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Last Updated : Oct 03, 2019 04:21 PM IST | Source: Moneycontrol.com

EESL plans to launch IPO at Rs 5,000 crore: Report

The proceeds from EESL's listing will be used to lease electric vehicles (EVs) and install smart metres to measure power consumptio.

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State-run Energy Efficiency Services (EESL) is planning its initial public offering at Rs 5,000 crore, according to a Mint report.

EESL is a joint venture (JV) set up by four companies - NTPC, Rural Electrification Corp, Power Finance Corp (PFC), and Power Grid Corp. of India.

The proceeds from the listing will be used to lease electric vehicles (EVs) and install smart metres to measure power consumption, the report said.

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“While it is one thing that I keep on going back to NTPC and PFC, but they have their own capex plans. We will look at it (listing) next year and then we will decide when to do it," Saurabh Kumar, the managing director of EESL told the publication.

Moneycontrol could not independently verify the report.

The company has a capital expenditure requirement of Rs 25,000 crore over the next three-four years, he added.

Financial services company Investec placed a valuation of Rs 5,000 crore valuation on the company, the report said.

The energy company is expected to post a profit of around Rs 200 crore on revenue of Rs 4,000 crore in FY20, Kumar told Mint.

EESL’s debut on the stock exchange has been in the pipeline since 2017.

EESL is planning to sell 250,000 super-efficient air conditioners in two phases, and will invest Rs 200 crore for the project, according to a report by The Economic Times.

The company is also working on setting up EV charging stations in Kolkata, PTI reported.

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First Published on Oct 3, 2019 04:21 pm

tags #EESL #IPO

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