Vikalp Mundra, Joint. Managing Director, Ujaas Energy Limited holds a degree in Bachelor of Engineering (Electrical) from Rani Durgavati Vishwa Vidhyalaya, Jabalpur and a Masters degree in Management Science from Devi Ahilya Vishwa Vidhyalaya, Indore. He has over 17 years of experience in the transformer sector. Presently, Vikalp provides strategic direction in selection of technology and machineries, in setting up new manufacturing facilities, production planning, improvement of production processes, etc.
Ujaas Energy Ltd was established in Indore in 1979. It is the first company to install a solar power plant under Renewable Energy Certificate (REC) mechanism in March 2012. It is engaged in manufacturing of distribution transformers, power transformers, furnace transformers and special purpose transformers for more than 3 decades. The company sells their products to various State Electricity Boards, Public Sector Undertakings, Private sector companies engaged in Generation and Distribution of Electricity and other Industrial undertakings engaged in Steel, Power, Textile, Coal & Mine, Infrastructure, Engineering & Automobile Sectors etc. The Company has started setting up an innovative offering called as 'UJAAS Park ', that provides complete plug & play solution to the investor for putting up a solar power plant at an affordable cost in time. The services include land identification, registration, EPC, O&M, power sale, identifying third party buyer, REC trading etc.
Replying to Yash Ved of IIFL, Vikalp Mundra says “In our Park business, we aim to commission 100 MW in FY14. We are having 27 MW already commissioned in Mar.13 for our current Solar PV Capacity.”
What was the purpose of name change from M&B Switchgears to Ujaas Energy Ltd?
Earlier, we were into manufacturing of Transformers which is used in distribution of energy, now we are into generation of energy. The rationale behind moving to solar power is based on forward integration in energy business.
Our Solar business is growing very fast whereas the transformer business is at the same level, hence, since the last financial year contribution from our transformer business to the total revenue is very less, and in coming years the Solar Part will again rise rapidly. So, this caused a need to appropriately change the name of the company. Considering this, it makes sense to change the name so that it defines our core business in a better way. The earlier name M&B Switchgears did not clearly define our solar business. I would also like to mention again that there is no plan to shut down our transformer business, and it will continue to run at current levels.
Brief us about your expansion plans?
Ujaas Energy Ltd. is expanding into two new verticals - Ujaas Mysite and Ujaas Home. As the name suggests, Ujaas Homes is a category for providing solar solutions for residences, while Ujaas Mysite offers solar rooftop solutions for commercial ventures like hotels, colleges, malls, factories, petrol pumps, etc.
The capacity for solar rooftop plants under Ujaas Homes category ranges from 1- 10 KW. On the other hand, Mysite category includes plants with capacity starts from 10 KW & can go up to even MW levels.
What are the new power projects which Ujaas Energy is coming up with?
In our Park business, we aim to commission 100 MW in FY14. We are having 27 MW already commissioned in Mar.13 for our current Solar PV Capacity.
Brief us about the recent corporate and industry trends of Solar Energy?
Industry is very favorably looking to solar business, curiosity & enthusiasm will find a way to seal an investment decision. It’s only uncertainty of few issues, which is causing a delay in decision. We hope confidence will come back soon.
What are the major cities are you planning to expand?
In Ujaas Mysite, we already received an order of 1,750 KW to be installed in Jaipur, Noida, Hyderabad & Bhubneshwar, hence definitely these will be our next working grounds.
What is the growth target for 2014?
We are expecting new installations of 100 MW in the FY14, which is almost 300% growth from FY13 Installations..
Comment on your Capex plans?
In FY13-14 we will have capex of around 130 to 150 Cr for the erection of new Solar plants in our books.
What is your revenue mix?
Around 90% of our revenue comes from solar business where we provide one stop solution for erection of new plant. Rest comes from Power generation and Transformer business. We expect same trend in coming years.