Energy Leaders in India 2024 v14 LR 1

Committed to Innovation,
Sustainability and Change

Dear esteemed readers, strategies that not only meet current needs but
In this edition of Energy Leaders, we not only also safeguard the planet for future generations.
explore the current state of the energy sector but Navigating the geopolitical intricacies of the
also delve into the characteristics and strategies energy world requires a unique skill set. Leaders
that define successful leadership in this dynamic must possess a keen understanding of global
sphere. I am excited to shed light on the traits dynamics, anticipate regulatory changes, and
that set apart the visionaries driving change and strategically position their organisations in
shaping the future of energy. response to geopolitical shifts. This edition aims
Successful leaders in the energy sector exhibit to illuminate these complexities and offer insights
a unique blend of foresight, adaptability, and a into the strategies employed by leaders to steer
commitment to sustainability. Adaptability is key through geopolitical challenges successfully.
as the industry undergoes transformative shifts As you immerse yourself in the pages of Energy
in technology and policy. Leaders who navigate Leaders, consider the qualities that define
these changes with agility, embracing innovation successful leadership in this sector. Foresight,
while maintaining a steady focus on long-term adaptability, innovation, and a commitment to
sustainability, stand out in this ever-evolving sustainability are not just buzzwords but the
landscape. driving forces behind the individuals shaping the
In our exclusive interviews, these leaders share future of energy.
their insights into the strategies that guide their Happy reading!!!
organizations. One common thread emerges: a
commitment to innovation. Whether it's integrating
advanced technologies, redefining operational
processes, or fostering a culture of continuous
improvement, successful leaders prioritise
innovation as a cornerstone of their approach.
Moreover, environmental stewardship is a non-
negotiable trait for leaders in the energy sector
today. The push for sustainability has shifted
from a mere trend to a business imperative. Anamika Sahu
Leaders who recognise the importance of Consulting Editor-in-Chief
balancing energy demands with environmental
responsibility are at the forefront, implementing anamika@tradeflock.com
Vol 08 Issue 08 March 2024
Publisher Alok Dwivedi
Consulting Editor-In-Chief Anamika Sahu
Associate Editor Vipin Kumar | Poonam Mittal
Sub Editor Swarnendu Biswas | Abhinav Singh
Editors Desk Monika Gola | Jyoti Singh
Production Manager - Digital Gopal Krishna
10 Best Digital Team Manoj Chauhan | Sumit Kumar
Neha Gupta | Suyash Srivastav
Tech Leaders Creative Team Diptanu Chakraborty | Devansh Goyal
In India 2024 Manager Operations Sachin Kaushik
Asst. Manager Sales & Operations Shivam Agarwal
Prerna Khera | Tripti Aggarwal

10 Best
Branding & Marketing
Aditi Singh
Commercial Legal & Corporate Affairs Fahim Khan

Accounts & Finance Suhail Wahid Khan
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in India 2024 Research Team Arun Pratap Singh | Karan Sharma
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ENERGY LEADERS IN INDIA 2024
NAME DESIGNATION COMPANY
Abhay Chaudhary Director - Projects Power Grid Corporation
Arun Mittal Director Automotive Exide
Harak Banthia Chief Financial Officer HPCL-Mittal Energy
Hitesh Chimanlal Doshi Chairman and MD WAAREE Group
Naveen Singh Head Policy Advocacy & Vice Hindustan Power Exchange
President - Business Development
Neeraj Chamoli President KIMPEX FLOW
Perveen Puri Vice President JSW Energy Ltd
Raju Shukla Executive Chairman Cleantech Solar
Sundropindia
Sathish Kumar Managing Director Energy Solutions Pvt Ltd
Shravan Gupta Managing Director Cosmic Pv Power

Energy Leaders
in India 2024
09 13 17
Abhay Chaudhary Arun Mittal Harak Banthia

Director - Projects, Director Automotive, Chief Financial Officer,
Power Grid Corporation Exide HPCL-Mittal Energy
21 25 31
Hitesh Chimanlal Doshi Naveen Singh Neeraj Chamoli

Chairman and MD, Head Policy Advocacy and Vice President,
WAAREE Group President - Business Development, Kimpex Flow
Hindustan Power Exchange
35
Perveen Puri
Vice President,
JSW Energy Ltd
41 45 49
Raju Shukla Sathish Kumar Shravan Gupta

Executive Chairman, Managing Director, Managing Director,
Cleantech Solar Sundropindia Energy Cosmic Pv Power
Solutions Pvt Ltd
Editor's Pick Legacy & Startup PG. 29

08
Transformative Energy Utility Leadership of the Month
Lessons from the Great Octopus Energy -
Inventor Energising the Future
Revolutionising India’s Tropical Climate
53 PG. 19 From the
Ground
Spotlight Paddlers Make India
Proud
Need for Localised Energy Storage Solutions:
11 Meeting Tomorrow’s Demands Today
Changing the Global Energy Landscape

23
Time PG. 39
The Gap Between Generation and Energy
33 Consumption
Solar Energy In Off-Grid Areas

Machine
43 Getting the World
Charged PG. 47
Big Take PG. 51

Solar Energy Adoption in India: Beyond
16 Policies and Schemes
by Navin Rajaram
Renewable Energy's Social Impact:

28 Empowering Rural India or Widening
the Digital Divide Story of the Month
by Abhishek Singh Bitcoin Bulls Are BACK!
7 Energy Leaders In India 2024
Transformative
Energy Utility
O
ver the decades, digital technologies quality of life. Embedding IoE-based sensors
have empowered electric systems in critical infrastructure like building energy
with standard Internet of Energy(IoE) utilities and transportation networks can
concepts. Sustainable development, such as enable real-time monitoring and effectively
the power grid, energy automation, energy manage these assets. Global countries
market platforms, and distributed energy like Copenhagen in Denmark have already
resources (DERs), represent groundbreaking deployed IoT sensors on their streetlights to
convergence of energy systems. By 2030, the control energy wastage with automatic on
IoE market is expected to grow at a CAGR and off switches and actively detect faults for
of 11.2% as countries are heading towards instant action.
renewable energy consumption. India actively The future aspects of IoE are moving
participates in renewable energy projects towards energy storage, from standard
like green hydrogen and solar power with advanced battery management systems to
substantial year-on-year growth. grid-scale storage. This will support energy
With the four pillars of IoT (people, data, consumption during peak demand periods
things, and processes), the Internet of with less reliance on non-renewable energy
Energy redesigns energy infrastructure sources. Additionally, IoE facilitates local
with enhanced control and real-time data energy generation with Microgrids and Peer-
processing. Recently, innovations like smart to-Peer Energy Trading solutions.
metres and IoT sensors effortlessly optimise Researchers predict that IoT in the global
energy efficiency. In December 2023, the energy market will grow to $35.2 billion
Indian government sanctioned over 222.3 by 2025. With the exponential demand
million smart metres and targeted nationwide for renewable energy, upcoming decades
smart metre rollout by 2025. Furthermore, will witness the thriving use of sensors,
the National Smart Grid Mission was actuators, and communication technologies
established in 2015 to increase capacity- for better control and automation in the
building initiatives and distribute smart grids energy landscape. Overall, three fuels—coal,
at every corner of India. Integration with oil, and solid biomass—meet 80% of India’s
automation, communication and IT systems energy needs. Under the current market
empowers real-time monitoring and efficient scenarios, India’s energy supply is projected
outage management. to increase to 73 EJ by 2050 from 42 EJ
IoE is leading the pathways to smart cities in 2022. The ongoing trend of sustainable
with sustainable energy technologies. As a energy consumption will open the Indian
result, there will be less carbon emission, market to stay ahead with IoT-based
managed energy consumption, and high innovations.
Energy Leaders In India 2024 8

ENERGY Abhay's strategic
LEADERS acumen extends to
in India 2024 fostering efficiency,
Architect of Transformation
at Power Grid Corporation
cost-effectiveness, and
technological innovation
Abhay within POWERGRID
chaudhary
Director - Projects,
Power Grid Corporation
A
bhay Choudhary, the seasoned
Director (Projects) at Power Grid
Corporation of India Limited
(POWERGRID), boasts an impressive
37-year career in the power sector. His
professional journey commenced at NTPC,
where his expertise in electrical engineering
was first honed. In the early '90s, a
pivotal transition occurred as
NTPC's transmission wing
shifted to POWERGRID, laying
the groundwork for Abhay's
enduring commitment to
excellence.
Established in 1989 under the
Companies Act, POWERGRID
is a critical player in India's
power sector. Initially named
National Power Transmission
Corporation, it evolved into
Power Grid Corporation of
India Limited, managing
high-voltage transmission
systems. With a pivotal
role in nationwide power
transmission, POWERGRID
contributes significantly to
India's energy infrastructure
and offers telecom and

consultancy services globally. Under
Abhay's astute leadership, POWERGRID
not only meets but surpasses international
benchmarks in transmission technology.
His emphasis on practical implementation
has sculpted a work culture marked by
transparency, efficiency, and unwavering
dedication. Abhay's leadership philosophy
centres on steering the organisation towards
cutting-edge technological solutions,
positioning POWERGRID as a trailblazer in
the global power transmission landscape.
Abhay's directorship has ushered in
a paradigm shift in project execution
at POWERGRID. The company, under
his strategic guidance, demonstrates
unparalleled efficiency by completing
projects within an impressive two-year
timeframe. Transparent competition with POWERGRID. As the Director (Projects), he
private entities has become a hallmark of ensures that the organisation remains at
POWERGRID, securing approximately 40% the forefront of transmission technology,
of bids and solidifying its standing as a constantly evolving to meet the dynamic
frontrunner in project management. Abhay's demands of the industry. His focus on
accomplishments underscore a commitment staying ahead of the curve reflects a
to precision and agility in the execution of commitment to not just meeting but
critical transmission initiatives. exceeding the expectations of stakeholders,
The impact of Abhay's leadership extends ensuring POWERGRID's continued
beyond timelines and statistics, manifesting dominance in the transmission sector.
in the qualitative advancements of Navigating the vast expanse of India's
POWERGRID's transmission infrastructure. diverse landscape presents unique
His team, under his adept guidance, has challenges in building transmission
played an instrumental role in constructing lines. However, Abhay's confidence in the
high-capacity transmission corridors in dedication of the POWERGRID team shines
regions like Jharkhand and Odisha. The through. His leadership philosophy inspires
fortification of a robust grid, maintained resilience and determination, turning
with 400 kV and 765 kV lines, underscores challenges into opportunities for growth and
Abhay's commitment to ensuring the innovation. The unwavering commitment
reliability and resilience of India's power to overcoming obstacles positions Abhay
transmission network. as a transformative leader, propelling
As a visionary leader, Abhay advocates for POWERGRID towards new heights in the
the seamless integration of renewable energy transmission industry.
sources with the main grid. His strategic In conclusion, Abhay emerges as a
vision aligns with global efforts to transition visionary force shaping the future of power
towards sustainable energy practices, transmission in India. His transformative
marking POWERGRID as a key contributor leadership, commitment to innovation,
to India's clean energy journey. Abhay's and advocacy for sustainability position
advocacy not only positions POWERGRID at POWERGRID not merely as a transmission
the forefront of environmental stewardship giant but as a catalyst for positive
but also underscores his commitment to change in the energy landscape. Abhay's
fostering innovation and adaptability in the journey exemplifies a relentless pursuit
ever-evolving energy landscape. of excellence, and under his stewardship,
Abhay's strategic acumen extends to POWERGRID is poised for continued
fostering efficiency, cost-effectiveness, success, setting the benchmark for others in
and technological innovation within the industry to follow.

