current adjustments of the asset. These adjustments were made on the basis of new information obtained which included greater understanding of the acquired assets and the potential development options. The company had acquired 30% participating nterest in 21 D6 blocks in August 2011. In November it along with Reliance formed n equal‐stake joint venture for the sourcing and marketing of gas in India. ia NALCO to invest INR 9 bn in 2 units of Kakarapar Atomic Power Station State‐run National Aluminium Company Limited (NALCO) is planning to spend INR 9 bn on nuclear power ventures by FY 2013. It had also signed a joint venture agreement with Nuclear Power Corporation of India Ltd (NPCIL) in November last year for this purpose. The investments will be made on the 700 MW each, unit 3 and unit 4 of the Kakarapar Atomic Power Station in Gujarat. Out of the total investment of INR 9 bn, INR 3 bn will be invested in the ongoing quarter of FY 2012 and the rest will e invested in the next fiscal. The two units of Kakrapur entail a total investment of bINR 70 bn and are planned to be commissioned by 2015. NALCO currently has permission for having only 26% stake in nuclear power ventures but is in talks with the government for permission to increase this to 49%. In case the permission is given to increase stake, NALCO may consider investing more on the development of the two units. Foraying into the nuclear power sector is part of NALCO’s plans to become a diversified metals, mining and power producing company. The company wants to initially enter the power sector as an independent producer nd once the generation capacity increases substantially, it plans to hive off the usiness into a wholly‐owned subsidiary. ab


Iran offering additional crude supplies to India on revised terms With international sanctions tightening on Iran, the country is offering extra crude oil supplies on revised terms to India. Although the Indian government is open to increasing oil imports from Iran, Indian refiners are yet to decide whether or not they should take up Iran’s offer of additional supplies. There is, however, not much information available on the terms being offered by Iran. There might not be a decline in prices but there could be more flexibility in terms of the grades that will be offered, oading dates and an increase in the number of days of credit before India is required lto pay. Iran presently has about 400000 barrels a day of excess crude and is looking for markets to which it can export this. Iran’s offer to India came after it suspended oil exports to France and Britain following sanctions being imposed on it by the US and the European Union to protest its nuclear programs. Moreover, the decision is a move rom Iran to prevent losing its market share to Saudi Arabia which is currently the argest producer in the OPEC. fl Private power producers seek preferential gas allotment Private power producers sought the intervention of the government for immediately allocating gas to projects recommended by the Power Ministry, while a solution for the coal pricing issue was arrived at. Eight top businessmen from the power sector with the support of the Association of Power Producers (APP) met the high‐level secretary panel headed by Prime Minister's Principal Secretary. They stated that it was crucial for the projects under the 11th Plan to get the required gas in order to prevent capacity from getting stranded. They also suggested preferential allocation of gas for power projects in Andhra Pradesh and said that for all new gas finds in the 12th Plan, priority should be first given to the power sector. The power producers also asked for a clear directive from the government that no new gas‐based power roject should be considered for allocation until the demand for the existing projects punder the 11th Plan is fulfilled. Gas supply to the power sector has been disappointing with less than 75% of the total requirement being met presently. Currently, there is about 9500 MW of gas based projects under implementation out of which 4000 MW is expected to become perational by the end of the 11th Plan. Power producers have asked for long‐term as supply agreements, similar to the government directive for coal. og


TPCIL signs coal supply agreement with PT Bayan Resources Thermal Powertech Corporation India Ltd. (TPCIL), a subsidiary of Gayatri Projects Ltd. has signed an agreement with PT Bayan Resources Tbk for the supply of 1 mn tonnes of coal per annum for over ten years. Gayatri Projects owns 51% stake in TPCIL through its subsidiary Gayatri Energy Ventures Pvt. Ltd. while the rest is owned by Sembcorp through its subsidiary Sembcorp Utilities. The coal supply which is expected to commence from 2014 will be used for Sembcorp's first Indian power

plant project which is presently under construction at Krishnapatnam, Andhra radesh. With this coal agreement TPCIL has secured almost half of the 1320 MW oal‐fired power plants imported coal requirements. Pc BG extends deadline for bid submission for its stake in GGCL BG Group has extended the deadline for bid submission for the sale of its 65% stake in its subsidiary Gujarat Gas Company Ltd (GGCL) from Feb 29 to Mar 15. The deadline as been extended to provide the bidders more time to discuss the matter with their hboards and take decisions on the bidding process. BG is expecting to raise INR 31.5 bn through this stake sale. So far 7 bidding groups have been short listed after preliminary non‐binding offers. Bharat Petroleum, Gujarat State Petroleum Corporation and Oil and Natural Gas Corporation have formed a consortium to bid for the stake. Private sector companies bidding for the stake include Torrent Power and Adani Group. Interest is also being shown by private quity investors such as Actis and strategic energy and utility companies like E.On and DF Suez. eG News Update

Regulatory Welspun Energy signs MoU with Andhra government to develop wind projects Welspun Energy Ltd. has signed a MoU with NREDCAP, the agency responsible for developing renewable energy in Andhra Pradesh for developing 500 MW of wind power projects in the state. According to the terms of the MoU, the projects must reach completion by the end of 2014 with a total investment of INR 300 bn. The ndhra Pradesh government will help in obtaining the necessary approvals & A

clearances for developing the wind farms. Welspun has been a leading player in India’s solar energy sector with a capacity of 500 MW under various stages of development in the country and has been aggressively stepping forward in the country’s renewable energy sector. The company believes that the short gestation periods for installing wind turbines, and the ncreasing reliability and performance of wind turbines has wind power the best ption for increasing capacity. io


