Power company BGR Energy has named A Swaminathan the joint managing director and CEO of the company and V R Mahadevan as the joint managing director of the company. Sasikala Raghupathy, wife of the late founder B G Raghupathy will be the Chairman of the board. The changes in the management team come close to two months after the passing away of the founder-chairman of the company, B G Raghupathy.
Mahadevan, who is currently director - technology and HR, will be in-charge of projects, and Swaminathan, now director-marketing, will be in-charge of technology and new growth areas and joint ventures of BGR.
While the team's immediate focus will be on commissioning power projects on hand and reworking billing cycles to get back receivables, the company is also looking at working overseas. "We will look outside India. We now have a mature management team and will look at projects in Southeast Asia, Middle East, and Africa," Swaminathan said. With these, the company expects faster topline growth at 20% against the 12% growth it currently sees. The company provides EPC (engineering, procurement and construction) services for power projects in India.
Mahadevan, who is currently director - technology and HR, will be in-charge of projects, and Swaminathan, now director-marketing, will be in-charge of technology and new growth areas and joint ventures of BGR.
While the team's immediate focus will be on commissioning power projects on hand and reworking billing cycles to get back receivables, the company is also looking at working overseas. "We will look outside India. We now have a mature management team and will look at projects in Southeast Asia, Middle East, and Africa," Swaminathan said. With these, the company expects faster topline growth at 20% against the 12% growth it currently sees. The company provides EPC (engineering, procurement and construction) services for power projects in India.
BGR has an order backlog of Rs 11,900 crore, part of which is an order it won through its joint venture with Japanese company Hitachi to supply boilers and turbines for a Rs 1600 crore order from NTPC for supplying equipment for its super-critical thermal plants. The projects will be commissioned during 2015-16, Swaminathan said.
BGR and Hitachi had also jointly invested about Rs 4,000 crore to set up a manufacturing unit for boilers and turbines in Tamil Nadu, but the investment has now been downsized to Rs 2,700 crore as a result of the sluggish demand in the power sector and also because the timelines for delivery of the products to NTPC were not in sync with the progress of the manufacturing unit, Swaminathan said. Land acquisition for the plant, however, is complete and products from the unit will be rolled out from late 2015, he added.
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