10/2/2015

HindustanPowerprojects'RatulPuriisbettingbigonpowerBusinessToday

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Home Business Today FEATURES April 13, 2014 Story

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In Search of Light
Ratul Puri unveils a mega investment plan for his fledgling power generation business.

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Sunny Sen Edition:April 13, 2014

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RatulPuriattheIndiaTodayConclavePhoto:ShekharGhosh

RatulPuriwantedanimagemakeoverforMoserBaerPowerProjectsandthebest
possiblewaywastoshedthebaggageofthename.MoserBaerwasfoundedby
Puri'sfatherDeepakin1983andthecompanybecameahouseholdnameforselling
cheapCDs,DVDsandrewritablediscs.ButPurihadforayedintoacompletely
differentbusinessofpowergenerationbytheendof2008.Afteraboutfouryearshe
decidedtochangethecompanynametoHindustanPowerprojectsPvt.Ltd.
(HPPPL).
"Wewerebuildinganewidentity,"saysPuri.
HPPPLisnotasubsidiaryofMoserBaerandnordoesPuri'sfatherholdanyshares
inthecompany.About65percentofthecompanyisownedbyPuriandhis
children(therestofthecompany'sequityiswithinstitutionalinvestors).Morethan
twoyearsagoPuristeppeddownfromtheboardofMoserBaerandsincethenhas
beenbusybuildingthepowergenerationbusinesswhichhethinkswillgrow
exponentiallyinthefuture.
PurirattlesoffafewstatisticstoBusinessTodayonthesidelinesoftheIndiaToday
ConclaveinNewDelhitoexplainwhyheisbettingbigonpower."Inthepower
sectorIndianeedstoinvestaboutatrilliondollarstomatchthedeficitinthenext
20years,"saysPuri.HPPPLwillfocusoncoalthermal,hydroandsolarpower
plants.ThecompanyisalreadyIndia'slargestsolarpowergenerationcompany.It

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10/2/2015

HindustanPowerprojects'RatulPuriisbettingbigonpowerBusinessToday

generates350megawattsolarpowerwhichPuriintendstoincreaseto1.5gigawatt
inthenextthreeyears.HehasalreadypumpedinmorethanRs6,000croreto
buildsolarpowerassetsforboostinggenerationcapacity.AnotherRs6,000crore
hasgoneintobuildingcoalthermalplantsinMadhyaPradeshandChhattisgarh
andadistributionnetwork.
By2016,PuriwillpumpinRs32,000croreintoHPPPL'ofwhichRs13,500crore
hasalreadybeenutilisedbythecompany'toraiseitspowergenerationcapacityto
sixgigawatt.Thermalpowerwillaccountforfourgigawatts,1.5gigawattwillcome
fromsolarandtherestfromhydro.Thisislikelytoputitamongthetopfivepower
producersinthecountry.NTPCistheleadingpowergenerationcompanyinIndia
currentlywithaninstalledcapacityofalmost43gigawatt.Purisayshedoesnot
wanttodependentirelyonthermalpowerbecausetherewillbeashortageofcoalin
Indiainthefuture.Hedoesnotwanttodependonimportedcoal."Howcanwe
dependonasupplychainthatsitsinathirdpartycountry,"hesays.
WhileHPPPL'sthermalplantsinMadhyaPradeshandChhattisgarhareyettogo
onstream,itbegansolarpowergenerationin2010/11.Thecompanyhadan
EBITDA(earningsbeforeinteresttaxdepreciationandamortisation)ofRs500
crorefromitssolarbusinessin2012/13.

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ThefirstphaseofHPPPL'sthermalpowerplantinMadhyaPradeshislikelytobe
commissionedinthenextcoupleofquartersandwillhelpthecompanygenerate
1,200megawattofpowerbytheendof2014/15.Itshydroandsolarplantswill
generateanother1,000megawattbythen.Nextinlineisthecommissioningofthe
secondphaseofthethermalpowerplantinMadhyaPradesh,followedby
Chhattisgarh.
Puriisnotwillingtodisclosewhenhispowerbusinessislikelytobreakeven.But
onceallitspowerplantsbecomeoperational,HPPPLhopestogenerateEBITDAof
overRs2,500crore.Ithasalreadysigneda25yearpowerpurchaseagreementwith
theUttarPradeshPowerCorporation.
Puriishappywiththewayhisplansaretakingshapebutadmitsthereisalong
journeyaheadforHPPPL.ItremainstobeseenwhetherPuricanexecutehis
ambitiousplansforthepowergenerationbusiness.
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