Need for Localised
Energy Storage Solutions:
Meeting Tomorrow’s Demands Today
W
hen talking about demand globally, according to 31% between 2020 and 2026,
sustainable energy the International Renewable reaching $18.6 billion by the
solutions, the role Energy Agency (IRENA). end of the forecast period.
of energy storage cannot According to another report But there is an exception:
be overlooked. According to by BloombergNEF, global while renewable energy is
International Energy Agency energy storage capacity clean and abundant, it also
(IEA) reports, global energy is expected to increase poses some challenges. Solar
demand will rise by 1.3% per dramatically in the coming power generation is based on
year by 2040. With the rapid years, reaching 741 gigawatt- sunlight availability, while
growth of renewable energy hours (GWh) by 2030. This wind power depends on wind
sources such as solar and represents a significant jump patterns. Consequently, excess
wind power, the renewable from the 17 GWh capacity energy is often generated
energy landscape is changing recorded in 2018. Moreover, during peak production
faster than ever before. Back the grid-scale energy storage periods that cannot be
in 2020, these renewable systems market is projected efficiently utilised without
sources accounted for more to grow at a compound effective storage solutions.
than 80% of new electricity annual growth rate (CAGR) of Innovative solutions, such as

battery storage systems and neighbourhoods and facilities for a sustainable and resilient
grid-scale storage projects, are enjoy uninterrupted power energy future by promoting
essential for balancing supply despite grid disruptions or innovation and cooperation.
and demand in the renewable natural disasters. According to
energy sector. the National Renewable Energy Harnessing energy storage
Laboratory (NREL) reports, these
Energy Storage systems increase grid resilience is like bottling lightning,
Solutions: A Need for a by up to 50%. Moreover, it helps keeping its power to
Better Tomorrow balance demands by storing brighten every corner of our
Energy storage plays a very large amounts of energy during
crucial role in renewable off-peak hours and releasing it energy landscape.
energy integration. Given the when needed, as highlighted by
energy generated during peak IRENA, which reports a potential Localised energy storage
production hours, it can be reduction in peak demand by is vital for empowering
stored for later use, ensuring up to 15%. As per the reports individuals and communities
a reliable and stable energy by the IEA, these systems by reducing reliance on
supply. Similarly, the energy ensure a steady and reliable centralised grids and fossil
stored contributes highly to power supply by harmonising fuels. It enables uninterrupted
grid stability by balancing the energy integration, boosting power during blackouts and
supply and demand chain. renewable energy penetration stores enough solar energy for
While large-scale energy storage by up to 20%. By optimising nighttime use, giving people
facilities play a vital role in the energy usage and reducing control over their energy
energy transition, localised peak demand charges, localised needs. This independence
energy storage solutions offer storage solutions offer significant fosters resilience and
a distinct approach to address cost savings to consumers sustainability, promoting
these energy challenges. These and businesses. A McKinsey environmental responsibility
innovative technologies are & Company study estimates and economic stability at the
designed to meet the specific potential annual savings of local level. By harnessing
needs of communities and $30 billion in electricity costs energy on-site, communities
businesses, providing them with by 2030, making localised can minimise grid
greater control over their energy storage the only solution for a disruptions, cut costs, and
consumption and production. sustainable future. embrace renewable sources,
thus promoting a greener,
The future of energy lies Future Implications more self-reliant future.
and Policy Outlook So, what's the bottom
in decentralised systems To fully realise the potential line? As we move towards a
and innovative storage of localised energy storage, sustainable future, localised
technologies, empowering governments must incorporate storage solutions will play
decentralised energy systems a crucial role in shaping
communities to maximise to simplify the process of the future of energy. With
renewable energy energy storage projects. increasing demand expected
utilisation and reduce Moreover, research and in the coming years,
development efforts should now is the time to invest
reliance on centralised grids prioritise battery technology in these transformative
and fossil fuels advancements and storage technologies. A report by
efficiency enhancements. BloombergNEF forecasts
—BloombergNEF Looking ahead, increasing that global investment in
localised energy storage energy storage will increase
Imagine a future where solutions promises to to $662 billion by 2040,
communities no longer rely revolutionise the energy mentioning a significant shift
solely on centralised power landscape, empowering towards decentralised energy
grids during emergencies. By communities to maximise systems and emphasising
strategically placing localised renewable energy utilisation. the importance of storage
energy storage systems, Businesses can set an example technologies.

Exide has a unique culture.
ENERGY Any employee can walk into
LEADERS
in India 2024
the Managing Director's
office or any other Executive
Director's office without a prior
Fueling Progress And Shaping appointment and share his
Exide's Journey
views/ concerns on personal or
Arun professional issues.
Mittal
Executive Director,
Exide
N
avigating the competitive landscape
of the battery market for nearly
seven decades is no small feat.
Exide Industries Limited has achieved this
remarkable milestone, a testament to the
visionary leadership of individuals
like Arun Mittal, the Director of
Automotive. Over his extensive
career, Arun's tenure at
Exide Industries has been
characterised by a steadfast
commitment to excellence
and a pragmatic approach to
driving innovation within the
automotive battery sector.
Since taking the reins
as Director of Automotive
in 2016, Arun has played
a pivotal role in steering
Exide Industries towards
unprecedented success.
His pragmatic and forward-
thinking leadership has not
only propelled the company
to a prominent position in
the battery industry but has
solidified its standing as a global
leader in automotive batteries.
In 2018, under Arun's strategic

guidance, Exide Industries strategically
entered the lithium-ion battery market,
marking a pivotal moment in the company's
history. This strategic move underscored
Arun's ability to discern the potential of
Arun's dedication
lithium batteries in addressing the real-world
challenges faced by industries grappling
to innovation
with power instability, including automotive, and upholding
telecommunication, and healthcare.
Arun's dedication to innovation and stringent quality
upholding stringent quality standards
has been foundational in shaping Exide's standards has been
trajectory in the automotive battery sector. As
Director, Automotive, he remains committed
foundational in shaping
to ensuring that the company's offerings
consistently meet and exceed the highest
Exide's trajectory in the
quality benchmarks. This commitment to
excellence has positioned Exide Industries
automotive battery sector
as a reliable provider of automotive
batteries, earning the trust of industries
where reliability and performance are non- and the remaining factories manufacture
negotiable. Under his supervision, direction, Home UPS systems. It clearly reveals that
and leadership, he made the company a it is the only company with multi-locational
leader in package-packed technology. Today, manufacturing units across the country
Exide Industries is India’s largest storage equipped with state-of-the-art technology.
battery company, entailing conventional Beyond the corporate realm, Arun's
flooded and advanced VRLA batteries. influence extends into the domain of
Furthermore, Arun's strategic decisions corporate social responsibility (CSR) activities.
have transcended national boundaries, Under his leadership, Exide Industries' CSR
resulting in meaningful collaborations initiatives have made a tangible impact on
with industry leaders such as East Penn communities, emphasising social well-being
Manufacturing. These global partnerships alongside sustained business success. Arun's
not only expanded Exide's footprint but commitment to community engagement aligns
also underscored Arun's pragmatic and with his belief that a successful business
global perspective as a leader. By fostering must contribute positively to the society
collaborations with international players, it serves. Under his leadership, he led the
he has enhanced Exide's technological company to new heights. As a result, Exide
capabilities and positioned the company as a Industries invested more than Rs. 1 billion
frontrunner in meeting the evolving demands in its wholly-owned arm, Exide Energy
of the automotive sector on a global scale. Solutions, which manufactures advanced
A distinctive facet of Arun's leadership lies chemistry battery cells in Gujarat.
in his unwavering focus on sustainability. Arun's pragmatic and visionary leadership
Aligned with Exide's commitment to has been instrumental in shaping the
environmental responsibility, he has company's success in the automotive battery
championed initiatives that reflect his ethical sector. His pragmatic approach, commitment
stance, earning recognition such as the to innovation, and unwavering focus on
EcoVadis awards for Exide Europe. This sustainability underscore Arun's role as a
commitment to sustainability is not merely a leader who not only comprehends the power
corporate checkbox but a strategic approach needs of industries but actively shapes the
to ensure that Exide Industries contributes future of battery technology on a global scale.
to a greener and more responsible future. His legacy is not only a testament to Exide
Today, the company has nine factories Industries' historic success but also a beacon
located all over India, out of which seven guiding the company towards continued
factories are focused on producing batteries excellence in the years to come.

Solar Energy
Adoption
in India: Navin Rajaram
Managing Director,
Beyond Policies and Schemes Solar Hitech Solutions
T
he Interim Budget in power plants for open access as a clear opportunity, resulting
2024 brought in a lot of has improved the adoption in the growth of many venture
cheer to the Indian solar of solar energy by the C&I funded flexible/small loan firms
industry with the announcement segment in India. that cater to this sector.
of a whopping Rs. 7,327 crore Beyond policies and schemes, There is a clear and present
for the solar power sector by it is now necessary to ask what opportunity in India to
way of solar ongrid, offgrid else can be done for the solar encourage MSMEs to adopt
and PM-KUSUM schemes. industry to grow in India. Just solar energy, reduce their
In this context, the Hon’ble as the residential opportunity dependence on conventional
Prime Minister Shri Narendra lies beyond the metros/Tier electricity. For this to happen,
Modi’s focus on giving energy 1 cities in the 1-5 KW ticket private and public players
security and independence to size installations, the C&I can join hands to build a
small households through opportunity lies with MSMEs. strong ecosystem of finance,
the PM Surya Ghar Muft Bijli MSMEs in India contribute technology benchmarks,
Yojana subsidy scheme was approximately 30% to India’s installation procedures and
rightfully welcomed and praised. GDP and employ over 100 million clear return on investment
As of December 2023, the people. Often seen as a lesser metrics to demystify the
installed capacity of solar power cousin of the large industrial adoption of solar energy for
in India was 73.3 GW, with a sector, they provide critical MSMEs. Fintech firms that
target of 500 GW of cumulative products and services that keep can digitize and automate the
capacity by 2030 towards the the wheels of India’s economy credit checks and disbursal
larger goal of achieving net zero turning. This sector continues to process will drive solar EPCs
emissions by 2070. The launch rely on traditional energy sources, and MSMEs to close on PPA/
of these residential schemes accounting for close to 25% of the solar installation agreements
is critical for a country that overall energy consumption in faster, improving the adoption
has challenges in availability the industrial sector. of renewable energy.
of natural resources for power As is the case for MSMEs, The job is, of course, made
generation, is exposed to geo- they struggle with easy access tougher with differing policies
political conflicts that inflate to finance/working capital, and schemes relating to net
import costs of fossil fuels and long term business outlook, metering/open access in
struggles to distribute energy shaky creditworthiness, all of different states in India, which
to rural areas. At the same which affects their ability to raises the question on when
time, the growing installation shift to renewable energy. Over we can see a Unified C&I policy
of rooftop solar plants in the past few years, the fin-tech scheme driven by the central
commercial institutions as well sector has identified the need government. That is, of course, a
as ground mounted/utility scale for working capital for MSMEs discussion for a different day!

ENERGY
LEADERS
in India 2024
From Trainee to CFO Excellence
Harak
Banthia
Chief Financial Officer,
HPCL- Mittal Energy
A
lways passionate and hungry about plants and the acquisition of three steel
learning, sharing knowledge, and plants and a port in Romania. In 2006, he
steering through financial landscapes, transitioned to the oil and gas sector, making
Harak Banthia has marked an illustrious significant contributions through roles such
journey as the Chief Financial Officer of as CFO of ONGC Mittal JV Companies and
HPCL-Mittal Energy Limited (HMEL) since VP of Mittal Investments, involving in multi-
April 2011. With over three decades of rich billion-dollar mergers and acquisitions. He also
experience, Harak's professional odyssey served as MD/Director of the Escada fashion
unfolds as a narrative of strategic financial design group, managing its acquisition and
management and global business acumen. divestment. As CFO of HPCL-Mittal Energy
Harak, a distinguished Chartered Limited, he played a crucial role in setting
Accountant, began his finance career in 1988 up a greenfield refinery in Bathinda, Punjab,
at Lovelock & Lewes (now PWC), mastering its expansion to a 13 million tonne capacity,
audits, computer assurance, programming, and diversifying into petrochemicals with
and special assignments for seven years. In over $9 billion in investments, leading to a
1995, he joined L.N. Mittal's global steel and oil company turnover of $10 billion and over 2100
and gas ventures, swiftly ascending to CFO/ employees. His efforts in finance, contract
Executive Director Finance. He played a pivotal negotiations, and digitisation have significantly
role in acquisitions, divestments, turnarounds, contributed to the company's success.
and value additions across various sectors Harak's journey is characterised by swift
in numerous countries, including Ireland, decision-making, effective delegation, guiding
Romania, Macedonia, South Africa, the UK, the team and a focus on strategic financial
Germany, Kazakhstan, Russia, Syria, Nigeria, management. Always accessible to his team as well
Turkmenistan, Hong Kong, and the USA. as various cross functions, he fosters a culture of
From 1995 to 2006, he held key roles in the innovation and excellence. As Harak continues his
steel industry, including Executive Director dedicated pursuit of knowledge, both personally
Finance at Mittal Steel South Africa and CFO and professionally, his roadmap promises
at several steel plants in Romania and Ireland, continuous growth and unwavering commitment.
where he led the profitable turnaround of TradeFlock interviewed Harak to learn more
previously unprofitable government-owned about his journey.

