Hitachi Energy India Ltd Overview
Fundamentals of Hitachi Energy India Ltd
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Financials of Hitachi Energy India Ltd
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About 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. The Company has e ... xtensive installed base for manufacturing of electric motors, generators, transformers and electricity distribution and control apparatus and has a countrywide marketing and service presence. Besides catering to Indian domestic market, it plays an increasing role in global market such as Asia, Middle East, Africa, Europe and Americas. The Company operates as Hitachi ABB Power Grids in India and presently has nearly 16 manufacturing units in five key locations and 17 sales offices. Headquartered in Bengaluru, ABB Power Products and Systems India Limited became a standalone legal entity in 2019, after de-merging from ABB India Ltd. The Company 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 (i) ABB India Limited (INABB/Transferor) and ii) Company (Transferee) 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. 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) as contribution in kind on February 05, 2021. During the quarter ended June 30, 2021, ABB Switzerland Ltd., one of the Promoters of the Company divested 179 equity shares, to ensure compliance with the minimum public shareholding requirements. Consequent to such divestment, the promoter shareholding is 3,17,86,256 equity shares and public shareholding is 1,05,95,419 equity share which is equivalent to 75% and 25% of the total paid-up capital of the Company respectively. 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 have 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%. Read More
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Is Hitachi Energy India a Debt free Company?
No, Hitachi Energy India is not a debt free company.
What is the main business of Hitachi Energy India?
The main business of Hitachi Energy India is to provide innovative energy solutions to its customers spread across utility, infrastructure, and other industry sectors.
Who are the promoters of Hitachi Energy India?
The primary promoter of Hitachi Energy India is Hitachi Abb Power Grids Ltd with 75% shareholding as of December 31, 2022.