EESL, company steering government’s electric vehicle push, plans FY19 IPO

Energy Efficiency Services, a joint venture of four public sector companies, is looking to list itself in the next financial year, Saurabh Kumar, Managing Director of EESL, said today at a press meet.

"We are considering an IPO in the second half of next financial year. We will be having a paid up capital of Rs. 1,000 by the end of this financial year (April-March). We are looking to dilute 20 per cent of this," he said.

EESL is a joint venture of NTPC, Power Finance Corporation, Rural Electrification Corporation and Power Grid Corporation of India. The current paid-up capital of the company is Rs 460 crore and Kumar said equity was still being raised from the existing promoters.

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EESL is the government's nodal agency to carry out what is arguably the world's largest energy efficiency programme. It aims to capture 15 percent of India’s current power consumption through energy efficient initiatives.

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In a first, the company is also deploying 500 electric vehicles, purchased from Tata Motors and Mahindra & Mahindra, at government departments and institutions. It has so far deployed six and is looking to deploy the rest by March.

In phase II of the electric vehicle programme, the company will purchase 9,500 vehicles from the two private companies. Of this, 50 per cent will be purchased from Tata Motors and 30 per cent from M&M. The remaining 20 per cent will be equally distributed between the two if M&M agrees to match Tata's quote for the first part.

Tata Motors, which emerged as the lowest bidder in the phase I tender, quoted Rs. 11.2 lakh inclusive of GST for each vehicle. M&M, the second lowest bidder with a quote of Rs. 13 lakhs, agreed to match Tata in phase I.

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