Could you summarise your career In your extensive experience, what
journey from Article ship trainee changes have you seen in productivity,
at Jhanwar & Co., Chartered revenue, and overall operations?
Accountants and Tata Iron and Throughout my journey, most of the assets overseen
Steel Co (TISCO), to CFO at HMEL? by me improved in terms of productivity, revenue
I began my career at Jhanwar & Co., Chartered and overall operational and financial performance.
Accountants, and as an industrial trainee at TISCO, Same continues here at HMEL where we keep
fulfilling ICAI's three-year article ship requirement, and completing new projects and undertake new
completed my CA and BCom honours in 1987. My projects to keep growing the company in terms of
journey continued at Lovelock & Lewes (now PwC) for both revenue as well as profitability. Value addition
seven years, leading audits and developing software involving improvement in operational efficiency,
for clients, before leaving as a senior manager in 1995. cost reduction and revenue maximisation
My time with Mittals involved managing acquisitions, remains a key focus area. We encourage proactive
turning around loss-making firms, and profitable collaboration, passionate innovation and boldly
divestments, alongside my CFO responsibilities. efficient behaviour. Treasury management is
My decision to return to India to care for my ageing focused on deleverage the company, interest rate
parents led me to my current role as CFO at HPCL- reduction and improving the maturity profile of
Mittal Energy Limited. A significant milestone was debt to create space for growth of the company.
about 4 years spent in Romania, working 16-18 hours
daily to turn around five steel plants, transitioning from What strategies effectively navigate
a barter to a cash economy from day one, a testament financial management challenges?
to my passion and the application of my learnings. Overcoming financial challenges demands fast
decision-making, strategic delegation, and a
In past M&A roles, what challenges proactive approach. Emphasising volume and
did you face with government efficiency, fostering innovation, automating
authorities and regulatory parties? processes and establishing a well-analysed
In my past M&A experiences, challenges team structure ensure efficient task handling
varied based on the country's context. Ireland's in the dynamic financial landscape.
negotiations were relatively straightforward, thanks
to the government's willingness to sell assets. What are your key takeaways from
However, in Romania, complexities arose dealing working with the Mittal Group?
with loss-making entities, requiring exhaustive Working with the Mittal group has provided
efforts, structuring deals. My role during this period significant learning. The group's strengths lie in
was crucial as not only I was involved in negotiating fast decision-making, effective delegation, and
deals with the Govt but also turnaround of fostering a culture of trust. Access to guidance and
these companies post-acquisition. Success in support from the Mittal family has played a crucial
navigating these challenges was credited to a role in the group's continuous growth and success.
supportive and empowering CEO, a dedicated
team, and rigorous negotiations. If you could go back in time and
change one thing, what would it be?
What are your current challenges, If I could go back in time, I would use my
specifically disputes and regulatory present learnings and enhance appreciation,
changes? encouragement, and rewards for the team
Currently, notable achievements involve while working abroad. However, every
successful dispute prevention through experience was a learning opportunity.
collaborative efforts with the team and
proactive issue resolution. Challenges persist What does your roadmap look like,
in the form of ongoing regulatory changes both personally and professionally?
and impact of geo-political situation. With I try to create idle hours of creating thinking time
great collaboration with my CEO & MD, to formulate various strategies whether for my
Positive mindset, forward-looking approach, personal passionate activities or for the company. I
driving digital journey and encouraging teams remain a dedicated workaholic and learner. I plan
to innovate and grooming them into key to remain like this throughout my career, fuelled by
leadership roles remains some of the priorities. enthusiasm and the belief that age is just a number.

Legacy & Leadership
Lessons from the Great Inventor

NIKOLA TESLA
N
ikola Tesla is being contributed to development the box, which are often the
regarded as one of of hundreds of technologies necessities for triumphing in
the greatest inventors that play big parts in our this highly competitive and
in human history. Born in daily lives -- like the remote fast-paced business climate.
the village of Smiljan, in control, neon and fluorescent Tesla not only had the genius
the then Austrian Empire lights, wireless transmission, but also the courage to present
(which is now in Croatia) computers, smartphones, concepts which were much
on 10th July 1856, he took laser beams, x-rays, robotics ahead of his time. He was even
US citizenship in 1891 and and, of course, alternating not hesitant to counter the
was an US citizen till his current, the basis of our opposition of the pioneering
demise on 7th January present-day electrical system. inventor Edison, who was the
1943 at Hotel New Yorker, In fact, from this list we proponent of direct current
in New York. could decipher that without electricity, to introduce an
In his lifetime, the great the genius of Tesla, we alternate current driven
inventor filed more than couldn’t imagine our post- system, which eventually the
300 patents and is most modern world. world adopted because of ACs
renowned for his seminal much better efficiency.
contributions to the design Being Innovative and From the US’s Department of
of alternating current electric Courageous Energy website, we could know
supply systems. According that during the war of the
to the US government’s From Tesla, we as professionals currents, alternating current
Department of Energy, can get inspired to become (AC) -- favored by Tesla -- battled
Tesla invented, predicted or innovative and think out of for wide acceptance with direct

current (DC), favored by Edison. Understanding Each
At stake was the basis for the
entire nation’s electrical system.
Tesla not only had the Other
Edison launched a campaign
against AC, claiming it was
genius but also the Another of Tesla’s famous
quote reads: “What we now
dangerous and could kill people; courage to present want is closer contact and
Tesla countered by publicly better understanding between
subjecting himself to 250,000- concepts which were individuals and communities
volt shocks to demonstrate AC’s all over the earth, and the
safety. Ultimately, alternating much ahead of his time. elimination of egoism and
current won the fight.
We should also develop
He was even not hesitant pride which is always prone
to plunge the world into
the courage to put forward
ideas even if they are thought
to counter the opposition primeval barbarism and
strife... Peace can only come
of as absurd initially, even
if we have to stand alone
of the pioneering as a natural consequence of
universal enlightenment...”
in the crowd, even if we are inventor Edison From this quote of his we
fervently opposed. Only the can decipher the invaluable
faith and sound logic behind importance of mutual
our convictions should propel Enrichment through understanding and of the
this courage. By doing so we Knowledge elimination of ego and pride.
can develop the potential to Mutual understanding
eventually help improve our Though most of us are not even and sensitivity have the
lives and career and also endowed with even a small potential to propel us and
contribute to the betterment fraction of his unimaginable our organization higher, on
of the society. brain power, we can easily get the other hand perpetual
inspired by Tesla’s inspiring pandering to ego and pride
Ideas for the Future life lessons, which are also can lead to not only the
often reflected in his quotes, to downfall of individuals, but
Tesla’s idea for exploration of improve our life and career. also of giant corporations.
renewable energy sources in One of his famous quotes
the 1890s was way ahead of reads: “It is paradoxical, yet true, The Power of Solitude
his time and the importance to say, that the more we know,
of renewable energy didn’t the more ignorant we become Another of Tesla’s famous
get its due recognition in his in the absolute sense, for it is quotes implies the immense
lifetime. But today renewable only through enlightenment role of solitude in producing
energy is being thought of as that we become conscious of great work. It reads: “Be
an integral part of the future our limitations. Precisely one alone, that is the secret of
of the planet. of the most gratifying results invention; be alone, that is
Like Tesla, as professionals of intellectual evolution is the when ideas are born.”
we shouldn’t be deterred if continuous opening up of new This quote should induce
our concepts or ideas don’t and greater prospects.” us to search for our own
get their due recognition in This quote should enlighten solitude, amidst all the
the short-term; if we have us that through acquiring crowd and noise in our
strength in our concepts or knowledge we shouldn’t life. By being alone we
ideas they would eventually develop conceit but instead can let our thoughts flow
thrive, perhaps much after we should become more conscious undisturbed by the clutter
leave the organization where of our limitations. But at the of inane conversations,
we have proposed the given same time, the great quote also which eventually can help
concept/s or idea/s. They encourages us to open up new us to arrive at that long
may not benefit us but may worlds and prospects through due elusive solution or
benefit other personnel in the intellectual exploration, which idea or concept needed
organization and that should has the potential to enrich and for the growth of ourselves
be satisfactory enough for us. benefit us and others eventually. or our organization.

ENERGY Architect of Tomorrow's
LEADERS Energy Landscape
in India 2024
Dr. Hitesh
Chimanlal
Doshi
Chairman and Managing Director,
WAAREE Group
N
avigating the complex terrain of the
energy industry demands leaders with
a distinct vision and an unwavering
commitment to sustainability. Dr. Hitesh
Chimanlal Doshi, as the Chairman and
Managing Director of Waaree Energies,
stands as a pragmatic architect,
shaping the company's trajectory
with a balance of vision and realism.
His visionary approach transcends
conventional benchmarks, weaving
together global impact, technological
innovation, and an unwavering
commitment to sustainability into the
very essence of Waaree's mission.
Dr. Hitesh's journey from humble
beginnings in a small village in
Maharashtra, India, to the helm
of Waaree Group is a testament
to his tenacity and vision. His
entrepreneurial spirit ignited early,
propelling him to overcome adversity
and create a lasting impact. This
background lends a unique resilience
to his leadership style, emphasizing
the importance of perseverance
and adaptability in the face of
challenges. Dr. Hitesh holds
an honorary doctorate in
Professional Entrepreneurship
from the European Continental
University. This recognition

underscores his contributions to business and promoting sustainable energy solutions
project management and leadership, beyond Indian borders.
reinforcing his position as a thought leader in Dr. Hitesh always emphasizes the need for
the industry. India to support domestic solar manufacturing.
Since his ingress into Waaree in 1999, His advocacy aligns with Waaree's mission
Dr. Hitesh's engineering acumen has been to contribute to India's economic growth and
instrumental in steering the company towards job creation. This strategic focus on domestic
global sustainability. As Chairman and manufacturing reflects a broader commitment
Managing Director, his strategic decisions not to the socio-economic development of the
only fuel Waaree's unparalleled growth but country, positioning Waaree as a responsible
also etch the company as a formidable force in corporate entity. Dr. Hitesh's strategies involve
the renewable energy sector. aligning business objectives with broader societal
Guiding Waaree under Dr. Hitesh's goals, emphasizing the importance of corporate
leadership is synonymous with embarking citizenship in the renewable energy sector.
on a journey of innovation and unyielding Dr. Hitesh's leadership extends beyond the
quality standards. His dedication to pushing corporate realm to actively champion clean
technological boundaries has birthed cutting- energy adoption. His advocacy aligns with
edge solar technologies, solidifying Waaree's global efforts to combat climate change and
position as a vanguard in the industry—from positions Waaree Energies as a proactive
groundbreaking solar panels to revolutionary contributor to sustainable practices. This
energy storage solutions. commitment to environmental responsibility
As Chairman, Dr. Hitesh's strategic decisions aligns with the broader narrative of Waaree's
have been instrumental in shaping Waaree's mission and its impact on the global energy
trajectory in the renewable energy sector. His landscape. Furthermore, Dr. Hitesh's
ability to foresee industry trends and adapt emphasis on community empowerment
swiftly positions Waaree as a key player, through solar solutions is a key aspect of
navigating the dynamic landscape with Waaree's initiatives. His commitment to
precision. His strategic acumen involves a lighting up lives in rural areas resonates with
careful consideration of global market dynamics, the ethos of responsible business practices,
regulatory frameworks, and technological emphasizing the positive impact that
advancements. This comprehensive approach renewable energy can have on communities.
ensures that Waaree is not just reactive The accolades that adorn Dr. Hitesh's career
but proactive in addressing challenges and are not mere symbols of corporate success;
capitalizing on emerging opportunities. they are testaments to his ability to navigate
Dr. Hitesh's passion for innovation challenges and consistently drive innovation. In
permeates every aspect of Waaree Energies. the legacy he crafts, Dr. Hitesh exemplifies the
From cutting-edge solar panels to energy transformative power of visionary leadership in
storage solutions, he ensures that Waaree the energy sector, illuminating a path toward a
remains at the forefront of technology. His sustainable future for generations to come.
commitment to innovation goes beyond In weaving together the diverse facets of Dr.
adopting new technologies; it encompasses Hitesh's corporate persona, from his roots to
a strategic approach to research and his global vision, from strategic decisions to
development. By investing in R&D, Dr. Hitesh technological innovation, a comprehensive
ensures that Waaree is well-positioned to narrative emerges. His leadership legacy stands
anticipate and meet the evolving needs of the as a testament to the transformative power
renewable energy market. of pragmatism, resilience, and unwavering
The global vision held by Dr. Hitesh commitment in steering Waaree Energies
extends beyond merely expanding business towards a future of sustainable excellence.
operations internationally. It involves As the global energy landscape continues to
fostering collaborations and partnerships that evolve, Dr. Hitesh's influence remains pivotal
contribute to sustainable energy practices on in shaping not just the trajectory of Waaree
a global scale. Waaree's overseas expansion Energies but contributing to the broader
reflects not only market diversification but a narrative of responsible and sustainable energy
commitment to sharing technological expertise practices on a global scale.