IOC to pay INR 97.917 bn to UP government in unpaid entry tax Indian Oil Corporation (IOC) will have to pay the Uttar Pradesh government INR 97.917 bn in unpaid entry tax after the Supreme Court directed the company to pay half of its unpaid liability in cash. IOC had challenged the UP government in the Allahabad High Court for its decision to charge a $5.78 per barrel entry tax on crude

oil being imported into the state by the company for processing at its refinery in athura. The High Court had dismissed IOC’s petition following which the company M

approached the Supreme Court. The Supreme Court passed an interim order staying the operation of the Allahabad High Court’s judgement provided that IOC deposited 50% of its total tax liability and furnished a Bank Guarantee for the remaining amount. This implies that the company will immediately have to pay half of the INR 195.834 tax and interest thereon accrued over the period from 1999‐2000 to 2007‐2008. In addition, IOC will have to file the ax returns from April 2008 till now within four weeks, and then within six weeks pay 0% of the assessed amount in cash and the rest through a bank guarantee. t5 Committee of Secretaries wants CIL to increase supplies to power plantsThe Committee of Secretaries has directed Coal India Limited (CIL) to increase supplies to power plants. CIL has been asked to provide at least 80% of the coal allocated to a power plant failing which, it will be penalized. The committee was set up last month to look into the various problems of power producers such as fuel hortage, delays in obtaining environmental clearances, inefficiency of state utilities

sand banks not willing to lend to the sector. The committee wants to provide incentives to CIL if it is able to meet 90% of its supply commitments to power producers. It wants CIL sign fuel supply agreements with power plants that have been commissioned till Dec 2011. Many power plants are being underutilized due to the shortage in fuel. While CIL claims that several of their ining projects have been held up because of delays in environmental clearance, the eneral notion is that the company can boost supplies by being more efficient. mg Government keen on defending local procurement policy in JNNSM India’s policy making the sourcing of raw materials from within the country mandatory for projects under the Jawaharlal Nehru National Solar Mission (JNNSM) has triggered protests from the US and the European Union and the government is getting ready to defend its policy in case the dispute reaches the World Trade Organization. As per the policy, all projects must use solar modules made in India and procure at least 30% of their inputs from within the country. The US and EU have however argued that the Trade Related Investment Measures (TRIMs) and the eneral Agreement of Tariffs and Trade (GATT) do not permit mandatory local G


sourcing. The commerce department is holding discussions with the Ministry of New and Renewable Energy, the ministry responsible for the execution of JNNSM, regarding how to argue its case if a formal dispute is launched against the country. The government is taking pre‐emptive after Japan and the EU sought dispute settlement panels against Canada for a similar provision. India has already argued that the WTO rules are not being violated. Since the state‐run NTPC will be buying the power

produced by these plants, which can be viewed as government procurement, and ince India is not part of the limited government procurement agreement of the WTO, o rules have been violated. sn Government asks upstream oil firms to pay INR 3690 bn in fuel subsidy The Indian Government has asked upstream oil firms like Oil and Natural Gas Corporation (ONGC), Oil India Limited (OIL) and GAIL (India) Limited to pay about INR 3690 bn in fuel subsidy for the April 2011 to December 2011 period. The upstream companies have been asked to pay 37.91% of the INR 9730 bn that fuel retailers like Indian Oil Corporation (IOC), Hindustan Petroleum (HPCL) and Bharat etroleum (BPCL) lost in the first nine months of FY 2012 by selling diesel, LPG and Pkerosene at government controlled rates. In order to keep inflation under check, the government regulates the prices of diesel, domestic LPG and kerosene. The loss incurred by retailers on selling fuel at low rates is split between the government and the oil companies. The government has so far given INR 3000 bn in cash subsidy to make up for IOC, BPCL and HPCL’s losses during the first half of the fiscal. ONGC, OIL and GAIL had paid 33.33% of the revenue loss on fuel sales in the first half and will pay extra in the third quarter to average the payout at 37.91% for the nine month period between April to December. During this period, NGC will pay INR 3029.6 bn, OIL will pay INR447.8 bn and GAIL will pay INR 2120 n. Ob Government directs CIL to reduce eauction quota to 7% of output by 2017 The central government has directed Coal India Ltd (CIL) to reduce the amount of coal it sells through e‐auctions from the current 10% of total output to 7% of output by Mar 2017. This is being done so that the state‐run company is able to supply more oal to the local power producers. The Ministry of Coal has informally told CIL to cprogressively cut its e‐auction quota over the next five years. The coal diverted by selling less through e‐auctions will be provided to power plants at notified prices. This would result in a decline in profits for CIL as e‐auctions usually fetch 80%‐100% more than the annual supply contracts. However reducing e‐uctions will benefit the coal‐fired power plants that are currently facing problems ue to the acute shortage of coal. ad Proposed import duty on power equipment worrying GE The government’s proposal to impose a 19% import duty on power equipments has upset the plans of various global companies looking to expand operations in India. The proposed levy is yet to be ratified by the cabinet. Though only US based General Electric (GE) has openly voiced its concerns over the new proposal; the import duty is et to be a cause of worry for other global suppliers such as Alstom, Siemens and nsaldo as well. sA


