TRIVENI TURBINE LIMITED

Triveni Turbine Limited (TTL) was incorporated in June 27th, 1995. The Company is primarily engaged in business of manufacture and supply of power generating equipment and solutions and has manufacturing facilities at Bengaluru, Karnataka. Triveni SRI Limited is a subsidiary company of Triveni Engineering & Industries Limited and has been dealing with machinery for sugar manufacture. The year 2002-03 was significant to the company as it successfully executed the first short retention type clarifier based on SRI technology in Indian Market. In FY 2014, GE Triveni Limited (GETL), a joint venture received an order for a 45 MW turbine from a cement manufacturer and a 31 MW order from a sugar manufacturer. These orders have enabled GETL to break into two new sectors in the domestic market. During FY2013-2014, the Company redeemed 2,800,000 8% Cumulative Redeemable Preference Share for Rs 10 each on May 31, 2013. During the year 2015, the Company set up international structures to give a boost to the international marketing of its products and services. Accordingly, it has incorporated an international subsidiary, namely, Triveni Turbines Europe Pvt. Ltd. (TTE), domiciled in the UK, on December 23, 2014. Subsequently, TTE acquired 100% equity interest in Triveni Turbines DMCC (TTD) domiciled in Dubai, UAE, effective March 31, 2015. During the year 2017, the Company successfully commissioned the second production facility at Sompura Industrial Area near Bengaluru with an area almost double of the current facility. Phase 1 of the new facility has been completed within the scheduled time and production has started successfully. During FY 18, the Company undertook some turnkey aftermarket projects from the international market and also refurbishments for other makes of turbines, which should provide referrals for future. During the year 2018, the Dubai subsidiary has set up a new subsidiary in South Africa. In FY 19, the Company undertook turnkey Refurbishment projects for other makes of turbines, showing significant growth in North Africa, in addition to its conventional markets such as Southern Africa and West Asia. In the same year, it heralded the Refurbishment business expansion into areas such as turbo-compressors for prominent entities in global Steel industry. During the year 2020, the Company filed a petition, on June 10, 2019, under the provisions of Sections 241, 242, 244 of the 2013 Act before the National Company Law Tribunal, Bengaluru (NCLT), seeking specific reliefs to bring to an end the matters of oppression and mismanagement in the joint venture company viz. GE Triveni Ltd (GETL) by the General Electric company and its affiliates (GE). The grounds on which the Company was constrained to file the petition were certain actions of GE which were oppressive, fraudulent, prejudicial, harsh and burdensome to the interest of GETL, including but not limited to lack of probity, diversion of business, violation of non-compete, conflict of interest by GE employees/nominee directors etc. Instead of submitting its objections on merits to the said Company petition, two of GE Affiliates filed applications before the NCLT, praying to refer the dispute raised in the Company's petition to arbitration. The matter is now pending adjudication before NCLT, Bengaluru. D I Netherland BV, affiliate of GE and Joint Venture partner in GETL, invoked separate arbitration proceedings before Arbitration Tribunal under the UNCITRAL Arbitration Rules, 1976, in the United Kingdom and filed a statement of claim on June 1, 2020, alleging violation of certain terms of the JV Agreement by the Company. In FY'20, Aftermarket segment made major inroads in new markets, resulting in healthy order intake and future prospects. The Refurbishment business expansion was strengthened into adjacencies such as turbocompressors and Gas Turbines during the year. It made inroads into new customer segments, such as Geothermal turbines in Africa and South East Asia. The Company executed a Refurbishment job on a large Utility Turbine, giving the confidence for more orders in the large turbine space in future. During FY 21, the Company designed and implemented a number of participatory workshops for suppliers, covering health, safety and environment requirements, as well as legal compliances related to labour conditions and COVID-19 protocol. During the year 2021, the Company engaged with industries of global scale from various segments, such as API, Waste-toEnergy, Combined Cycle, and Process industries, through its subsidiaries. The subsidiary in South Africa has been further strengthened, mainly to cater to the Aftermarket segment of the region. In FY 2021, the Company acquired all shares of GE Triveni Ltd. (GETL) JV and is now operating as 