Changing the Global
Energy
Landscape
T
he global energy 1908, oil was discovered after some point in time. Many
landscape is going in Iran, and the world of experts believe that peak oil
through a big change, energy changed forever. Ever production will happen from
and the emphasis on the since petroleum has been the 2000s to 2030, and after
consumption of sustainable the single most important that, the production of oil will
energy sources has grown in commodity in the energy gradually decrease.
recent years. More and more market. However, as the use The term Peak Oil was
countries are looking at new of electricity increased and made famous by the 39th
ways to develop sustainable started powering industries, President of the US, Jimmy
energy to ensure energy factories, and homes around Carter, in 1977 when he
security for their respective the world, the consumption addressed the nation on
nations. According to the of coal and other fossil energy and said, “Look back
International Energy Agency, fuels to generate electricity into history to understand
the total power capacity increased even further. our energy problem. Twice
from renewable sources As the 21st century began, in the last several hundred
is expected to increase by the environmental effects years, there has been a
50% from 2019 to 2024. of using coal and other transition in the way people
This marks a big change in non-renewable sources of use energy. Because we
how we consume energy. energy became clear as day. are now running out of gas
The landscape of energy Moreover, the fear of energy and oil, we must prepare
consumption has changed a sources running out forced quickly for a third change to
few times in the past as well. countries to look for new and strict conservation, and to
At the dawn of the 19th sustainable sources of energy. the renewed use of coal, to
century, coal was the hottest According to a term called permanent renewable energy
commodity, and it powered Peak Oil, due to the increasing sources like solar power.”
everything from locomotives use of oil in automobiles, the The final nail in the coffin
to the industrial revolution global production of oil will came in 2015, after the
in Great Britain. Then, in see an irreversible decline finalisation of the Paris

Agreement by 196 countries.
According to the agreement,
all 196 countries had agreed
to reach carbon neutrality by
2050. However, this required
an immediate shift in global
energy consumption from
fossil fuels to lower-carbon
emission options.
Global Energy Shift

Today
Almost every major country
on the planet is working
towards decreasing their
carbon footprint. According
to the International Energy
Agency, the global annual
investment in clean energy
sources has increased
from less than $1 trillion
in 2015 to almost $1.8
trillion in 2023. While the
global annual investment
in fossil fuels decreased
from $1.3 trillion in 2015
to around $1.1 trillion in
2023, governments around
the world have invested
around $1.34 trillion in clean
energy since the pandemic
in 2020. Between 2010 and
2021, the US generated 13%
less energy from fossil fuels,
and the energy provided
by renewable sources like
solar and wind saw a 250%
increase in the country.
One of the main consumers India has made strides in Minister of Road Transport
of fossil fuels is automobiles terms of CNG vehicles. The and Highways, Nitin Gadkari,
around the world. This is country is producing more revealed a new road map in a
a big change that needs to than 75,000 CNG vehicles Rajya Sabha session based on
happen to ensure carbon in a month. The NCR region EVs, biofuels, and alternative
neutrality by 2050. The first in India has made the use of fuels. By following this,
step towards this change is CNG public transportation India plans to cut its carbon
the growing EV trend. The mandatory to deal with high emissions by 50% in the next
global electric car stock went carbon emissions in the decade.
from 5 million in 2018 to region. However, the country The global energy landscape
more than 25 million in 2023. still uses 85% of fossil fuels is constantly changing with
Not only electric cars, but for its energy needs. For this only one thing in mind: to
automobile manufacturers reason, the Indian government learn about carbon neutrality
have made hydrogen, CNG, is giving out incentives to in the first half of the century
and LPG engines as well to try make electric and green-fuel to ensure a clean and
and keep the emissions down. cars in the country. India’s sustainable future.

ENERGY
LEADERS
in India 2024
Leading the Charge Towards a Future
of Power Exchange Platforms
Naveen
Singh
Head Policy Advocacy and Vice
President - Business Development,
Hindustan Power Exchange
H
industan Power Exchange (HPX)
emerges as a crucial player in
India's power sector, addressing the
imperative need for diversity, innovation, and
competition in power trading. Positioned as
an alternative to established exchanges,
HPX, under the leadership of Naveen
Singh, Head - Policy Advocacy & Vice
President - Business Development at
HPX, strategically introduces new
products, including high-priced
contracts, fostering a competitive and
dynamic marketplace. Recognized
by the Central Electricity
Regulatory Commission (CERC),
HPX embodies legitimacy and
adaptability, aligning with India's
ambitious goals for renewable
energy integration. Naveen's
leadership extends beyond
meeting immediate needs;
he envisions a future where
Market coupling is crucial for other exchanges to increase

their market shares but Indian Energy Exchange (IEX) is
likely to lose its monopoly with the implementation of
market coupling.
power trading is a transformative force. By Anticipating future challenges, particularly
advocating for market coupling, Naveen aims in the face of a significant addition of
to break monopolies and stimulate healthy renewable capacity, Naveen's forward-thinking
competition, contributing significantly to approach advocates for solutions beyond
India's energy security and sustainability conventional boundaries. Large hydroelectric
goals. plants, pumped storage, and GW-scale battery
Naveen’s leadership transcends conventional storage systems feature prominently in his
boundaries, steering HPX into the forefront vision. His ability to foresee and address
of India's evolving power trading landscape. future integration challenges positions HPX
Within the intricate fabric of India's expansive not merely as a participant in the market but
and evolving power sector, Hindustan Power as a pioneer navigating the complexities of
Exchange (HPX) emerges as a transformative tomorrow's energy landscape.
force, navigating the complexities of the Naveen's impact extends beyond
nation's energy landscape. As the third strategic initiatives. His commitment
power exchange in India, HPX plays a to transparency, fairness, and ethical
pivotal role in the country's ambitious business practices contributes to HPX's
journey towards achieving a 25% share of credibility, establishing the exchange as
exchange-traded power by 2030. In this a trustworthy player in the power trading
dynamic energy ecosystem, Naveen Singh, arena. Advocating for customer-centric
the Vice President and Head of Business approaches, exemplified by ensuring
Development at HPX, assumes a central exemplary service to clients and active
role, steering the organisation with strategic participation from all power market
acumen and a deep understanding of the stakeholders, underscores a holistic vision
sector's intricacies. His leadership at HPX for HPX's role in shaping the industry.
goes beyond conventional boundaries. In addition to his impactful tenure at HPX,
With a wealth of experience gained from Naveen has left an indelible mark on previous
key positions at Sterlite Power, Adani, IEE, roles, showcasing a rich history of experiences
and PriceWaterhouseCoopers, he brings a that contribute to his comprehensive
nuanced perspective to the organization. His understanding of the power sector. His
role extends far beyond the immediate market journey through industry stalwarts, combined
dynamics; it encompasses a visionary outlook with his current role at HPX, weaves together
for the future of India's energy landscape. to create a leader whose insights span across
Under Naveen's strategic stewardship, HPX the entire power value chain.
has become a catalyst for change, actively To say it another way, Naveen's
shaping the narrative of power trading in transformative leadership at HPX is not
the nation. The introduction of innovative merely about fulfilling a need; it is about
products, such as high-priced contracts, envisioning and constructing a future where
signifies a proactive approach to fostering power trading is efficient, competitive,
competition and ensuring a level playing field and sustainable. His strategic brilliance,
across market segments. In just 10 months coupled with a keen understanding of
since its launch, HPX, led by Naveen, had industry intricacies, positions HPX as a
captured an impressive 35% share in the catalyst for change in India's power sector.
term-ahead market. Naveen is not just transforming the space;
Market coupling, a concept ardently he is leading the charge towards a future
advocated by Naveen, adds another layer where power exchange platforms evolve to
to HPX's significance. By championing meet the dynamic needs of market players,
transparency and uniform price discovery contributing to a competitive, transparent,
across exchanges, he aims to dismantle and sustainable energy future for India. As
monopolies and pave the way for increased India's power sector continues to evolve,
competition and innovation. This strategic Naveen stands as a beacon of transformative
vision aligns seamlessly with HPX's mission, leadership, charting a course towards a
envisioning a future where the exchange future where power trading is not just a
secures a 40–45% market share in the day- transaction but a cornerstone of India's
ahead segment of power trading. energy revolution.

RENEWABLE
ENERGY'S
SOCIAL IMPACT:
Empowering Rural India or Abhishek Singh
CEO,
Widening the Digital Divide Ecoteq Energies
W
ay back in 2011, However, with government employment opportunities even
when I stepped into initiatives and support in the most remote villages of
the renewable energy from financial bodies and India. The renewable power
sector, I had a very different renewable companies, social infra has changed the whole
approach to the sustainable awareness increased, and scenario and directly impacted
energy domain. It was the renewable power sources rural India, empowering its
time of inner realisation became an indispensable present and future. Renewable
when I got the opportunity part of their lives. Renewable power has enabled them to
to serve rural India. Having energy with uninterrupted stay updated and connected
an urban approach when we power not only supported with the outside world,
are talking about digital India them in their day-to-day living increasing their exposure and
and technology advancements but also uplifted their socio- reach to any opportunity,
across different industry economic status in society. which is, therefore, the urban
domains, it is ironic that world. Our roots come from
several parts of rural India
were deprived of basic power
Rural India became more rural India; if rural India
is sustainable, then it is
needs. After more than 60 empowered with power sustainable. When discussing
years of Independence, in their hands and with no India as a superpower, we have
struggling even for basic power to empower rural communities.
is a curse to any developing dependency on anyone. With Renewables are also
country, both socially and the spread of home lighting crucial in enabling farmers
economically, and this is the to optimise their return on
dark side of the story.
systems and rooftop solar investment in farming. The
For instance,during my visit schemes, every rural home increased use of renewable
to a small village in Ballia
district in Uttar Pradesh,
has become a powerhouse. sources, mostly solar energy,
adds more to the value
I was puzzled to see the chain. This results in low
villagers still using kerosene With the increased use of investment and high returns
lamps for their basic power renewables at the utility- with a shorter ROI than in
needs. These kerosene lamps scale, rural India also receives the era before renewables.
enabled them to cook food, uninterrupted power supplies This value addition has also
but their children's studying for as long as 24 hours. This empowered rural India to
needs deprived them of basic change through renewables the maximum extent, with a
social living. has generated business and great social impact.

