New Delhi: After NTPC Green Energy Limited and SJVN Green Energy Limited, Solar Energy Corporation of India (SECI) is the next green energy-focussed public sector undertaking (PSU) to declare its plans for an Initial Public Offer (IPO). On the occasion of the 13th Foundation Day of SECI, its Managing Director RP Gupta spoke to the media and announced the company’s plans to go for listing within a year or two. When asked to comment on the issue size, the MD said, “We cannot comment on the issue size as of now. Because we are in the process of holding discussions with the Department of Public Enterprises (DPE) to chalk out the details. As of now, we have just been asked by the government to prepare for an IPO.”
The news comes just days after PSU Watch reported about SJVN Green Energy Limited’s plans to go for an IPO. NTPC Green Energy Limited, too, has filed a Draft Red Herring Prospectus (DRHP) for its IPO.
As has been reported by PSU Watch earlier, SECI plans to add 10 GW of RE capacity by 2030. This will entail an investment of Rs 60,000-70,000 crore, 30 percent of which will be funded by SECI. For the major part of its journey, SECI has been playing the role of a facilitator for RE expansion in India by floating tenders for green energy projects and selecting bidders for developing them. However, it is planning to make a major foray into RE power generation and plans to develop its own RE projects. In a recent interview with PSU Watch, SECI MD said that the company will start participating in bids going forward to secure RE projects of its own.
SECI became a Navratna PSU recently on August 30. For FY2023-24, SECI’s standalone Profit after Tax (PAT) surged by 38.14 percent to Rs 436.03 crore, up from Rs 315.65 crore in FY23. The consolidated PAT for FY24 was at Rs 510.92 crore, marking a 34.89 percent rise compared to Rs 378.77 crore in the previous fiscal year. On a standalone basis, SECI reported a total income of Rs 13,135.80 crore, a 20.91 percent increase from the previous year’s Rs 10,864.43 crore. The company’s net worth increased by 18.32 percent, standing at Rs 2,811.76 crore, up from Rs 2,376.31 crore the previous year.
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