Powerica Ltd

Powerica Limited was incorporated as a Private Limited Company with the name 'Consolidated Power Systems Private Limited' on May 4, 1984 issued by the RoC, Maharashtra at Mumbai. The Company subsequently was changed to Powerica Limited and a fresh Certificate of Incorporation dated October 5, 1989, consequent upon change of name and conversion to Public Company was issued by the RoC. The Company business operations are divided into two major verticals, comprising of generator set business and wind power business. The Company is an end-to-end power solution provider of diesel generator sets, both primary and secondary, and is one of three Original Equipment Manufacturers (OEMs) in India for Cummins India Limited. The Company provide diesel generator solutions by manufacturing, marketing/ supply, installation, testing and commissioning and after-sales servicing and maintenance of diesel generator sets powered by Cummins engines. It provide pre-purchase consultancy, design, engineering, sale, installation, lease, operation and maintenance of medium speed large generator sets (MSLG). The Company offer these sets in multiples in parallel operations for base load power stations from 3 MW up to 10 MW that can run on diesel and relatively cheaper heavy fuel grades such as heavy fuel oil, low sulphur heavy stock and light diesel oil. It also offer spare parts, O&M, and lease rental of MSLG sets. Apart from these, the Company is into the wind power business, as an Independent Power Producer (IPP) and as Engineering, Procurement and Construction (EPC) developer for other IPPs. It manufacture certain auxiliary systems for diesel generator sets, like acoustic enclosures, fuel and exhaust systems and power and control systems. It own and operate 3 manufacturing facilities that are located at Bengaluru in Karnataka, Khopoli in Maharashtra and Silvassa in Dadra and Nagar Haveli. The Promoters had been involved in the diesel generator sets business since, 1981. The Company started business of diesel generator set in India in 1984 and MSLG business in 1996. Thereafter, it diversified into wind power business and commissioned first wind power project in 2008, which currently operate 11 wind power projects with an aggregate generation capacity of 203.35 MW in Gujarat and Tamil Nadu. Out of 11 operational wind power projects, 6 wind power projects were purchased as turnkey projects from Vestas, 1 from Wind World India Private Limited and the other 4 wind power projects with an aggregate capacity of 100.6 MW, were completed by their project development team with OEM partner responsible for installation and commissioning of the Wind Turbine Generator (WTG). The Company signed a Memorandum of Understanding (MoU) with Vestas for joint development of wind farms. It commenced EPC business for own IPP projects in 2012 and for other IPPs in 2014. Since then, it operated wind power projects with aggregate generation capacity of 142.6 MW. the Company had developed balance of plant for wind power projects with aggregate generation capacity of 142.6 MW. In MSLG business, it has been working with Hyundai since April, 2014. On June 27, 2016 the Company had formed a joint venture with Vestas for development of up to 750 MW of wind power projects. It purchased two MSLG sets from Bharat Heavy Electricals Limited in December 2018. On February 6, 2018, the Company partnered with Vestas for supply, erection and commissioning of WTGs for 150 MW of IPP wind power projects, of which it commissioned 50.6 MW Bhatel Wind Farm in January, 2019. The Company is planning to come out with an initial public offer by issuing up to 7,618,427 Equity Shares through Offer for Sale.