Startup of the Month
Energising the Future

W
ith the energy crisis Octopus Group is still on December 2023, Octopus
looming over us, the the majority shareholder Energy has achieved the
use of sustainable of Octopus Energy though distinction of being the UK's
or renewable energy sources Octopus Group has attracted second largest domestic
is one of the important four more investors - energy provider. Today
necessities for the future Origin Energy, Tokyo Gas, Octopus Energy Group’s
of our planet. Octopus Generation IM and CIPPB operations cover divisions
Energy, a British company - during the course of eight which include Octopus
specialising in sustainable years of its super energetic Energy Retail, Octopus
energy, is making significant journey. Energy for Business,
inroads in this direction. Today, within a short span Octopus Energy Services,
Octopus Energy is a global of eight years, the company Octopus Electric Vehicles,
clean energy tech business, is engaged in powering more Octopus Energy Generation,
driving the affordable, green than 5 million UK homes Octopus Hydrogen, Kraken,
energy system of the future. and businesses with award- Kraken Flex and the
Under its own retail brand, winning 100 percent green not-for-profit Octopus
Octopus Energy delivers electricity. In fact, by 2017, Centre for Net Zero.
world-class customer service Octopus Energy reached Here it deserves a
and cutting-edge energy 100,000 retail customers & mention that Octopus
products to 7.2 million launched Octopus Electric Energy Generation is one of
households globally. Today Vehicles. In 2018, the Europe’s largest investors
its operations span 18 company launched Octopus in renewables; operating
countries and the entire Energy Services and in the £4 billion worth of green
energy value chain. following year had more than energy generators across
Based in London, the 1 million UK retail customers seven countries. Octopus
company was established in in its ambit. Energy Services is engaged
August 2015, as a subsidiary Besides the UK, Octopus in installing affordable
of Octopus Capital Limited, Energy has its beneficial heat pumps, EV chargers,
with the backing of British tentacles (read operations) smart metres and more
fund management company in France, Italy, Spain, smart energy hardware to
Octopus Group. The Germany, Australia, contribute towards building
company began trading Japan, New Zealand and the homes of the future
in December 2015. Greg the United States among whereas Octopus Energy
Jackson is the CEO and other countries. After its Vehicles is making electric
Founder of Octopus Energy. acquisition of Shell Energy cars the easy choice for

everyone, with EV leasing
deals, home charging, and
smart green tariffs.
Octopus Energy Group’s
Kraken technology platform
has seen astounding
success, from 17 million
accounts two years ago, to
over 52 million by December
2023. In UK energy retail,
Kraken supports E.ON, EDF
and Good Energy in the UK
as well as clients in Europe,
Japan and Australia.
Kraken is also licensed to
water companies, electricity
networks, renewable
generators and large-scale
battery operators across
BY 2023, OCTOPUS ENERGY GROUP WAS
the world.
In 2021, Octopus Energy
VALUED AT $8 BILLION FOLLOWING NEW
Group was valued at
approximately $5 billion INVESTMENT FROM EXISTING SHAREHOLDERS
following investments from
Generation Investment – UP 60 PERCENT SINCE IT. IN DECEMBER
Management and Canada
Pensions Plan Investments 2023, OCTOPUS ENERGY GROUP ANNOUNCED
Board. In the same year,
the company also launched 800 MILLION USD ADDITIONAL INVESTMENT
retail business in Spain,
France and Italy, and signed FROM ITS EXISTING SHAREHOLDERS.
a deal to look after 5 million
accounts through a licence green jobs in the UK alone the total support offered
with EDF Energy. over the next five years and during the energy crisis to
“Octopus Energy’s focus is well on its way to reaching nearly £200m by holding
on customer service and its global mission of 100 energy prices below the cap,
technology has not only driven million customers by 2027. offering standing charge
us to market leadership in UK Octopus Energy’s investment holidays, and the distribution
power, but we have built the in smart technology has of nearly 50,000 electric
UK’s leading specialist electric enabled over a million UK blankets free of charge to
vehicle leasing business; customers to save money customers in need.
in just two years we have during the energy crisis, and The awesome success of
almost doubled our renewable is delivering better value by Octopus Energy has the
generation portfolio to $7.6bn helping people benefit from potential to inspire many
(£6bn), and tripled the cheap power. In the last year companies to venture into
contracted accounts on our alone, almost £10m has been the sustainable energy
technology platform Kraken returned to customers through business. However, it should
from 17 million to 52 million,” Octopus’s Saving Sessions, be kept in mind that the vast
informed Greg Jackson. helping reduce demand on the scope of sustainable energy
With over 5 million retail grid at peak times. goes much beyond mere
customers and 52 million To support customers this bottom lines; it is one of the
accounts managed via Kraken, winter, the company has few crucial aspects on which
the Octopus Energy Group recently doubled its OctoAssist the future of humankind
is expected to create 10,000 Fund to £30 million, bringing hinges on.

KIMPEX FLOW, Neeraj's journey unveils a
ENERGY
wealth of experience. Spearheading Global
strategic tie-ups, navigating technological
joint ventures, and orchestrating
LEADERS
manufacturing collaborations including Green
Field JV with a German MNC , he brings
a profound understanding garnered over
a decade, contributing to the management
in India 2024 teams of both Indian and Swiss MNCs
Beyond corporate endeavours, Neeraj's
commitment to fostering a positive work
An Inspirational Journey to Leadership environment is palpable. His rallying cry,
in the Energy Sector "Together We Can Achieve More," echoes not
just as a mantra but as a powerful reflection
Neeraj of his leadership philosophy. Committed

to guiding India's energy sector towards a
future steeped in sustainability, efficiency,
Chamoli
and transformative progress, Neeraj
Chamoli emerges as a beacon, ushering the
industry into a new era.
President,
Kimpex Flow
I
ndia's energy sector stands on the brink
of transformation, fueled by a rising
commitment to green fuel alternatives,
dynamic market shifts, and cutting-edge
technologies. As the demand for sustainable
energy grows, the industry's landscape
evolves, with an increasing focus on
innovation and regulatory frameworks. Neeraj
Chamoli, President, KIMPEX FLOW, asserts,
“The industry will grow at a CAGR of 15%,
signalling not just stability but sustained
growth in the sector. Reflecting on the past
15 years, there's been significant progress in
technology adoption within the energy sector.
This trend, in my view, will play a pivotal role
in shaping the industry's future.”
Neeraj's insightful grasp of market dynamics
and his recognition of technology's pivotal
role shape his vision for a future marked
by sustainable growth and technological
innovation. He emphasises the strategic
use of technology for economic benefits,
aiming to elevate efficiency, reduce
costs, and explore new growth avenues.
Neeraj's expertise is anchored in
decades of hands-on experience
within the industry.
From a swift ascent in his early
career to his current leadership at

Share your journey from the the backbone of a dynamic and responsive
beginning to becoming President organisational culture. It's not just a strategy
at Kimpex Flow India, emphasising in my book; it's a pragmatic tool for unleashing
pivotal career moments. collective potential, driving innovation, and
Commencing as a trainee engineer, I swiftly instilling a sense of ownership within the team.
ascended with biennial promotions, mastering
diverse facets of the industry, from orchestrating What excites you most about the
product launches to navigating marketing crucial elements in your industry,
intricacies and cultivating strategic partnerships. and how do you plan to leverage
The game-changer arrived in 2022, when them for success?
I assumed the presidency at Kimpex. This The surge of green fuels in our industry, with
transition, a resounding acknowledgment of over 1.20 crore domestic consumers, 40,000
seized opportunities and unwavering support, commercial connections, 18,000 industrial
symbolises not only personal growth but connections, and 6258 CNG stations, excites me.
an evolving understanding of the intricacies Beyond a trend, it's a substantial step towards
within the industry. Guided by gratitude and environmental conservation, crucial in places like
humility, my leadership approach resonates Delhi where pollution is pressing. The transition
powerfully in steering through the dynamic to PNG/CNG not only benefits the environment
landscape of challenges and innovations. but also positively impacts our economy by
reducing imports. The synergy of environmental
In this dynamic industry, what major consciousness and economic prudence makes
challenges have you encountered, green fuels genuinely exciting. At Kimpex,
and how did you overcome them? we actively participate, offering a range of
Navigating the dynamic industry landscape, my gas-making products to contribute to a more
personal challenges centre on team building, sustainable energy landscape and support the
emphasising trust and collaboration in a broader movement towards greener practices.
creative environment. Prioritising our team,
initiatives for upskilling and retention address As a leader in the energy sector,
immediate challenges while ensuring sustained what key principles or values do
organisational growth. On the organisational you prioritise?
front, strategic decisions guide Kimpex through I prioritise principles and values that define
product diversification, moving away from my leadership approach. I believe in providing
monopolistic workstreams. Industry tie-ups comprehensive solutions rather than just
demonstrate adaptability to market demands, delivering products, fostering enduring
reflected in our impressive Net Promoter Score of relationships with clients. Offering consultation
~85%. This success is a collective achievement, services is integral to this, guiding clients in
underscoring our commitment to customer decision-making beyond product transactions.
satisfaction in this ever-evolving industry. At Kimpex, our commitment extends beyond
sales, providing lifetime support through after-
What strategies have you employed sale services, reinforcing our dedication to
to drive growth and success within long-term partnerships and client satisfaction.
your organisations? This approach not only adds a crucial layer of
When in the driver's seat, I prioritise assurance but also exemplifies our commitment
decentralised decision-making, empowering to excellence and integrity in the energy sector.
teams to autonomously make critical decisions.
It's not merely about assigning responsibilities What strengths of yours have played
but cultivating accountability. In a recent a crucial role in your success?
project, the team took charge of key decisions, My journey from starting at the bottom to
from budgeting to KPI setting and ideation to leading a team has shaped my perspective.
execution, resulting in an innovative product I excel at problem-solving, possess a keen
launch that surpassed expectations. entrepreneurial spirit, and have a knack for
This approach isn't just about innovation figuring things out. These strengths have
on paper; it's about nurturing future leaders. been instrumental in handling challenges and
Decentralisation, more than a buzzword, is driving positive changes in my work.

The Gap Between
Generation and
Energy Consumption
I
ndia has the best of clean energy, such as India jumped by 50.8%
supply to meet the hydropower, nuclear, and from 2013-14 to 2022-23,
country’s current energy renewable energy, has surged as per The Hindu report.
demand. Still, it lacks over time. Thus, India is Energy consumption demand
quality infrastructure like slowly shifting from fuel- comes from all economic
conductors, transformers, based energy sources to non- sectors, including industrial,
and many other pieces of fuel-based sources to meet commercial, agricultural,
equipment required for the the country's peak demand and residential users. Energy
transmission and distribution for energy. Since the demand consumption in India has
of power. Although numerous for energy is rising like doubled since 2000, and
initiatives have been taken wildfire, India will continually the growing population,
into consideration to develop depend on coal and oil for rapid industrialization, and
efficient technologies and energy and hydropower. economic growth majorly
promote renewable energies, The primary energy demand propel it. India's continued
India is undergoing a great has increased with the industrialisation and
process of addressing country's rapid population urbanisation have increased
the power supply chain. growth and GDP of 7.5%. the huge demand for its energy
Additionally, the share Energy consumption in sector and policymakers.

Considerably, more and
more economic development
plans are being implemented
in the country, such as
the recently built 'Smart
Roads' in Ujjain, MP, and
many more, leading to
increased energy demand in
India. Energy consumption
is rapidly rising in many
countries, not only India but
also in many other countries,
and countries are trying to
achieve energy efficiency
while energy consumption is
actually falling.
India, the fastest-growing
global economy, records
a per capita electricity
consumption of 1,297 units
per year, compared with
53,924 in Iceland and 12,702
in the USA. Over 80% of
India's energy demands are
met by three fuels: coal,
oil, and solid biomass. On
a per capita basis, India's
energy use and CO2 (carbon According to a report from the As the third-largest energy
emissions) are less than half Centre for Monitoring the Indian producer in the world,
of the world average. Coal Economy, the country has India plans to increase
is a primary energy source developed a sustainable path its non-fossil fuel-based
in India, offering more than for its energy supply in recent energy capacity to 500
60% of energy requirements. years, including solar power, GW and reduce carbon
It is a major pollutant, wind, hydropower, and biomass emissions by 1 billion
producing greenhouse to produce energy. It has also tonnes by 2030, as per
gas (GHG) emissions. been revealed that clean and the India Energy Outlook
Considering India's current sustainable energy is less report. India has committed
energy requirements, coal harmful and cheaper than any significantly to increasing
may provide a large part other energy source, like coal. clean and renewable energy
of those requirements in Speaking of the rising investments despite lacking
the future, too, but it leads power demand, Union Power infrastructure and limited
to air pollution and badly Minister R.K. Singh said, "By financial intermediaries. To
impacts the environment. 2030, the peak electricity ensure the proper demand
In an effort to find an demand is likely to cross 400 and supply of energy in the
alternative source to produce GW, indicating the fast growth country, the government
energy and fulfil people's of the economy. The demand needs to promote investment
demands, the country has grew by 9 percent last year in cleaner energy sources
already turned to renewable and is growing by 10 percent and focus on making
energy technologies to this year. On a daily basis, institutional changes to
achieve sustainable growth. the demand is 8 GW to 10 transition India's energy mix
Renewable energy plays GW more than the same day towards renewable, ensuring
a great role in producing of the previous year. There is less carbon emissions and
sustainable energy with lower no other market as big and meeting the energy demands
carbon emissions. growing as fast as us." of people.

