Annual Report 2020-21 INSIDE the REPORT
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GE T&D India Limited Enabling India’s Energy Transition Annual Report 2020-21 INSIDE THE REPORT Company Overview 01 Financial Statements 105 Corporate Information 01 Independent Auditor’s Report 106 Board of Directors and Balance Sheet 118 Key Managerial Personnel 02 Statement of Profit and Loss 119 Building a World that Works 04 Cash Flow Statement 120 GE Renewable Energy 05 Statement of changes in Equity 121 GE T&D Making in India since 1957 06 Notes to Financial Statements 122 Product Portfolio 08 5 Years Financial Performance 10 Glossary 189 Directors’ Report 11 Management 54 Discussion and Analysis Report Business 65 Responsibility Report This report is also available online at https://www.ge.com/in/ge-td-india-limited Report on Corporate 76 Governance CORPORATE INFORMATION Board of Directors Stakeholders Relationship Risk Management Registrars and Share Mahesh S. Palashikar - Director & Committee Committee Transfer Agents Chairman Gaurav M. Negi - Chairman Neera Saggi - Chairperson C B Management (w.e.f. March 1, 2021) (Chairman w.e.f. July 1, 2020) Rakesh Nath Services (P) Limited Pitamber Shivnani - Managing Pitamber Shivnani Pitamber Shivnani P-22, Bondel Road, (Member w.e.f. July 1, 2020) Director & Chief Executive Officer (Member w.e.f. July 1, 2020) Kolkata - 700 019 (CEO w.e.f. January 15, 2020 and Managing Sanjay Sagar Mahesh S. Palashikar Tel. No.: 91 33 40116700 Director & CEO w.e.f. July 1, 2020) (Member w.e.f. July 1, 2020) (Member w.e.f. March 1, 2021) (100 lines) Emanuel Bertolini - Director Rakesh Nath Gaurav M. Negi Fax No.: 91 33 40116739 (w.e.f. March 1, 2021) (Member and Chairman upto June 30, 2020) Email: [email protected] Vishal K. Wanchoo Gaurav M. Negi - Director Vishal K Wanchoo (Member upto February 28, 2021) Kirit S. Parikh - Independent Director (Member up to June 30, 2020) Bankers Axis Bank Limited Rakesh Nath - Independent Director Chief Financial Officer Corporate Social Citibank N.A. Neera Saggi - Independent Director Sushil Kumar Responsibility Committee Credit Agricole CIB Sanjay Sagar - Independent Director Deutsche Bank Dr. Kirit S Parikh - Chairman Company Secretary (w.e.f. July 1, 2020) HSBC Pitamber Shivnani Manoj Prasad Singh Vishal K Wanchoo - Director & (Member w.e.f. July 1, 2020) HDFC Bank Chairman ICICI Bank Limited Gaurav M. Negi (Up to February 28, 2021) Auditors IDBI Bank Limited Vishal K Wanchoo Nagesh Tilwani - Whole-time Director M/s B S R & Associates LLP Standard Chartered Bank (Member upto June 30, 2020) (Up to February 28, 2021) Chartered Accountants State Bank of India Nagesh Tilwani YES Bank Committees of Directors (Member from July 1, 2020 to February Cost Auditors 28, 2021) M/s Shome and Banerjee Corporate Identity Audit Committee Number Nomination and Cost Accountants Rakesh Nath - Chairman L31102DL1957PLC193993 Remuneration Committee Dr. Kirit S. Parikh Secretarial Auditors Rakesh Nath - Chairman Neera Saggi VKC & Associates Registered Office Sanjay Sagar Dr. Kirit S. Parikh Company Secretaries A-18, First Floor, FIEE Complex (Member w.e.f. July 1, 2020) Neera Saggi Okhla Industrial Area, Phase II New Delhi - 110 020 Gaurav M. Negi Sanjay Sagar Tel. No. 91 11 41610660 (Member w.e.f. July 1, 2020) (Member w.e.f. July 1, 2020) Mahesh Shrikrishna Palashikar Emanuel Bertolini Website (Member w.e.f. March 1, 2021) (Member w.e.f. March 1, 2021) www.ge.com/in/ge-td- Vishal K Wanchoo Vishal K Wanchoo india-limited (Member upto February 28, 2021) (Member upto February 28, 2021) Annual Report 2020-21 BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL Mr. Mahesh Shrikrishna Mr. Pitamber Shivnani* Mr. Emanuel Esteban Mr. Gaurav M. Negi Dr. Kirit S. Parikh Palashikar* Managing Director & Nicolas Bertolini* Director Independent Director Chairman Non-executive Chief Executive Officer Non-Executive Director Mr. Mahesh Shrikrishna Mr. Pitamber Shivnani has Mr. Emanuel Esteban Nicolas Mr. Gaurav M Negi has over Professor Kirit Parikh former Palashikar is the President of extensive experience of 34 Bertolini is Chief Commercial 23 years of diverse exposure Member of India’s Planning General Electric, South Asia years in the transmission Officer of Grid Solutions and in the field of Finance, Commission