Given the high demand for power in the country, shortages can not be afforded. Hence, any policy like this imposing a duty on import of power equipments would act as a detriment to investments in the sector. GE believes that the proposed duty will ot only reduce competition in technology, but it will also result in an increase in mport costs, thus adversely affecting consumer tariffs in India. ni Tata Power gets approval from CCI to acquire remaining stake in Tata BP Solar The Competition Commission of India (CCI) has given approval to Tata Power’s proposal to acquire BP Alternative Energy Holdings’ 51% stake in their joint venture company Tata BP Solar. CCI specified that Tata Power and Tata BP Solar were not engaged in the production, supply, distribution, storage, sale or trade of similar or dentical products and that Tata Power’s acquisition of the remaining 51% was not ilikely to create any adverse competition scenario. In Dec 2011, Tata Power had announced that it was going to acquire BP Alternative’s stake in the joint venture. After completion of the transaction, Tata Power will become 100% owner of the company. However, it will continue to have access to ome BP technology till 2013 and the two companies intend to enter into a technology greement to facilitate this. sa Increase in import duty on insulators to ect interests of domestic companies The Indian Government is working on a proposal to impose higher import duty on insulators to protect the domestic manufacturers against Chinese companies which are selling their products at cheap rates in India. Domestic manufacturers of insulators for transmission systems claim that almost a fifth of the market has already been taken over by Chinese products. An increase in the import duty for insulators hich is currently at a low 7.5% will be beneficial for local manufacturers such as

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wAditya Birla Group and BHEL. Imports of insulators from China, which was worth just INR 180 mn in 2006 reached over INR 3 bn in 2010. With public sector transmission companies like Power Grid Corporation and state electricity boards giving bulk orders to Chinese companies, industry associations have started protesting, claiming that most of theses companies manufacture inferior products and lack the necessary experience and qualifications.


News Update

Expansion Plans Siemens Ltd.’s new factories come up in Goa Siemens Ltd., the Indian subsidiary of Germany based Siemens AG has set up two factories in Goa with an investment of INR 20 bn. The factories will manufacture equipment for power generation, transmission and distribution. It will have its own in‐house research and development units and will utilize the same manufacturing rocess that is being used in Siemens' factory in Berlin, Germany. The company now as a total of 21 factories in India in addition to its 56 sales offices. ph Spain’s Gamesa second company to launch 2 MW wind turbine in India Spain based wind turbine manufacturing company Gamesa Corporacion Tecnologica has launched a 2 MW turbine which comes with an in‐built conditioning monitoring system that collects real time performance data and helps in preventive maintenance, hus increasing the turbine's uptime. The new turbine will approximately cost INR

. s rt1.45 bn to fully install and will generate around 4.7 mn units to 5 2 mn unit pe year. Gamesa is the world’s third largest manufacturer of wind turbines. Its Indian subsidiary, Gamesa India, started operations two years ago. With the launch of the new machine, it has become the second company to offer a 2 MW turbine in India after Suzlon Energy Ltd. had launched a 2.1 MW turbine in Apr 2011. The machine has also been modified to specifically suit Indian conditions. The gear ratio has been changed and the rotor diameter has been made larger. The company which had nitially planned for sale of seventy of its 2 MW turbines had to defer supplies after it eceived twice the order. ir Germany’s GDF Suez keen to acquire BG's 65% stake in GGCL GDF Suez, a European gas and electricity company, is keen to acquire the 65% stake of Britain’s BG Group in Gujarat Gas Company Limited (GGCL). GDF is interested in the GGCL stake and has already contacted a few other bidders as it is looking to put in a joint bid. BG, which had put its stake in GGCL on the block in November last year, said that it was very pleased with the level of interest being shown by various bidders. Bharat Petroleum, Oil and Natural Gas Corporation, Gujarat State Petroleum Corporation, Adani group, Torrent Power and Germany’s E.ON, have already bid for he stake. GGCL has a market capitalization of about INR 500 bn, putting the value of G’s stake at around INR 320 bn at the current market price. tB Sun Edison and Azure Power win contracts to set up rooftop solar plants in Gujarat Two US companies, Sun Edison and Azure Power has won contracts to set up rooftop solar power plant projects in Gandhinagar, Gujarat. The project which has been implemented by Gujarat Energy Research Management Institute is the first of its kind


in India. The two companies will each set up 2.5 MW of solar plants on the roofs of houses and office complexes that are willing to rent their roofs. A part of the revenue generated from the plant will go to the roof owner. However, unlike the other rooftop olar projects which have taken place in the country so far, in this case the roof owner ill not be able to use the electricity generated.