ENERGY
LEADERS
in India 2024 Leading JSW Energy's Green Revolution
and Ethical Excellence in India's Energy
Landscape
Perveen
Puri
Vice President,
JSW Energy Ltd
P
erveen Puri, the Vice President
at JSW Energy, stands at the
forefront of driving environmental
consciousness and sustainable practices,
particularly through his pivotal role as
the head of the Sholtu Plant in Kinnaur,
Himachal Pradesh. His commitment to
a green and sustainable future aligns
seamlessly with JSW Energy's broader
vision of fostering renewable energy
solutions and promoting environmental
conservation.
Within the unique context of the Sholtu
Plant, Perveen has led initiatives
that position the plant as a symbol
of environmental stewardship. His
leadership has been instrumental
in driving the company's
commitment to green and
renewable energy, contributing
significantly to the reduction
of the company's carbon
footprint and the promotion
of sustainable practices.
This dedication underscores
not only his professional
responsibilities but also
his profound commitment
to eco-friendly solutions
that resonate with the global

imperative of transitioning to sustainable
energy sources.
JSW Energy, as a conglomerate, has been
a trailblazer in India's energy sector. As
one of India's foremost power enterprises,
the company represents a fusion of best
practices, blending structured planning,
cutting-edge operations, and a commitment
to social, economic, and environmental
benefits. With a robust capacity of 6,677
MW, including 3,158 MW thermal, 1,391
MW hydropower, 1,461 MW wind, and
667 MW solar power, the company spans
various Indian states and holds stakes
in South African natural resource firms. characterised by strategic foresight,
This dynamic mix across diverse regions, environmental consciousness, and a results-
energy sources, and power arrangements is driven orientation, has played a pivotal
a strategic move to fortify and diversify the role in JSW Energy's expansion within the
company's business landscape. In alignment energy sector. His calculated risk-taking
with its vision to become a versatile power and collaborative spirit have significantly
entity, JSW Energy introduced JSW Power contributed to the company's growth,
Trading Company Limited (JSWPTC) in positioning it as a major contributor to
2006. Securing an "IV" category licence India's energy needs.
from the Central Electricity Regulatory Beyond his professional achievements,
Commission, JSWPTC is empowered for Perveen's personal commitment to
nationwide power trading. Today, it stands environmental causes adds depth to his
among the leading power trading companies leadership profile. Initiatives such as
in India, a testament to its commitment and afforestation and soil retention projects
success. at the Sholtu Plant showcase a holistic
Here, Perveen’s strategic leadership approach to leadership, extending beyond
has been instrumental in furthering the operational excellence to contribute
company's commitment to organisational positively to society and the environment.
values and ethical work principles. His In addition to his environmental
tenure within the JSW Group, spanning initiatives, Perveen's involvement in
over a decade, exemplifies his dedication to corporate social responsibility (CSR)
upholding the group's ethos and fostering a activities, such as founding JSW Sports,
culture of transparency, accountability, and further exemplifies his commitment to
responsible business practices within the societal betterment. Recognition as a youth
organisation. icon for his contributions to the nation
As Vice President, Perveen’s influence underscores the impact of his initiatives
extends far beyond the general tasks. beyond the boardroom.
His leadership has significantly shaped In fact, Perveen's leadership at JSW
organisational strategy, driven business Energy represents a harmonious blend of
growth, and facilitated successful project visionary thinking, dedication to sustainable
execution. While specific quantitative practices, and strategic leadership, all
achievements may not be explicitly outlined, aligned with JSW Energy's overarching
the qualitative impact of his leadership is commitment to environmental responsibility,
evident in the seamless integration of assets ethical work practices, and societal
within the JSW Group, capacity expansion, contributions. His impact, both within the
and successful project execution. Sholtu Plant and the broader context of JSW
Perveen's recognition as a leader Energy, epitomises a leadership style that
advocating for sustainable energy transcends business success to contribute
practices reflects the impact of his meaningfully to societal and environmental
visionary approach. His leadership style, welfare.

Time Machine
GETTING THE
WORLD CHARGED
O
n 20th March 1800, an Italian
physicist and chemist named
Alessandro Volta invented the
electric battery, which was able to produce
a steady flow of electric current.
With the invention of the electric battery,
Volta proved to the world that electricity
could be generated chemically and the
then prevalent theory that electricity
could be generated solely by living beings
was wrong.
This pioneering invention, which
sprouted from Volta’s disagreement with
another Italian physicist and Volta’s
contemporary Luigi Galvani(he propounded
the theory of animal electricity, which
was later proved to be wrong by Volta),
comprised two electrodes, one made of
zinc, the other of copper. Volta’s battery
was known as Voltaic Pile.
Volta introduced the then
revolutionary theory that electrical
current is generated by the contact
of dissimilar metals amidst
moisture. He built a stack of
alternating copper and zinc
discs, with each pair of discs
being demarcated from
the next by cardboard
soaked in brine. This
voltaic pile produced
continuous flow of
electrical current,
which eventually
electrified the
then scientific
community in
Europe with
inquisitiveness and
interest within a
short period of time.

Inspiring Electrolysis From Volta’s voltaic thus gaining a majority
Within six weeks of Volta’s pile to Michael Faraday’s market share by 2024.
invention becoming public, dynamo (invented in 1831), “High demand for portable
William Nicholson and which led to rechargeable electronics including
Anthony Carlisle used a batteries, to commercially smartphones, LCDs,
voltaic pile to decompose used lithium-ion batteries tablets, and wearable
water into hydrogen and which led to the revolution devices, such as fitness
oxygen thus leading in consumer electronics, we bands, propels the battery
to the discovery of the have come a long way riding market growth,” observed
phenomenon of electrolysis. on the battery revolution. the market research report
Electrolysis can be while predicting that the
described as the chemical Battery Market demand for batteries alone
process of decomposing Today we find the is expected to increase
ionic compounds into omnipresence of batteries significantly due to the
their elements through from your smart phones e-mobility industry.
transmitting direct electric to cars. In fact, today we According to the report,
current through the cannot imagine our post- the automobile sector led
compound in a fluid or liquid modern life without the the global battery market
state. Today electrolysis has contribution of batteries. with a market share of
widespread commercial usage Batteries are also expected 32.37 percent in 2022.
in separating or obtaining to play a crucial role in The market research
pure elements from naturally India’s moving towards an report also predicted that
occurring sources. energy economy. According rising awareness about
The invention made by to a market research report the benefits offered by
Volta in the first year of the by Grand View Research, battery-operated vehicles in
nineteenth century was to an India & US-based regions such as Asia Pacific,
prove itself as path-breaking, market research and Europe, and North America,
which contributed to shaping consulting company, was expected to contribute
several aspects of technology registered in the state to the growth of lithium-ion
through more than two of California and batteries in the automotive
centuries already. It showed headquartered in San end-use segment during the
that electric current could be Francisco, the global battery forecast period.
produced on demand, which market size was valued at The report also noted
in turn contributed to never 104.31 billion in 2022 and that in 2022, industrial
before seen industrial growth. is expected to expand at a batteries accounted for
compound annual growth the largest market share
Legacy and Honour rate (CAGR) of 15.8 percent of 35.85 percent in the
Before Emperor Napoleon from 2023 to 2030. The application segment owing
of France, Volta gave a report observed that the to growing requirements for
demonstration of the battery's high use of UPS devices in efficient power backup and
generation of electric current, healthcare, chemical, and oil energy storage systems in
in 1801. Napoleon was very & gas sectors for continuous various industries such as
much impressed by Volta’s power supply was expected power generation, chemical
significant invention. He to propel the growth of the manufacturing, marine,
made Volta a count, and a battery market. recreation equipment,
senator of the kingdom of The above-mentioned and agricultural machinery
Lombardy. In 1815, he was market research report also & equipment. The usage
also made the Director of the revealed that lithium-ion of small-sized lithium-ion
Philosophical Faculty at the batteries were expected batteries in portable
University of Padua, by the to penetrate lead acid devices and other
Austrian Emperor Francis battery applications consumer electronics is
I. Volt, a unit of electric including electric vehicles, expected to enhance
locomotive force, was named plug-in electric vehicles, market growth during the
after his honor. storage, and automobiles, forecast period.

Under Shukla's strategic guidance,
ENERGY
Cleantech Solar rapidly ascended to become
one of Asia's premier solar brands. It wasn't
merely about harnessing solar energy; it
LEADERS
was about reshaping how corporations
approached and consumed power. Shukla's
leadership transformed Cleantech Solar into
a powerhouse, offering solar solutions that
in India 2024 transcended conventional paradigms. He
led the company to be a global leader in this
Empowering Cleantech Solar With industry and proved that a great vision and
Impactful Energy Leadership strategic approach can make any company a
leader in the industry.
Raju
Ethics and sustainability became the
cornerstones of Shukla's leadership
philosophy. Cleantech Solar's enduring
partnerships and unwavering commitment
Shukla
to technical excellence and safety standards
reflected Shukla's dedication to fostering
enduring relationships beyond mere
business transactions. For Shukla, each
Founder and Executive Chairman, solar project wasn't just an investment; it
was a testament to the ethical imperative of
Cleantech Solar building a sustainable future. His expertise
in financing, constructing, owning, and
I
n 2014, on the cusp of turning 50, Raju operating wind and solar photovoltaic
Shukla embarked on a journey fueled projects makes him a well-known player in
by a profound vision. Recognising the the industry.
transformative potential of solar as a-service Raju Shukla's influence extended beyond
in the wake of India's evolving solar policies the borders of his home country. His
under Prime Minister Modi, Shukla founded strategic foresight catapulted Cleantech
Cleantech Solar with a singular goal: to Solar into seven countries, with a staggering
redefine the energy landscape by providing 70% of projects based in India and the
cleaner and more affordable electricity to remainder spanning Thailand, Indonesia,
the commercial and industrial (C&I) sector. Vietnam, Cambodia, Singapore, and
Shukla's motivation wasn't just to create Malaysia. His ability to create off-site solar
a company; it was a quest to revolutionise parks that supplied power to commercial and
power consumption. With solar policies industrial giants set Cleantech Solar apart
gaining momentum in India and Southeast as a global force. He facilitated transmission
Asia, particularly in markets like Thailand, infrastructure for solar developers to set up
Shukla saw an opportunity to pioneer a solar projects hassle-free.
new era in renewable energy. The concept Shukla's commitment to innovation was
of "building, owning, and operating" solar not confined to traditional solar solutions.
plants at factory sites resonated deeply with Cleantech Solar's subsidiary, Nexcharge,
his vision, offering a sustainable alternative marked a foray into the realm of lithium-ion
to corporations while aligning with the ventures. Manufacturing battery modules
region's ambitious renewable energy targets. and packs for India’s electric vehicle market
The aim behind starting Cleantech Solar is and stationary applications, Shukla's
not only to contribute financial expertise venture showcased a forward-thinking
but also to leverage an extensive business approach to shaping the future of renewable
network across Asia to expand business technologies. With his innovative approach,
and reduce carbon footprints. It wouldn’t be he proved that renewable technologies are
wrong to say that Raju Shukla is a driving not just an alternative approach to energy
force behind the success of Cleantech Solar. but also a requisite to impact the world.

Beyond his professional achievements, and making the world an environmentally
Shukla's commitment to a carbon-neutral friendly place to live shows his utmost
future earned him recognition as a green vision.
leader. Cleantech Solar's diverse reach Raju Shukla's journey is a narrative of
into pharmaceutical plants, Coca-Cola visionary leadership turning dreams into
factories, and particularly the cement reality. Since the inception of Cleantech
industry underscored Shukla's mission Solar, driven by a conviction to provide
to touch every sector and reduce carbon sustainable energy solutions, Shukla has
footprints globally. He believes that cement emerged not just as a business leader but
is the largest industry, where they can as a catalyst for change, reshaping how the
have landmark projects and deal with large world perceives and utilises solar power. His
companies to curb global footprint and high strategic approach to handling solar projects
energy consumption, as well as make a and making a world carbon footprint-free
strong focus on environmental performance. makes Asia-Pacific's most powerful solar
His unwavering dedication to curbing CO2 business leader.

