New Delhi: State-run Energy Efficiency Services (EESL) is planning to launch an initial public offer at Rs 5,000 crores next year, a top official at EESL has said. The proceeds from the EESL IPO will be used to lease electric vehicles (EVs) and install smart metres to measure power consumption.
EESL is a joint venture (JV) set up by four public sector undertakings NTPC, Rural Electrification Corporation (REC), Power Finance Corporation (PFC), and PowerGrid Corporation of India. "While it is one thing that I keep on going back to NTPC and PFC, but they have their own capex plans. We will look at it (listing) next year and then we will decide when to do it," Saurabh Kumar, managing director, said, while commenting on EESL IPO plans.
EESL has a capital expenditure requirement of Rs 25,000 crores over the next three-four years. Investec, a financial services company has placed a valuation of around Rs 5,000 crores on EESL. The public sector company is hoping to post a profit of around Rs 200 crore on a revenue of Rs 4,000 crore in FY20, Kumar said. Plans to put EESL on the stock exchange have been in the pipeline since 2017.
EESL has plans to sell 2,50,000 super-efficient air conditioners in two phases. It is planning to invest Rs 200 crore into the project. The PSU is also working on setting up EV charging stations in Kolkata.
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