sw Toshiba JSW sets up new manufacturing unit in Chennai Toshiba JSW Turbine and Generator Pvt. Ltd, a 75:25 joint venture between Japan’s Toshiba Corporation and India's JSW Group, has set up a manufacturing facility for super critical steam turbine and generators in Chennai. The new unit will be used to produce high‐efficiency steam turbines and generators for super critical thermal ower plants. By the end of FY 2012, the plant will have an annual production pcapacity of 3000 MW. Construction of the manufacturing facility started in Feb 2010. It has been built on 400000 square meters plot close to Ennore in Chennai and has a floor area of 60000 square meters. The plant also includes a blade manufacturing unit that was completed in Jan 2011 and currently produces specialized blades for turbines. The Toshiba JSW joint venture has also announced plans to double its manufacturing capacity to 6000 W by FY 2015. With this expansion the company is expected to increase its mployee base in India from around 200 today to around 500 in the next three years. Me Tata Power commissions 25 MW solar PV plant in Mithapur Tata Power has commissioned a 25 MW solar photovoltaic power plant in Mithapur, Gujarat. It has been built with an investment of INR 3.65 bn and is spread across 100 acres of land. The plant will be using the crystalline silicon PV technology. The ompany has signed a power purchase agreement for the project with Gujarat Urja cVikas Nigam Ltd. Tata Power’s subsidiary, Power Renewable Energy Ltd, had recently tied up the entire debt requirement for the project through a consortium of domestic lenders which included the State Bank of India and the Export Import Bank of India. The project financing comprises equity of INR 1.1 bn and term loan of INR 2.55 bn. At present, ata Power operates more than 28 MW of solar and 375 MW of wind power projects, aking it the largest renewable utility player in the country.

Tm Blue Circle Services Acquires renewable energy firm Enelek Power Blue Circle Services Ltd, a Mumbai based financial services company has acquired renewable energy firm Enelek Power which is engaged in the designing and manufacturing of solar thermal heating and power systems. Although the financial details were not disclosed, it is known that Blue Circle will invest INR 200 mn in the renewable energy firm for expanding its product line. Blue Circle is also in the process of completing a merger and acquisition deal with a systems integration company in


tthe solar power sector. The name of the company has however not been disclosed and he deal is likely to be closed by the end of this fiscal year. Maharishi Solar launches lowcost solar thermal solution Maharishi Solar Technology, a part of the Maharishi group, has launched a low‐cost solar thermal solution, parabolic trough, for industrial applications and power plants. With the launch of this solar thermal solution, the company is targeting to achieve a sales turnover of INR 2 bn in FY 2013. The company is in discussion with companies rom various industries such as auto, pharmaceutical, paper mills, food processing fand textiles to set up solar steam generating plants for their energy needs. For the commercial use of this new technology in the Indian market, Maharishi Solar had tied up on a royalty basis with US based Abengoa Solar Inc. in 2009. In FY 2011, aharishi Solar had produced 50000 sq meters of solar reflectors at its plant in oida.

MN Industry Expert Speak NTPC is against increasing coal imports – Arup Roy Choudhury, CMD, NTPC Limited “What happens is that mixing of imported coal increases the price of power. Unless

t make much sense to get there is a correction down the line in the network, it does nomore and more imported coal We need to acquire assets linked to (thermal) coal first of all e are already getting 16 million tonnes, which is ok... Our eyes and ears are always pen for a good buy” Wo ToshibaJSW joint venture to help in development of the local industry – Sajjan Jindal, Chairman & Managing Director, JSW Energy Limited "Toshiba JSW's manufacturing facility built with active support from the Tamil Nadu overnment, will further contribute to the development of local industry and will ontribute to achieving self‐sufficiency in sourcing of power equipment in India." gc Policies in the power sector must be implemented with the objective to increase investment – John Flannery, President and CEO, GE India “Given the strong demand for power, shortages can’t be just allowed to widen. There is a clear need to accelerate investment in the power sector. All policies should be implemented keeping this in mind.”


Transaction Detail (December 2011 – February 2012)

Date Buyer Target Deal Size (INR mn) % stake Deal Status

Type of Transaction

2 7th Feb2012

Tecpro Systems Ltd.

EverSun Energy Pvt Ltd.

NA NA Completed M&A

2 4th Feb2012

Hammond Power Solutions Inc.

Pan‐Electro Technic

Enterprises Pvt Ltd.

NA 70 Completed Private Equity

2 0th Feb2012

Shree Ganesh Jewellery House

Ltd. Alex Astral Power NA 55 Completed Private Equity

2 0th Feb2012

Shree Ganesh Jewellery House

Ltd.

Alex Spectrum Radiation

NA 55 Completed Private Equity

2 5th Jan2012

Zephyr Peacock Gadhia Solar 5,000 NA Completed Private Equity

2 3rd Jan2012

Mitsubishi Electric

Corporation Messung Group NA NA Completed M&A

2 3rd Jan2012

Tata Power MEC Coal NA 15 Planned Private Equity

2 c 2nd De2011

Reliance Industries Ltd.

Terra Power LLC NA NA Completed Private Equity

2 1st Dec2011

IL&FS Private Equity

IL&FS Energy Development Company Ltd.

2,300 NA Completed Private Equity

1 c 6th De2011

PTC India Financial Services

Mytrah Energy India Ltd.