Solar Energy
IN OFF-GRID AREAS
I
ndia has been a top-notch lack access to electricity and Due to many challenges,
provider of significant rely on solid biomass, mainly many remote or off-grid areas
access to electricity, with 45 firewood, as cooking fuel. Less in India struggle with limited
crore people getting access to than half of all households or no access to reliable power
light in the past 20 years, but in the poorest income group supply. One of the major
64 lakhs are still in darkness. have electricity, and hundreds challenges in supplying solar
As per the International of millions lack reliable power energy to rural communities
Energy Agency's India Energy supply. A reliable power supply is the high initial costs
Outlook 2023, around 660 remains a significant challenge associated with setting up
million people in India's in many remote and off-grid solar-powered systems. Solar
rural areas areas. It is because of the lack panels, batteries, and other
of infrastructure, geographical components of solar power
and economic barriers often systems are manufactured
result in poor or non-existent using state-of-the-art
electricity distribution. technologies and require
significant investment in
research and development,
which results in high costs.

The implementation of
solar energy needs technical
expertise in installation,
operation, and maintenance.
The lack of access to
professionals with relevant
skills and knowledge to
install and maintain solar
power systems is the major
challenge which hampers
the supply of solar energy to
rural communities. Payment
challenges are another obstacle
in supplying solar energy to
remote areas. Since rural
communities have limited
access to formal banking
systems and financial services, without access to reliable With solar panels, off-grid
securing financing for solar- power sources. The impact of areas can power agricultural
powered plants is challenging. solar power on remote areas is operations, local industries,
Social and cultural factors profound and far-reaching. and small businesses, create
are other major challenges Studies reveal that solar employment opportunities
in supplying solar energy to energy in remote areas and foster economic
rural or off-grid areas. Often, will positively impact the independence.
rural communities believe environment. As solar power Traditional energy sources
in following their traditional produces green energy, it like fossil fuels harm the
energy practices, like using will reduce greenhouse gas environment through
biomass or animal waste for emissions and mitigate the carbon emissions and
cooking and heating, which impact of climate change to pollution. By implementing
are ingrained in their culture a great extent. Solar energy solar power technology,
and lifestyle. Though supplying also offers cost-effectiveness remote or off-grid areas
solar energy to remote or off- and long-term savings can diminish their reliance
grid areas may pose significant in remote areas. If solar on non-renewable energy
challenges, implementing energy is widely utilised in sources. This will help them
solar energy will benefit people off-grid areas, it will power contribute positively towards
living in these areas in multiple water pumps and irrigation environmental preservation.
ways. According to The Hindu, systems. With access to solar To date, the implementation
India's government has set the power, these systems will offer of solar power technology
target of expanding its installed a sustainable solution for has proven beneficial and
renewable energy capacity agricultural needs, enhancing transformative for remote
to 500 GW by 2030 and has crop yields and livelihoods. areas. Be it healthcare
promised to source nearly half Likewise, solar lanterns facilities, education centres,
of its energy from non-fossil and portable solar panels irrigation operations, or small
fuels by 2030. In the short are significant for individual businesses, solar power is
term, 60% of its renewable households in remote areas. being used to power water
energy will be from solar power. Implementing these devices pumps, offering sustainable
In recent years, solar power provides lighting and the solutions to communities
technology has emerged as a ability to charge small struggling with water
game-changer in empowering electronic items, improving scarcity. It is proven that by
remote or off-grid areas. As per the quality of life and enabling harnessing the sun's power,
the International Renewable access to communication. remote areas can overcome
Energy Agency, by 2030, solar Solar energy in remote areas energy challenges and pave
power could provide electricity in India is a crucial factor their way for a brighter, more
to more than 1.2 billion people in driving economic growth. sustainable future.

ENERGY
LEADERS
in India 2024
Empowering Clean Energy Futures
Sathish
Kumar
Managing Director,
Sundropindia Energy
Solutions Pvt Ltd
I
nspired by a fervent mission to
democratize access to solar energy,
Sathish Kumar embarked on a
transformative journey that redefined Tamil
Nadu's energy landscape. In June 2021,
he founded Sundrop Energy Solutions
with an unwavering vision: to deliver high-
quality solar components at affordable
prices to Tier-2 and Tier-3 towns, catalysing
widespread adoption in the region. From its
inception, Sundrop exemplified unparalleled
dedication to excellence. In its inaugural
year, the company achieved a remarkable
turnover of Rs. 35 crore, solely through the
provision of top-tier Balance of System (BOS)
solutions for solar PV projects, reflecting
The future of the solar Sathish's unwavering commitment to quality
and accessibility.
industry appears promising Central to Sundrop's ethos is Sathish’s
unwavering commitment to reliability,
with the increasing cost of affordability, and steadfast customer
satisfaction. This unwavering dedication
fossil fuels and a generational has solidified Sundrop's stature as the
premier one-stop-shop for solar products
shift favouring clean power. and design solutions across South India.
Bolstered by the trust earned from satisfied
This trend presents vast customers, Sundrop rapidly expanded
its offerings. The strategic inclusion of
opportunities for expansion Rayzon Solar PV Modules, Inverters, and
comprehensive BOS packages propelled
and product diversification. the company to a meteoric turnover of
100+ Cr in the ongoing fiscal year. Guiding
Sundrop's ascendancy is Sathish, whose

18+ years of extensive experience across How do you ensure a stable
esteemed organisations like Aimil Ltd, energy supply amid geopolitical
Element 14 India Pvt Ltd, Nordic (India) tensions? What strategies
Solutions Pvt Ltd, and Esv Connects puts help mitigate risks from these
him in the spotlight. His seasoned expertise fluctuations in the energy sector?
remains the cornerstone of Sundrop's In navigating the volatile solar market, heavily
exponential growth. reliant on imported components, our strategy
Beyond the metrics and strategic hinges on close collaboration with OEMs to
initiatives lies Sathish's broader vision. mitigate drastic impacts. However, the present
His multifaceted role encompasses fiscal year poses challenges. Price declines
sales, finance, administration, and and shipment delays significantly affected
procurement, ensuring a comprehensive operations, prompting us to reevaluate and
and holistic approach to steering Sundrop enhance our risk-mitigation measures.
towards continued success. Driven by
an impassioned desire to expand market What negotiation strategies work
share, cultivate leadership within teams, best for closing deals in the
deeply engage with communities, and solar energy sector, given your
maintain sustained profitability, Sathish specialised expertise?
is deeply dedicated to Sundrop's growth. Sundrop Energy Solutions adopts a
His adeptness in marketing and sales has customer-centric approach, emphasising
forged formidable partnerships across value and education in negotiations within
diverse sectors—spanning defence, public the solar energy sector. Our strategy
institutions, and private industries, revolves around providing the best solutions
including OEMs and R&D centres. at competitive prices while educating
With a keen acumen for negotiations, team customers about the inherent value of our
leadership, and fostering enduring customer offerings. We prioritise building trust and
relationships, Sathish stands as the epitome fostering mutually beneficial relationships
of reliability, affordability, and unwavering as key pillars in our negotiation framework,
customer-centricity in the realm of solar ensuring that customers not only receive
energy solutions. Want to know more about exceptional products but also understand the
him? Check out our exclusive interview with added benefits they gain by choosing us as
Sathish. their partner in solar solutions.
How do you see the current What's your vision for the future
energy industry, especially in of the solar industry, and how
terms of adopting renewable will your company contribute to
energy? Are you ready for these its growth and sustainability?
changes? The future of the solar industry appears
In response to the energy industry's swift promising with the increasing cost of fossil
evolution and regulatory changes favouring fuels and a generational shift favouring clean
renewables, Sundrop Energy Solutions has power. This trend presents vast opportunities
strategically aligned with energy storage for expansion and product diversification.
solution providers. This proactive approach At Sundrop Energy Solutions, our vision
enables us to seamlessly integrate solar aligns with this trajectory. We aim to expand
with ESS, anticipating and addressing the our horizons by introducing new products and
market's shift towards storage solutions. services to meet evolving market demands.
Leveraging our robust financial stability, Looking ahead to the fiscal year 2024-2025,
we're equipped to source and provide cost- our target stands at reaching a turnover
effective, dependable ESS technologies. This of 400 Cr through our manufacturing and
positioning ensures we meet the burgeoning distribution endeavors. This growth trajectory
market demands effectively, offering reflects our commitment to contribute
comprehensive solutions that align with the significantly to the solar industry's expansion
industry's trajectory towards sustainable while solidifying our position as a key player
energy practices. in the domain of clean energy solutions.

From The Ground
paddlers make
india proud
I
n our cricket-obsessed for the forthcoming Paris However, it should be
nation, the news of Olympics in team events noted that both India’s
India’s men’s and based on their latest world men’s and women’s
women’s national table team rankings for March. national table tennis teams
tennis teams’ qualifying The top 16 table tennis teams failed to get a direct entry
for the Paris Olympics, worldwide made it to the 2024 into the Paris Olympics
an achievement which Paris Olympics. They will through their performance
happened for the first compete in men’s and women’s at the recently held ITTM
time in Indian table tennis team events at the Paris World Team Table Tennis
history, perhaps didn’t Olympics. In the International Championships in Busan
garner the public attention Table Tennis Federation (ITTF) (16th-25th February
that it richly deserved. rankings, India’s national 2024), in South Korea,
However, that in no way men’s team is ranked 15th in where the Indian men’s
dilutes the significance of the world team rankings, while national table tennis team
the momentous feat. The India’s national women’s team lost the pre-quarterfinals
teams secured their quotas has secured 13th rank. to South Korea and the

For the first time, India
will be represented in
the team events of table
tennis at the Olympics
in Paris 2024. Both the
men’s and women’s team
table tennis events were
introduced at the 2008
Beijing Olympics.
Indian women’s national

table tennis team lost
the pre-quarterfinals to
Chinese Taipei.
One of the high points
of the recently held ITTM in women's doubles table
World Team Table Tennis
Championships in Busan
The men’s table tennis tennis in the recently
held Asian Games in
was the impressive wins team at Busan included Hangzhou.
of Ayhika Mukherjee and At the Tokyo Olympics,
Sreeja Akula against Sun
G Sathiyan, who won India sent a four-member
Yingsha of China (the a bronze medal in contingent in the table
champion table tennis tennis category that
player is currently the men’s singles at the included Sharath Kamal,
World No. 1 in women's
singles), and Wang Yidi
2022 Commonwealth Sathiyan Gnanasekaran,
Sutirtha Mukherjee
of China (she is currently Games and has a and Manika Batra. The
World No.2 in women’s players competed in
singles) respectively. The
total of six medals in singles and mixed doubles
spectacular performance Commonwealth Games, segments only.
of these two Indian Though TTFI has yet to
sportswomen made India including two Golds as come up with the final
get a 2-1 lead against
China in their opening
part of the Men’s team. list of players who will
comprise India’s men’s and
championship encounter. women’s table tennis team
However, India’s women’s tennis player in India at at the Paris Olympics, we
table tennis team eventually present and ranks 36 in can hope that now, with
lost to China 3-2, including the world in women’s table stars like Manika Batra,
two losses by India’s tennis singles. Ayhika Mukherjee, Sreeja
champion paddler Manika Here, it deserves a Akula, and G Sathiyan,
Batra. But Manika soon mention that Ayhika India’s chance to win a
bounced back by winning Mukherjee, who is gold medal in table tennis
two singles matches against ranked 155 in the world at the Paris Olympics is
Hungary’s women's table in women’s table tennis very much there. India
tennis players. singles, along with hasn’t won a medal
Manika Batra is perhaps Sutirtha Mukherjee, won in table tennis at the
the best woman table the bronze medal for India Olympics until now.