100% owned subsidiary, Triveni Energy Solutions Limited (TESL). In FY'22, Company acquired 70% equity shares of TSE Engineering Pvt. Ltd. (TSE) for closer proximity to customers in South African Development Community (SADC) region and for enabling the growth of the multi-brand aftermarket business in the region. During the year 2022, 1st Waste-to-Energy (WtE) steam turbine generator was commissioned in Germany. The Company secured an order for three steam turbines from a world-renowned steel manufacturer in South Korea, amid stiff competition from German and Japanese companies. One of the subsidiaries of the steel conglomerate involved the TTL team from the stage of conceptualization to the installation of three Coke Dry Quenching (CDQ) plants at its 2nd largest blast furnace steel mill. In FY'22, Company designed and supplied a 22 MW Axial exhaust steam turbine which is capable of operating at high pressure (up to 120 bar) and temperature (up to 540 deg C) for a sugar cogeneration unit in Karnataka. It undertook several aftermarket projects in the renewables sector during the year, including geothermal projects, besides refurbishing of other turbo machinery products such as compressors, blowers and gas expanders. It developed a vertical steam turbine for marine application. As part of its continuous product upgrade process, the Company worked on innovative seal technologies, such as floating brush seals, abradable seals and bearing isolators that enhance turbine robustness and efficiency. It supported Indian Navy in their indigenization efforts through refurbishment business by developing & supplying different sub-systems. The Company bagged repeated orders during the year 2022 from prestigious customers in Southeast Asia and East Africa for refurbishment of components in steam flow path for another geothermal turbine. Besides this, its spares and service business proactively offered solutions to customers for converting extraction condensing turbines to back pressure, particularly for process co-generation applications like Sugar, along with value added proposition of efficiency improvement in some cases. The Company was successful in finalizing an order in the Steel segment in South Korea. The customer awarded orders for three (3) steam turbines - 2 of 35 MW and 1 of 41 MW, during FY 22. This order was won against stiff competition from international players. It acquired stake in a service company, TSE Engineering Pvt. Ltd. with an existing workshop facility in South Africa. During FY 22, the Aftermarket business consolidated its foray into new industrial segments such as Geothermal, by bagging repeat orders from prestigious customers in Southeast Asia and East Africa. The Company made significant strides in Oil & Gas markets winning several key orders to supply energy-efficient API (American Petroleum Institute) 611 and 612 compliant steam turbines, ranging from 10 kW to 100 MW. In FY 22, the Company's R&D programmes were focused on developing products & solutions for diverse industrial heat and power applications, enhancing energy efficiency of customer plant operations and providing value for customers with competitive product offerings. During the year, the Company enhanced its steam turbine solutions with high speed applications, which resulted in higher power density models. This enabled to expand in cold country markets, which predominantly have more vacuum applications. During 2022, the Company continues to execute highly custom engineered turbine projects, which include 50 MW double extraction turbine application to chemical processing. It carried out several specialized turbine projects, such as injection turbines for cement industry, high back pressure turbines for Oil & Gas and distillery industries . Its axial exhaust turbines helped customers achieve significant reduction in their power plant footprint and civil cost. With innovative product solutions, the Company continued its expansion into international markets and diversified segments, which included Waste-to-heat applications, Chemicals, Paper, Cement, Pharma, Distillery and Hydro carbon industries for both captive and process co-generation applications. Apart from this, it carried out several projects in Renewable sector, which included Geothermal projects. In addition, it is presently involved in refurbishing of other turbo machinery products such as compressors, blowers and gas expanders. During the year 2022, Triveni Turbines DMCC (TTDMCC), Dubai (a wholly-owned subsidiary of TTEPL), acquired 70% equity shares of TSE Engineering Pty. Ltd. (TSE). Consequently, TSE became a step down subsidiary of the Company. In FY 2023, Company commissioned additional assembly and testing facilities along with heavy material handling facilities at its Sompura plant.