|Our Company was incorporated as 'Indowind Energy Private Limited' on
July 19, 1995 vide certificate of incorporation No. 18-32311 of 1995 issued
by the RoC, Tamil Nadu at Chennai. Thereafter, pursuant to the provisions of
Section 43A of the Companies Act, our Company was converted into Public
Limited Company on September 30, 1997.
Our Company has been promoted by Mr. K.V. Bala and Subuthi Finance
Limited with the main object of developing wind farms on a large scale for
commercial exploitation, generating energy from Wind Mills, Wind Turbines and
other Equipment and selling it to State Electric Boards and Corporate clients.
Our Promoter Mr. K.V. Bala, a B.Tech, MBA having promoted Subuthi Finance
identified wind energy generation as a sunrise sector and in this endeavour,
promoted our Company for sale of 'Green Power' to Corporates and SEBs. Our
Company commenced its commercial operation of generating power on September,
1995 by setting up 225 KW Wind Electric Generator in Tamil Nadu. Our Company
has been raising its generation capacity every year and the same has since been
increased to 16.825 MW. Our Company generated 5.6 lac units of power during
1995-96 with a PLF of 4.5%, which has been continuously increasing and it
achieved a production of 283.75 lac units with a PLF of 23.76 % during FY
We have purchased WEGs from reputed suppliers like NEPC-MICON,
VESTAS-RRB, AMTL-Wind World and AWT to avoid dependence on single
technology and single manufacturer. We offer 'Green Power' to our customers that
include SEBs and Corporates. Other than the above we are also into the business
of providing Operations and Maintenance services for windmills. Recently we have
also ventured into turnkey projects for erection, installation and maintenance of
windmills for corporates companies. We have worked continuously to strengthen
our infrastructure and enhance our presence in this sector.
We have been selling the power generated to Tamil Nadu Electricity Board (TNEB)
and various private corporate clients in Karnataka such as Hindustan Coca Cola
Beverages Private Limited, Karnataka Distilleries Limited, Managalore Distilleries
Limited, H&R Johnson India Limited, Delphi Automotive Systems Private Limited and
Spicer India Limited. The electricity charges recovered for the corporate clients in
Karnataka are more than the revenue generated from the sale to SEBs. Since the
wheeling charges under the new policy are very exorbitant, we have decided to sell
the power generated from the proposed 9 MW project to KPTCL where the realisation
per unit is higher as compared to sale to private corporate clients.
For the year ended June 30, 2006, we achieved a turnover and profitability of
Rs. 2603.41 lacs and Rs. 550.91 lacs respectively. Due to better cost management
and higher PLF, our Company has been able to maintain a sustainable growth. During
the period FY 2002 - 2006, our turnover and profitability has grown at a CAGR of
28.81% and 22.31% respectively.
Our Company had filed its Draft Offer document on two previous occasions, with SEBI
and Stock Exchanges. We had initially filed our Draft Prospectus with SEBI and NSE on
September 15, 2003 for a public issue of 25,10,000 Equity Shares of Rs. 10/- each at
a premium of Rs. 20/- each aggregating to Rs. 753 lacs. NSE, vide its letter dated April
16, 2004, had given an in-principle approval for listing. In view of the changes in capital
structure, we withdrew the Draft Prospectus, vide our letter dated July 5, 2004.
On the second occasion, we filed a Draft Red Herring Prospectus with SEBI and BSE
on February 2, 2006 for a public issue of 90,00,000 Equity Shares of Rs. 10/- each at a
price to be decided through Book Building process. In view of the changes in the Project
and Capital Structure, we withdrew the Draft Red Herring Prospectus, vide our letter
dated March 23, 2006.
Major events in the history of our Company is given below:
1995 * Commenced Business as Private Limited Company
* Our first Wind Mill commissioned during September 1995 in Tamil Nadu with the
capacity of 225 KW.
1998 * Being the front runner to set up wind mill project in the state of Karnataka.
2004 * Setup Wind Mill assembly plant in the State of Pondicherry
2005 * Company patented the ' Green Power' as trade mark during March 2005
* Obtained Host Country approval for CER (Carbon Emission Reduction) and Project
registered with UNFCCC (No.0277)
* 100th Windmill commissioned at Nettoor - HT SC 1513 on 25th October
2006 * Signed MOU with Titan Industries for 'Green Power'
* Completed the accounting year with 143 windmills in the group & Total group
capacity reached 34.74 MW
* First Wind Energy company in India to get Carbon credits issued by UNFCCC on