1,000 NA Completed Private Equity

8 th Dec2011

Vedanta Resources Plc

Cairn India Ltd. 211,600 30 Completed Private Equity


Annual Financial Results – Revenue (INR mn)

Company FY ‘08 FY ‘09 FY ‘10 FY ‘11

Accurate Transformers Ltd. 1,801.2 1,847.0 1,912.5 NA

Aditya Birla Nuvo Ltd. 119,039.7 138,939.7 157,699.4 183,529.9

Alfa Transformers Ltd. 347.29 317.334 198.347 199.634

ALSTOM T&D India Ltd. 26,412.1 35,658.8 40,200.4 NA

Asian Electronics Ltd. 2,185.177 2,139.941 2,478.879 1,508.399

Best & Crompton Engineering Ltd. 1,942.2 2,510.6 2,411.0 NA

Bharat Bijlee Ltd. 5,623.9 5,447.0 6,551.4 6,970.4

Bharat Heavy Electricals Ltd. 194,013.4 265,477.1 331,991.9 418,975.5

Bharat Petroleum Corp. Ltd. 1,112,431.1 1,365,571.2 1,238,167.2 1,536,449.7

Birla Power Solutions Ltd. 2,167.1 2,247.7 2,381.3 3,583.3

C & C Constructions Ltd. 5,358.7 7,471.1 11,695.9 NA

Cairn India Ltd. 12,509.2 * 11,168.3 16,230.3 102,779.3

Crompton Greaves Ltd. 68,720.1 87,372.6 91,408.7 100,051.1

Cummins India Ltd. 27,261.0 36,162.5 28,509.2 39,537.3

Easun Reyrolle Ltd. 1,949.0 1,604.2 2,574.1 2,987.2

ECE Industries Ltd. 1,994.506 2,105.508 1,480.417 1,856.637

Emco Ltd. 9,442.5 9,962.6 11,059.0 10,618.5

Eon Electric Ltd 2,643.313 2,606.445 2,301.334 1,206.089

GAIL India Ltd. 188,379.1 247,818.0 270,353.0 351,066.5



Gammon India Ltd. 26,434.6 51,661.8 70,474.8 88,136.5

Genus Power Infrastructures Ltd. 4,675.9 5,581.1 6,541.3 7,141.8

Goldstone Infratech Ltd. 508.214 463.72 672.289 690.019

Greaves Cotton Ltd. 11,941.6 * 10,667.0 * 13,936.1 * 17,069.2

Gujarat Gas Co. Ltd. 13,012.5 14,196.7 18,493.3 NA

Havells India Ltd. 50,029.3 54,774.9 51,625.7 56,126.3

Honda Siel Power Products Ltd. 2,525.5 2,336.5 3,085.7 4,103.8

ICSA (India) Ltd. 6,728.5 11,222.4 12,379.1 14,048.7

IMP Powers Ltd. 1,342.9 1,906.6 1,927.0 2,491.5

Indian Oil Corporation Ltd 2,280,113.6 2,862,330.2 2,502,393.3 3,082,561.7

Indo Tech Transformers Ltd. 1,900.265 2,068.977 981.297 1,109.694

Indraprastha Gas Ltd. 7,059.8 8,527.7 10,781.2 17,440.7

IVRCL Ltd. 38,559.9 50,808.7 58,466.8 68,507.0

Jyoti Ltd. 2,080.2 2,533.3 2,911.0 3,838.3

Jyoti Structures Ltd. 13,737.9 18,393.6 21,297.7 23,996.2

Kalpataru Power Transmission Ltd. 26,757.6 32,517.5 40,371.7 43,586.4

Kaushalya Infrastructure Development Corporation Ltd.

700.528 822.804 830.331 920.489

KEC International Ltd. 28,144.7 34,290.9 39,077.5 44,765.0

Kirloskar Brothers Ltd. 20,590.4 24,633.3 26,697.5 26,517.2

Kirloskar Oil Engines Ltd. NA NA 17,783.0 23,701.0



KSB Pumps Ltd. 5,981.0 5,653.0 6,102.2 NA

Larsen & Toubro Ltd. 292,118.6 401,949.6 435,285.3 515,624.4

Mahindra & Mahindra Ltd. 244,452.9 269,197.6 316,879.2 370,254.4

Marsons Ltd. 533.268 394.106 724.529 1,057.08

Moser Baer India Ltd. 20,887.6 24,730.0 24,518.5 26,108.3

NCC Ltd. 36,581.3 47,864.6 58,973.1 62,298.7

NHPC Ltd. 29,329.1 34,937.7 51,680.0 51,472.8

NTPC Ltd. 386,930.0 427,197.0 483,115.9 574,831.7

Numeric Power Systems Ltd. 4,259.6 4,433.6 4,602.3 5,094.4

Oil and Natural Gas Corp. Ltd. 975,173.9 1,052,756.6 1,026,655.8 1,201,955.1

Oil India Ltd. 62,773.0 72,308.0 79,335.3 83,668.6

Petronet LNG Ltd. 65,553.1 84,287.0 106,490.9 131,972.9

Power Grid Corporation Of India Ltd. 46,232.1 56,900.3 71,276.6 86,520.0

PTC India Ltd. 39,101.5 65,337.2 78,043.1 91,069.8

Reliance Industries Ltd. 1,371,466.6 1,511,354.9 2,037,397.2 2,658,106.0

Roto Pumps Ltd. 400.153 500.996 498.557 594.367

Shakti Pumps (India) Ltd. 1,043.727 * 1,067.492 * 1,322.36 * 1,799.819

Shilchar Technologies Ltd. 700.03 471.296 710.833 934.709

Siemens Ltd. 96,858.4 93,070.2 96,272.4 NA

Suzlon Energy Ltd. 136,794.3 260,817.0 206,196.6 178,791.3



Transformers and Rectifiers (India) Ltd.

