Power Mech Projects Ltd Company Summary

Power Mech Projects Ltd Summary

Power Mech Projects Limited was originally incorporated on July 22, 1999 as a Private Limited Company by the name Power Mech-Projects Private Limited. It was converted into a Public Limited Company as Power Mech-Projects Limited on October 16, 2007. Subsequently, the Companys name was changed to Power Mech Projects Limited on November 1, 2010. Power Mech Projects is an integrated power infrastructure services company in India providing comprehensive erection, testing and commissioning of boilers, turbines and generators (ETC-BTG) and balance of plant (BOP) works, civil works and operation and maintenance (O&M) services. Its operations include three principal business lines: (i) Erection Works; (ii) Operation & Maintenance Services; and (iii) Civil Works. The company is undertaking projects in India and abroad which include ultra mega power projects, super critical thermal power projects, sub critical power projects, heat recovery steam generator, waste heat recovery steam generator, circulating fluidized bed combustion steam generator, gas turbine generator, hydro electric plants, maintenance, renovation, modernization and annual maintenance of running plants and complete civil works in India and abroad.The company is entering other related fields including railway projects and executing major railway project of doubling of tracks including electrification, signaling, culverts, platforms etc, transmission and distribution portfolio, mining of sand, a new venture of diversification and the company has already undertaken some major projects. At present, it is engaged in several power projects ranging from 135 MW to 800 MW, besides many projects in lower segment also.The company has already marked its phenomenal presence in countries like Libya, Yemen, Bahrain, Kuwait, Oman, Saudi Arabia, Dubai, Bangladesh, Nigeria etc. The Company is associated with the reputed project developers and EPC contractors keeping high standards in tune with international levels of quality, safety and timeline. The company has already established the required organization structure and infra with its HQ in Dubai for Middle East and Africa Operations.The Company has also realized the huge opportunities available in Rural Electrification of about Rs 400 Billion and has already made its mark and expects this segment along with Optical Fiber network for broad band connectivity can also contribute to the growth and diversification. Other major initiative has been the turnkey execution of the Andhra Pradesh Medical Technology Zone (AMTZ) as part of make in India initiative to establish the infra and inputs needed for the high end manufacture of medical equipment in the Country in the state of AP at Vizag.The company has a fully established a manufacturing base in Noida. This mainly caters to the needs of Hydro and Thermal repair jobs including supply of spares based on reverse engineering.In order to provide comprehensive O&M solutions, The company has entered into a joint venture agreement dated December 1, 2014, with Chengdu Pengrun New Energy Development Company Limited (Chengdu), a company registered under PRC laws, to establish a joint venture entity in Hong Kong for manufacturing and distribution of equipment and spare parts, including boilers, turbines and generators, for O&M projects in India. It also has a cooperation agreement with Shanghai Electric Power Generation Service Co. with respect to repair and overhauling contracts in the power sector in India.Power Mech has an established track record of executing ETC-BTG and BOP works, civil and structural works, and a wide range of maintenance services projects for large power plants including 800 MW unit capacity supercritical power plants. The company has received quality certifications including, ISO 9001:2008 for quality management systems from International Certification Registrar Limited; OHSAS 18001:2007 from Absolute Quality Certification Private Limited and ISO 14001:2004 for environment management system from Absolute Quality Certification Private Limited.The company made an Initial Public Offer (IPO) of 4,269,000 equity shares of Rs.10/- each at a premium of Rs. 630/- per share. The issue comprised of fresh issue of 2,128,000 equity shares and offer for sale of 2,141,000 equity shares by selling share holders. During the year ended 31 March 2016, the company invested Rs 43150 to acquire 50% stake in JV Company, Power Mech CPNED services (Hong Kong) Holding Co., Limited. The said Company will be engaged in distribution of equipment and spare parts, including boilers, turbines and generators, for O&M projects in India. During the financial year ended 31 March 2017, the company incorporated a 51% subsidiary in the name & style Mas Power Mech Arabia with a view to have a strong presence in Saudi Arabia and to capture the opportunities in the Middle East. The balance 49% stake in Mas Power Mech Arabia is held by local partners. During the year under review, the company incorporated a subsidiary Power Mech Projects Limited LLC in a bid to capture the local opportunities in Oman. Power Mech Projects holds 70% stake in Power Mech Projects Limited LLC. The balance 30% is held by local partners as required by the local laws.During the year under review, GTA Power Mech Nigeria Ltd, a joint venture of Power Mech Projects Limited and Skipper T&D, Dubai group Company of SkipperSeil, Delhi was incorporated to undertake opportunities in African region.Subsequent to the end of the financial year FY 2018, the company incorporated a JV Company in Dubai i.e. GTA Powermech DMCC.The Company completed fast track project for AMTZ at Vizag (Andhra Pradesh) covering 1.6mn sq ft; the Company developed the engineering capability of technology parks. It further diversified into Railways for earth work, bridges, track-laying, OHE foundations, ballast works, soil filling and blanketing in 2019. In 2021, the Company commissioned 1,390 MW power plant in Kingdom of Saudi Arabia. The JSW Dolvi Plant was commissioned with a cumulative capacity of 10 MTPA. Further, the Company commissioned power plants adding up to a capacity of over 6,792 MW in North Africa, Middle East and Bangladesh after entering the overseas market in 2023.