ENERGY
LEADERS
in India 2024
From Dreams to Solar Power
Shravan
Gupta
Managing Director,
Cosmic Pv Power
Dare to dream big. Setting ambitious

goals is vital, even without 100%
certainty of success.
A
nticipating industry trends and Shravan's strategic acumen and leadership
strategically positioning oneself to make in the solar industry.
a positive impact is a hallmark of true Buoyed by this remarkable success, Shravan
leadership, and few exemplify this better undertook a bold entrepreneurial venture,
than Shravan Gupta, the visionary Managing establishing Cosmic PV Power Private Limited.
Director at Cosmic Solar. His dynamic Since its inception, the company has not
career trajectory, marked by a seamless merely weathered challenges but has thrived,
transition through telecom sales and finance, achieving a remarkable turnover exceeding Rs.
culminated in his strategic entry into the 100 crore. Shravan's leadership in navigating
burgeoning solar industry. the complexities of the solar industry and
In 2015, Shravan's attention turned steering Cosmic Solar to such unprecedented
towards the promising solar sector, driven success showcases a blend of strategic
by a keen anticipation of its exponential vision, resilience, and an entrepreneurial
growth. Recognising the favourable policies spirit that defines him as a leader at the
in Gujarat, he made a decisive career shift, forefront of sustainable energy innovation.
joining a solar company in the state. In this His commitment to pushing boundaries and
pivotal role, Shravan not only embraced the contributing to the global shift towards clean
challenges of overseeing the entire process, energy further solidifies his position as a key
from acquiring land to setting up machinery, influencer in the solar industry. But how is
but excelled. Within two and a half years, the he taking one step at a time towards success?
collective efforts resulted in an extraordinary That is what TradeFlock delved into in this
turnover of Rs. 100+ crore, a testament to interview with him.

In your entrepreneurial role, What innovative practices
what are the major challenges differentiate Cosmic Solar from
you face, and how do you its competitors?
address them? While the solar industry often adopts foreign
Leading a company in the solar industry technology, our innovation lies in our business
comes with its own set of challenges. Firstly, practices. We have embraced an OEM (original
the sector undergoes rapid technological equipment manufacturer) business model.
advancements, necessitating constant This entails not only manufacturing for various
upgrades and expansions. This requires a brands, including our own, but strategically
substantial capital investment. Secondly, training our workforce to be versatile. This
there's a persistent challenge in finding approach has positioned us as a leading
qualified manpower. Despite concerted OEM partner for brands, ensuring efficient
efforts to train individuals, securing the production and a competitive edge. Coupled
right talent for our workforce remains with the decision to run our factory 24/7, our
a consistent challenge. The demand is emphasis is on scalability and sustainability.
substantial, with a need for around 200 to
250 skilled individuals. What specific achievement stands
out for you and brings a sense of
Can you share some key learnings pride to your career?
from your experience leading a The journey of cosmic solar itself stands
startup? as a significant milestone. Starting as a sales
Over the course of my career, one of executive and evolving into a leader in one of the
the fundamental lessons I have learned top industries in the country is a testament to our
is the importance of daring to dream. growth. The company's evolution from a modest
Setting ambitious targets is crucial, beginning to operating with a turnover exceeding
even if attaining 100% success is not Rs. 100 crore is a remarkable achievement. The
guaranteed. Entrepreneurs should not growth and learning experiences throughout this
limit their aspirations. Additionally, journey are immeasurable and underscore the
the ability to make bold decisions has resilience of cosmic solar.
been pivotal. Throughout my journey,
maintaining a talented workforce has What habit drives your success,
consistently provided a competitive edge. and what's the roadmap for your
The combination of ambitious goals, bold and Cosmic Solar future?
decisions, and a skilled team has been The habit that has contributed significantly
instrumental in our success. to my success is forward-thinking. I
consistently plan for the next financial year,
How does Cosmic Solar see its setting ambitious targets and making bold
role in the solar industry's future decisions to achieve them. In a rapidly evolving
given the government's support and competitive business environment,
for green energy in the next five thinking ahead of competitors is crucial.
to ten years? Looking ahead, my vision for Cosmic Solar
The government's unwavering commitment to involves achieving a turnover of Rs. 1000 crore
solar energy, as evidenced by initiatives like by 2026, potentially exploring an IPO. On a
the Sudha Yojana and budget allocations, personal level, success is not solely measured
instills confidence in the industry's growth. by financial milestones. We are committed to
Cosmic Solar aims to leverage this support creating over 1,000 employment opportunities
for significant expansion. We have set within the company. This aligns with our belief
ambitious targets with aggressive growth that financial success should be accompanied
plans. by a sense of accomplishment and satisfaction
The policies supporting green energy have derived from making a positive impact on
not only driven domestic growth but have also society. This vision integrates both financial
led to an increase in international orders, with growth and social responsibility, encapsulating
our industry experiencing over 300% export the essence of our journey and future
growth in the past year. aspirations.

Story of the Month
BITCOIN Bulls Are Riding Back

A
fter a long-awaited made a flabbergasting record, well. With this positive sign,
vindication, bitcoin surpassing $69,000, and investors are now grappling
prices are on a tear currently trading at a price of with numerous key factors
again, rising to the highest $71,621, which is an all-time that could tremendously
since November 2021, when peak. The resurgence is awe- influence Bitcoin's next move
they were trading at $50,128. inspiring as it comes on the - brimming change in the
Bitcoin has now set the heels of the challenging period cryptocurrency market.
crypto market on fire with a in 2022 - when Bitcoin's
remarkable comeback after value plunged during a Paramount Drivers
weathering two vicious years widespread market meltdown. Of Momentum
in the cryptocurrency market. Today, Bitcoin is relishing Recently, the world has
Exceeding all previous a price surge of more than been shaken by the high
expectations of traders, on 300% and lifting the value bitcoin prices, buoyed by
March 5, the prices of Bitcoin of other cryptocurrencies as an influx of institutional

investors making their way
to the crypto market. This
has played a key role in
supporting Bitcoin's price at
its current level. However,
the transition from 2022 to
2024 worked in Bitcoin's
favour, and it became
significantly accepted as an
alternative asset. In January
2024, US regulators gave
the green light to major
financial institutions like
BlackRock and Fidelity
for the Bitcoin exchange-
exchange traded funds
(ETFs). Since their debut in
the cryptocurrency market,
the newly sanctioned silver (the second biggest crypto market compared
Bitcoin ETFs attracted commodity ever), which to the previous years.
more than $.7.5 billion holds the market capital Undeniably, investor
in capital inflows, as per of $1.37 trillion. Now, the sentiments about Bitcoins
CryptoInvesting Group market capital of Bitcoin have tremendously improved
CoinShares. stands at $1.4 trillion, with the price rise, as
As more institutional which led it to secure its fluctuations are less severe
investors acquire a more position as the eighth- than those witnessed in the
holistic knowledge of Bitcoin's largest asset worldwide, as past few years. For instance,
mechanics and unique value per CompaniesMarketCap. Bitcoin experienced a 70%
proposition, they're more The data also reveals that loss in 2018 and 60% delice
likely to consider it an asset. Gold maintained its number in 2022. Keeping the stats
Thus, Bitcoin's resurgence one spot, closely followed at the forefront, one thing
to over $69,000 holds major by Microsoft and Apple. is clear: the cryptocurrency
implications for the broader Luckily, bitcoin climbed market always grapples
cryptocurrency ecosystem, the ladder and bagged the with numerous challenges,
as other cryptocurrencies 8th position, surpassing especially legal issues and
also witness a huge rise in silver, marking a milestone regulatory scrutiny, which
their value. For instance, for crypto assets. In spite could have been a major
Ethereum also experienced a of this starring milestone, factor exerting downward
rise in value by over 50% this bitcoin still crawls behind pressure on prices.
year, reaching about $3,800. Amazon and Alphabet. The All in all, the trajectory
Observing Bitcoin's recent Google-owned Alphabet is positive, with high
performance, Cathie Wood, market capital is valued at adoption reducing volatility
CEO of ARX Invest, shares her $1.6 trillion, while Amazon's over time. It is not wrong to
thoughts on cryptocurrency's market capital is towering at say that Bitcoin maintained
future, saying that it could $1.79 trillion. an overall bullish trend in
reach $1 million much early 2024, recording an all-
earlier than the previously Bulls Dominance time high achievement. The
anticipated year of 2030. Continues… subsequent recovery from
With recent favourable $61,000 to $69,000 reflects
Bigger Than Silver outcomes, Bitcoin serves that the coming years of
Bitcoin's recent jump in as a bellwether for the cryptocurrency for investors
price to $71000 during industry, and its current will surely be favourable
US trading on March 11, dominance signals a with its unprecedented
2024, placed it ahead of transition of the thriving surge in price.

Editor's Pick
Heat Pumps for

Residual
Heat
H
eat pumps are becoming increasingly The heat pump market in India has
popular for their state-of-the-art witnessed growth as consumers and
technology, which provides heating businesses seek energy-efficient and
to commercial and residential buildings. environmentally friendly HVAC solutions.
However, the world still relies on traditional For this reason, heat pumps are gaining
heating systems like fossil fuels or popularity because they can offer efficient
natural gas to heat buildings. The rising temperature control and reduce energy
population, a rapidly growing economy, and consumption. Moreover, government
increased energy consumption have led to incentives and awareness have also led to
GHG emissions in India. In this context, the adopting of heat pumps. Manufacturers
heat pumps, which efficiently provide are continuously enhancing the
heating to buildings and industries, are performance and reliability of heat pumps
the paramount technology to make heating to meet the diverse heating and cooling
more secure and sustainable. requirements of customers in India.
As per TechSci Research, the Global Companies such as Voltas Ltd., Daikin
residential heat pump market was valued at Air Conditioning India Pvt. Ltd., and
USD 48.26 billion in 2022 and is expected to Bosch Thermotechnology are among the
record robust growth in the forecast period key players that have been introducing
with a CAGR of 8.0% by 2028. It is said that and promoting energy-efficient heat pump
favourable government policies for energy- systems. These companies contribute to
efficient solutions and lowering carbon sustainable cooling and heating solutions
footprints are expected to boost market across India. Several studies reveal that
growth over the forecast period. India, the growing awareness of climate change
third-largest growing economy in the world, and the need to reduce carbon emissions
is anticipated to grow at the fastest rate in drive the significant adoption of heat
the heat pump market due to its sustainable pumps in India. Government policies on
policies, growing urbanisation rates, higher renewable energy and green technologies
disposable income, and growth in the are propelling the market to a great
middle-class economy. extent. As people seek more cost-effective,
Heat pumps are versatile systems sustainable heating and cooling solutions,
that offer both heating and cooling for the heat pump market continues to expand
residential and commercial buildings. across the country.


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Committed to Innovation,

Sustainability and Change

Prerna Khera | Tripti Aggarwal

Commercial Legal & Corporate Affairs Fahim Khan

10 Best Subscription & Circulation Head Deepika

Officers Cover Price is Rs.200 per issue

Arun Mittal Director Automotive Exide

Harak Banthia Chief Financial Officer HPCL-Mittal Energy

Hitesh Chimanlal Doshi Chairman and MD WAAREE Group

Neeraj Chamoli President KIMPEX FLOW

Perveen Puri Vice President JSW Energy Ltd

Raju Shukla Executive Chairman Cleantech Solar

Shravan Gupta Managing Director Cosmic Pv Power

Abhay Chaudhary Arun Mittal Harak Banthia

Hitesh Chimanlal Doshi Naveen Singh Neeraj Chamoli

Raju Shukla Sathish Kumar Shravan Gupta

Editor's Pick Legacy & Startup PG. 29

Changing the Global Energy Landscape

Solar Energy In Off-Grid Areas

Big Take PG. 51

Renewable Energy's Social Impact:

Energy Leaders In India 2024 8

9 Energy Leaders In India 2024

Energy Leaders In India 2024 10

11 Energy Leaders In India 2024

Energy Leaders In India 2024 12

13 Energy Leaders In India 2024

Energy Leaders In India 2024 14

Beyond Policies and Schemes Solar Hitech Solutions

Energy Leaders In India 2024 16

17 Energy Leaders In India 2024

Energy Leaders In India 2024 18

Lessons from the Great Inventor

19 Energy Leaders In India 2024

Energy Leaders In India 2024 20

LEADERS Energy Landscape

21 Energy Leaders In India 2024

Energy Leaders In India 2024 22

23 Energy Leaders In India 2024

Global Energy Shift

Energy Leaders In India 2024 24

Market coupling is crucial for other exchanges to increase

Energy Leaders In India 2024 26

Widening the Digital Divide Ecoteq Energies

Energy Leaders In India 2024 28

Energising the Future

29 Energy Leaders In India 2024

Energy Leaders In India 2024 30

Neeraj of his leadership philosophy. Committed

31 Energy Leaders In India 2024

Energy Leaders In India 2024 32

33 Energy Leaders In India 2024

Energy Leaders In India 2024 34

35 Energy Leaders In India 2024

Energy Leaders In India 2024 36

39 Energy Leaders In India 2024

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41 Energy Leaders In India 2024

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43 Energy Leaders In India 2024