3,057.1 4,305.0 5,197.1 5,421.4

Triveni Engineering & Industries Ltd. 16,179.0 19,129.1 22,608.6 NA

Voltamp Transformers Ltd. 5,553.5 6,489.1 5,419.7 5,262.9

W.S. Industries (India) Ltd. 2,269.9 2,248.4 2,220.5 2,574.5

Websol Energy Systems Ltd. 1,006.3 1,391.2 1,169.1 * 2,255.5

*Change in financial year Annual Financial Results – Income (INR mn)


Accurate Transformers Ltd. 71.0 69.5 62.1 NA

Aditya Birla Nuvo Ltd. 1,507.8 (4,357.3) 1,545.6 8,221.0

Alfa Transformers Ltd. 26.888 34.99 7.369 (4.306)

ALSTOM T&D India Ltd. 2,263.2 1,920.0 1,867.4 NA

Asian Electronics Ltd. (1,541.099) 50.277 (13.771) (925.583)

Best & Crompton Engineering Ltd. (23.3) 173.7 (191.3) NA

Bharat Bijlee Ltd. 724.9 475.3 412.2 735.3

Bharat Heavy Electricals Ltd. 28,593.4 31,151.7 43,269.2 60,533.6

Bharat Petroleum Corp. Ltd. 17,695.5 6,337.6 16,323.6 16,349.6

Birla Power Solutions Ltd. 55.3 31.7 13.5 98.7

C & C Constructions Ltd. 408.3 329.7 623.6 NA



Cairn India Ltd. 7,847.5 * 6,870.2 10,511.1 63,344.0



Easun Reyrolle Ltd. 252.8 27.1 459.5 (36.6)

ECE Industries Ltd. 181.568 60.165 81.219 20.907

Emco Ltd. 643.6 523.8 1,280.5 (583.9)

Eon Electric Ltd 135.221 56.329 28.516 2,634.839

GAIL India Ltd. 27,829.0 28,263.5 33,278.3 40,209.7

Gammon India Ltd. 712.9 563.2 457.0 1,100.3

Genus Power Infrastructures Ltd. 477.8 132.0 263.9 610.8

Goldstone Infratech Ltd. 97.067 62.718 67.323 32.347

Greaves Cotton Ltd. 1,041.7 * 444.8 * 1,174.7 * 1,684.3


Havells India Ltd. 1,609.6 (1,601.6) 695.6 3,035.7

Honda Siel Power Products Ltd. 247.3 156.4 126.9 296.6

ICSA (India) Ltd. 1,092.9 1,512.1 1,215.1 1,254.3

IMP Powers Ltd. 93.6 157.2 45.9 27.8

Indian Oil Corporation Ltd 79,127.4 25,994.0 107,131.9 78,307.2

Indo Tech Transformers Ltd. 389.844 389.68 (83.868) (227.441)




IVRCL Ltd. 2,834.4 2,279.0 2,155.6 506.0

Jyoti Ltd. 104.7 46.4 80.7 118.6

Jyoti Structures Ltd. 699.6 851.0 833.9 997.7

Kalpataru Power Transmission Ltd. 1,647.9 1,106.6 1,781.8 1,988.6


24.943 35.59 28.396 28.111

KEC International Ltd. 1,721.6 1,168.1 1,896.6 2,056.5

Kirloskar Brothers Ltd. 1,361.9 852.7 1,127.7 970.2

Kirloskar Oil Engines Ltd. NA NA 1,312.1 1,737.3

KSB Pumps Ltd. 715.1 707.9 583.9 NA

Larsen & Toubro Ltd. 23,253.6 37,894.6 54,507.4 44,561.7

Mahindra & Mahindra Ltd. 15,711.2 14,054.1 24,785.6 30,797.3

Marsons Ltd. 7.67 (7.354) 21.846 51.695

Moser Baer India Ltd. (2,022.9) (3,637.5) (3,939.3) (8,487.6)

NCC Ltd. 1,674.8 1,813.4 2,827.4 2,221.9

NHPC Ltd. 12,070.4 11,848.9 21,755.6 23,161.6

NTPC Ltd. 74,699.0 80,925.0 88,376.5 93,482.3

Numeric Power Systems Ltd. 426.2 384.7 379.3 409.5

Oil and Natural Gas Corp. Ltd. 198,722.6 197,953.4 194,035.3 224,559.3

Oil India Ltd. 17,796.0 21,616.8 26,104.4 28,837.3

Petronet LNG Ltd. 4,746.5 5,184.4 4,045.0 6,196.2



Power Grid Corporation Of India Ltd. 14,484.7 16,906.1 20,409.4 26,719.1

PTC India Ltd. 482.8 940.9 1,072.7 1,660.3

Reliance Industries Ltd. 195,678.3 149,713.0 245,033.7 192,940.1

Roto Pumps Ltd. 30.318 33.05 41.544 53.886

Shakti Pumps (India) Ltd. 71.443 * 78.073 * 107.549 * 178.909

Shilchar Technologies Ltd. 32.123 0.217 15.354 11.62

Siemens Ltd. 5,995.5 7,046.0 7,577.7 NA

Suzlon Energy Ltd. 10,301.0 2,364.8 (9,825.6) (13,239.7)


