HITACHI ENERGY INDIA LTD

Hitachi Energy India Limited (Formerly known as ABB Power Products and Systems India Limited (APPSIL)) was incorporated on 19 February, 2019 as a Public Limited Company in Bengaluru. Company's name was changed from 'ABB Power Products and Systems India Limited' to 'Hitachi Energy India Limited' effective November 12, 2021, which became a part of Hitachi Energy Group. The Company is a prominent player in the power technology industry, widely recognized for its comprehensive energy technology portfolio. The Company specializes in providing solutions to meet increasing demand for electricity with minimum environmental impact. Its products, systems, software, and service solutions are designed to facilitate the safe, reliable, and efficient integration, transmission, and distribution of bulk and distributed energy from conventional and renewable sources. The Company operates through four business units namely Grid Automation, Grid Integration, Transformers and High-Voltage Products that produce power grid solutions through a variety of equipments, ranging from substation automation solution to power transformers. The solutions ensure quality power supply to the customers for operations in the field of transmission networks, utilities, transport networks, renewable energy, data-centers, industries and many other enterprises. Headquartered in Bengaluru, Company became a standalone legal entity in 2019, after de-merging from ABB India Ltd. It established a world-class digital experience center demonstrating the next level of enterprise performance for enhanced grid stability, improved asset performance and efficient operational management, and also began work on its High-Voltage Products Innovation Center as part of investment in strategic research and development. The Company also laid the foundation for projects in the e-mobility space in the country with TOSA electric-bus flash-charging technology. The Company partnered with Ashok Leyland in 2020 to facilitate a zero-emissions mass public transportation bus system. The Company operates across four business lines such as grid automation, grid integration, high voltage products and transformers, and provide product, system, software and service solutions over the entire power value chain. The Company supply products and components, systems, software and automation, and services through four businesses and partner with customers through the entire product and project lifecycle - from building and planning to operating and maintaining. In 1949, Hindustan Electric Company got incorporated and later was acquired by Brown Boveri Cie (BBC). In 1965 , the Company established its first manufacturing facility in Maneja, Vadodara- the circuit breaker factory in India. In 1988, ASEA and BBC merged to form ABB India . In 1989, the Company commissioned first back-to-back HVDC transmission link project for NPTCL at Vindhyachal, connecting the northern and western grids. In 2013, the Company inaugurated dry-type transformers and PASS-GIS factories in Savli, Vadodara, under the Make-in-India Initiative. In 2015, the Company had installed end-to-end power solutions for Delhi Metro and SCADA to monitor and control the power network. In 2016, the Company energized the world's highest rated 1200 KV transformer and circuit breaker. In 2017, the Company commissioned world's first multi-terminal UHVDC link-the 6,000MW, 800kV DC link project connecting North-East to Agra. In 2020, the Company signed MOU for TOSA electric-bus flash-charging technology with Ashok Leyland. It launched a world-class digital experience center - PowerDEC - Bengaluru. and further inaugurated High-Voltage Products Innovation Center at Vadodara. In FY 2022, a Scheme of Arrangement was entered into between ABB India Limited (INABB) and the Company and their respective shareholders and creditors, which provided for inter alia the Demerger of Power Grids Business of INABB (Demerged Undertaking) and consequent issuance of equity shares by Company to shareholders of INABB as per Share Entitlement Ratio. The Scheme was approved by Board of Directors pursuant to its resolution dated March 5, 2019. The equity shareholders and the creditors of INABB approved the Scheme at Court Convened Meetings, each held on August 9, 2019. The NCLT approved the Scheme on November 27, 2019 and the Appointed Date of the Scheme was April 1, 2019 with the Effective Date, December 1, 2019. In addition, the Company transferred 3,17,86,256 equity shares aggregating 75% of the paid-up capital of the Company from ABB Asea Brown Boveri Ltd. to ABB Ltd. by way of dividend in kind, and subsequently from ABB Ltd. to Hitachi Energy Ltd. (formerly known as Hitachi ABB Power Grids AG) on February 05, 2021. Consequent to this, Hitachi Ltd., an ultimate parent entity of the Company acquired ABB Ltd.'s remaining 19.9% equity stake in Hitachi Energy Ltd., a Joint Venture that was formed from ABB's Power Grids business in 2020, and thus, Hitachi Ltd. now holds 100% of the equity stake in Hitachi Energy Ltd., (Zurich, Switzerland), which is the holding Company which presently holds 75% stake in the Company effective on December 28, 2022. Through the said Scheme of Arrangement, the Company directly allotted 1,07,421 Equity Shares to the shareholders of ABB India Limited with the Share Entitlement Ratio pertaining to the relevant shares of ABB India Limited. Pursuant to Voluntary Open Offer made by Vedanta Resources Limited (Acquirer) together with Twin Star Holdings Limited, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, as persons acting in concert with the Acquirer (PACs), to Public Shareholders of the Company during the year, the Acquirer and PACs acquired 374,231,161 equity shares of the Company representing 10.07% of fully diluted voting share capital, thereby increasing acquirer's indirect shareholding in the Company from 55.1% to 65.18%. Further, Vedanta Netherlands Investments BV and Twinstar Holdings Limited, Members of the Promoter Group of the Company had purchased 63,514,714 and 103,985,286 equity shares respectively (representing 1.71% and 2.80% of the equity share capital respectively), during the FY 2022, through a block deal on the stock exchanges. Post this, total shareholding of Promoter and Promoter Group increased to 69.69%. In May 2022, the Company inaugurated the first manufacturing facility in India producing Resin Impregnated Paper bushings up to 400kV voltage level at Vadodara. In August 2022, the Company's greenfield manufacturing facility for High Voltage Power Quality products was inaugurated in Karnataka. Also, in August 2022, it added capacity in terms of a new factory for production of Operating Mechanism of circuit breaker. In February, 2023 it launched an advanced power system factory in Chennai specializing in HVDC systems, STATCOM, and the MACH control and protection system. In FY 2022-23, Hitachi Energy India commissioned the Raigarh-Pugalur project, its sixth HVDC installation in India. It launched TRO600 series wireless routers with 5G capability; TXpertT Hub for transformer digitalisation in February 2023; OceaniQTM portfolio -for offshore wind energy; Lumada Inspection Insights for AI driven analysis of images, collected from satellites, to provide intuitive visual insights into the health and risk profiles of assets and infrastructures. In the period 2022-23, the Company established remote operation of the +/- 500 kV 1500 MW HVDC Rihand Dadri Bi-Pole Terminals from National Transmission Asset Management Center, Manesar. It introduced rooftop solar for the electrification of four project site offices and added 938kW of permanent solar panel installations at its largest manufacturing location. In 2023-24, Company achieved 100% fossil free electricity by investing on rooftop solar in Maneja and Doddaballapur facilities, power purchase agreements at Mysuru where more than 90% of electricity is secured through wheeled green electricity and carbon offset through International Renewable Energy Certificate I-REC. It also reduced direct emissions by transitioning to low carbon fuels such as PNG from LPG in Maneja and Halol, biofuels to fuel boilers in Mysuru and phasing out R22 at Maneja. An energy monitoring system was installed at Maneja. 5.5 kW compressor is installed for Savli casting plant, reducing operation of 30 kW centralised compressor system. The Company acquired controlling stake in eks Energy from Powin to broaden capabilities in advanced power electronics and energy management software. The HVDC and Power Quality factory was inaugurated in Chennai in February 2023. By leveraging long-standing know-how in energizing India's landmark power superhighways, Company overcame a series of engineering and other challenges to begin assembly of G5 HVDC converters as part of the Mumbai Infeed Project.