346.0 452.4 516.4 415.2

Triveni Engineering & Industries Ltd. 1,219.8 1,743.6 697.5 NA

Voltamp Transformers Ltd. 799.0 1,148.0 825.3 517.8

W.S. Industries (India) Ltd. 169.1 158.4 (115.7) (402.6)

Websol Energy Systems Ltd. 52.5 105.6 (57.2) * 24.2

*Change in financial year Quarterly Financial Results – Revenue (INR mn)

Company JanMar ‘11 AprJun ‘11 JulSep ‘11 OctDec ‘11



ALSTOM T&D India Ltd NA NA 7,401.4 6,832.7



Asian Electronics Ltd. NA 149.1 419.5 NA

Bharat Bijlee Ltd. 2,010.8 1,132.3 1,800.1 1,963.4

Bharat Heavy Electricals Ltd. NA NA NA 107,430.8

Bharat Petroleum Corp. Ltd. NA 461,396.1 NA 588,467.9

Birla Power Solutions Ltd. 1,612.0 933.6 NA 997.6

C & C Constructions Ltd. 2,646.4 5,003.0 2,540.3 3,552.5

Cairn India Ltd. 36,544.7 37,126.7 26,522.0 30,967.6



Easun Reyrolle Ltd. NA 497.5 NA 684.4


Emco Ltd. NA 1,880.0 NA 1,948.7

Eon Electric Ltd 116.554 NA 134.28 NA

GAIL India Ltd. NA 88,673.8 NA 112,597.8

Gammon India Ltd. NA NA NA 11,846.9

Genus Power Infrastructures Ltd. 2,412.1 1,530.3 1,771.6 1,450.3

Goldstone Infratech Ltd. 267.327 122.505 NA NA

Greaves Cotton Ltd. NA 4,018.6 NA 4,643.5


Havells India Ltd. 13,432.1 14,959.0 15,850.0 16,596.0



Honda Siel Power Products Ltd. 967.6 1,090.8 1,144.9 1,440.2

ICSA (India) Ltd. NA 3,485.3 NA 1,936.6

IMP Powers Ltd. 832.1 518.9 494.2 537.0

Indian Oil Corporation Ltd NA 930,836.6 NA NA

Indo Tech Transformers Ltd. 229.294 227.6 333.4 NA


IVRCL Ltd. NA 11,242.6 NA 12,025.4

Jyoti Ltd. 1,542.4 NA 795.9 NA

Jyoti Structures Ltd. 6,431.2 6,376.8 NA 5,872.0

Kalpataru Power Transmission Ltd. NA NA NA 8,008.1


NA 202.53 NA 251.83

KEC International Ltd. 15,597.0 NA 12,630.1 14,588.1

Kirloskar Brothers Ltd. NA 4,311.7 4,139.7 4,205.9

Kirloskar Oil Engines Ltd. 6,036.9 5,549.8 5,613.6 5,859.0

KSB Pumps Ltd. NA NA NA 1,089.7

Larsen & Toubro Ltd. NA NA NA 139,985.8

Mahindra & Mahindra Ltd. NA 67,335.4 NA 83,868.1

Marsons Ltd. 229.817 188.293 169.963 NA

Moser Baer India Ltd. NA 5,230.7 NA 5,563.5

NHPC Ltd. NA 15,605.4 NA 8,819.8



NTPC Ltd. NA 141,714.9 NA 153,833.9

Numeric Power Systems Ltd. NA NA NA 1,301.9

Oil and Natural Gas Corp. Ltd. NA 164,019.2 NA 185,171.3

Oil India Ltd. 22,355.3 22,878.0 NA 25,897.9

Petronet LNG Ltd. 39,859.7 46,233.1 53,668.7 63,302.6

Power Grid Corporation Of India Ltd. 24,741.3 22,024.9 NA 24,666.2

PTC India Ltd. NA 24,874.4 NA 13,300.2

Reliance Industries Ltd. NA NA NA 851,350.0

Roto Pumps Ltd. 148.082 144.567 178.126 NA

Shakti Pumps (India) Ltd. 529.926 415.255 474.035 646.199

Shilchar Technologies Ltd. 241.328 168.965 192.157 NA

Suzlon Energy Ltd. 72,760.2 43,260.0 50,711.0 49,857.9


NA 1,372.9 NA 966.2

Triveni Engineering & Industries Ltd. NA 4,146.3 NA 4,245.3

Voltamp Transformers Ltd. 1,489.9 941.5 1,355.1 1,455.0

W.S. Industries (India) Ltd. NA 584.2 NA 548.3

Websol Energy Systems Ltd. 641.3 647.5 356.0 664.1


Quarterly Financial Results – Income (INR mn)




ALSTOM T&D India Ltd NA NA 477.9 301.6

Asian Electronics Ltd. NA (132.3) (237.0) NA

Bharat Bijlee Ltd. 384.1 275.0 59.1 79.3

Bharat Heavy Electricals Ltd. NA NA NA 14,326.1

Bharat Petroleum Corp. Ltd. NA (25,618.9) NA 31,396.0

Birla Power Solutions Ltd. 49.7 20.4 NA 13.0

C & C Constructions Ltd. 88.7 242.7 53.3 (47.9)

Cairn India Ltd. 24,577.9 27,265.6 7,630.3 22,619.3

Crompton Greaves Ltd. 2,514.3 794.7 1,166.6 771.4


Easun Reyrolle Ltd. NA (51.2) NA 2.9


Emco Ltd. NA 17.5 NA 14.0

Eon Electric Ltd (13.759) NA (66.5) NA

GAIL India Ltd. NA 9,846.7 NA 10,914.2

Gammon India Ltd. NA NA NA 10.2

Genus Power Infrastructures Ltd. 184.7 110.5 85.7 30.9



Goldstone Infratech Ltd. 8.801 10.256 NA NA

Greaves Cotton Ltd. NA 349.5 NA 341.6

Gujarat Gas Co. Ltd. 720.8 962.8 804.7 NA

Havells India Ltd. 1,133.1 797.0 808.0 886.0

Honda Siel Power Products Ltd. 34.1 71.4 231.9 120.4

ICSA (India) Ltd. NA 242.8 NA (328.9)

IMP Powers Ltd. 26.4 (30.0) 5.0 2.5

Indian Oil Corporation Ltd NA (37,187.0) NA NA

Indo Tech Transformers Ltd. (76.041) (146.2) (138.1) NA

Indraprastha Gas Ltd. 691.6 800.7 772.2 691.5

IVRCL Ltd. NA 42.1 NA 67.9

Jyoti Ltd. 51.1 NA 2.0 NA

Jyoti Structures Ltd. 267.9 261.5 NA 138.0

Kalpataru Power Transmission Ltd. NA NA NA 403.0


NA 6.48 NA 5.099

KEC International Ltd. 785.8 NA 212.1 806.0

Kirloskar Brothers Ltd. NA 362.0 29.6 126.8

Kirloskar Oil Engines Ltd. 476.3 434.6 568.0 349.3

KSB Pumps Ltd. NA NA NA 0.5

Larsen & Toubro Ltd. NA NA NA 9,915.5



Mahindra & Mahindra Ltd. NA 6,048.8 NA 6,621.5

Marsons Ltd. (13.969) 12.609 2.449 NA

Moser Baer India Ltd. NA (922.1) NA (959.1)

NHPC Ltd. NA 7,910.5 NA 2,121.8

NTPC Ltd. NA 20,757.8 NA 21,303.9

Numeric Power Systems Ltd. NA NA NA 72.1

Oil and Natural Gas Corp. Ltd. NA 40,949.0 NA 67,414.1

Oil India Ltd. 7,333.0 8,496.1 NA 10,139.8

Petronet LNG Ltd. 2,062.8 2,567.1 2,603.3 2,953.8

Power Grid Corporation Of India Ltd. 7,261.4 7,052.9 NA 8,092.3

PTC India Ltd. NA 452.3 NA 95.2

Reliance Industries Ltd. NA NA NA 44,400.0

Roto Pumps Ltd. 13.16 6.836 15.043 NA

Shakti Pumps (India) Ltd. 35.887 27.148 41.289 59.935

Shilchar Technologies Ltd. (7.843) (3.763) 1.421 NA

Suzlon Energy Ltd. 2,110.4 601.2 480.0 (2,864.6)


NA 77.8 NA (23.5)

Triveni Engineering & Industries Ltd. NA (212.3) NA (679.8)

Voltamp Transformers Ltd. 189.7 92.8 94.0 35.4

W.S. Industries (India) Ltd. NA (27.2) NA (154.6)



Websol Energy Systems Ltd. 8.2 12.3 (849.8) 9.1



ALSTOM T&D India Ltd NA NA 477.9 301.6

Asian Electronics Ltd. NA (132.3) (237.0) NA

Events Calendar

Renergy 2012 Date: 12th – 13th March 2012 Venue: Chennai, Tamil Nadu

elopment Organizer: Tamil Nadu Energy DevAgency

m/Website: www.renergy2012.co .comContact ID: teda@renergy2012

Contact No: +91 8489663663

2012 In rnat onal Conferete i nce on Petroleum Industry and Energy Date: 10th – 11th March 2012 Venue: Chennai, Tamil Nadu

gical & y

Organizer: Chemical, BioloEnvironmental Engineering SocietWebsite: www.icpie.org/ Contact ID: [email protected]

Internat onal eminar on Ti S alent Crisis in Global Oil and Gas Industry Date: 16th – 17th March 2012

n Venue: Chennai, Tamil Nadu Organizer: IIT Madras & LSES, LondoWebsite: www.oilandgasconf.com/ Contact ID: [email protected]/

Nationa Sem ar on 'Energl in y Security and Management Strategies Rural Areas' Date: 21st – 22nd March 2012 Venue: Hyderabad, Andhra Pradesh

: National Institute of Rural OrganizerDevelopment

.pdfWebsite:

nergysecuritywww.nird.org.in/Nird_Docs/eContact ID: [email protected] Contact No: +91 9490224929


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Research on India_Energy and Utilities Sector in India Monthly Update_February 2012

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Transcript of Research on India_Energy and Utilities Sector in India Monthly Update_February 2012