with a status of responsible for leading GE’s and distribution sector in since 2018 is on the Board of Corporate Governance Minister of State, is Chairman presence across South Asia. India. He was the President the Prolec JV. and Business Operations. of Integrated Research and He has led GE’s Onshore of the Power Grid Division of He started his career in A Chartered Accountant Action for Development Wind Energy business for ABB India from January 1, 1994 and has worked across and Six Sigma Black Belt, (IRADe), New Delhi, a non- the entire Asia Pacific region, 2016 till October 14, 2019. In globe in varied roles and he has been working with profit NGO with focus on since October 2014. Under this role he was responsible responsibilities before joining GE since 1999 and has held energy, environment, climate his leadership, the Asia Pacific for its four business units - GE in 2007 at GE Energy in assignments with progressive change, urbanization and region achieved record Transformers, High Voltage, France, as the Inquiry to Order responsibilities both in India inclusive development. He profitable growth in the key Grid Automation and Grid Risk Assessment and Pricing and Internationally. He has was the Founder Director of markets of China, Japan and Integration. He also led ABB Leader for the Global Projects. been part of the prestigious the Indira Gandhi Institute India. India’s largest manufacturing Leadership Programs of GE of Development Research Since 2010 he has taken He is a 21-year GE veteran facility in Maneja, Vadodara. in Finance and Executive (IGIDR), Mumbai and is a Fellow He started his career with ABB responsibilities for Complex Management and done of the National Academy who has worked and advanced Projects for the GE Water & through a series of complex in 1987 and has held roles certificate course from the of Sciences, India. He was of increasing responsibilities Process Technologies P&L, Harvard Business School. Mr. awarded “Padma Bhushan” by and increasingly responsible Global Industries organization assignments in manufacturing across various divisions since Negi is currently the CFO for the president of India, the third and the Energy Management operations, global supply then. He played a major role GE Renewables Onshore Wind, highest civilian award in India. P&L’s, Global Projects Leader chain, quality, lean six sigma, in the significant expansion of Asia Pacific Region. In the past, He has a Doctor of Science of the Power Delivery and Grid sales, projects, services and ABB’s transformer business he has held the position of in Civil Engineering and a Automation P&L´s, execution business management within in India. Also, under his Whole-time Director & CFO of Master’s degree in Economics of power projects in the FACTS, GE’s Healthcare, Power and leadership ABB Grid’s business GE T&D India Limited, and prior from Massachusetts Institute T&D Substations and EBOP Renewable Energy businesses. grew its manufacturing to joining the Company, he of Technology (MIT), USA and footprint in India by adding segments, execution of the XD/ has held CFO & Senior Finance M. Tech from IIT (Kharagpur). He has worked with Philips GE, High Voltage equipment Electronics N.V. He is the new factories and expanded positions in various GE Joint He has been a Professor of its product portfolio by adding portfolio In August 2015 he Ventures & Business segments Chairman of the Board of GE was appointed LATAM Region Economics since 1967. He has Power India Ltd. He is on the Ultra High Voltage products. gaining a rich exposure in also been a member of the GM of Grid Solutions based various industry segments. His Global Board of Directors of He earned an undergraduate in Sao Paulo, Brazil, where Economic Advisory Councils the US-India Business Council. degree in Electrical financial expertise includes (EAC) of five Prime Ministers he successfully built a strong strategy, governance, He is a member of the India Engineering from IIT, Roorkee. and agile sales and execution of India. Executive Leadership Board corporate finance, risk He has attended Senior teams to deliver 2X growth of the US-India Strategic management, investor Leadership Development on Orders and Revenues. In Partnership Forum. He is also relations, planning and other Program from IMD, Switzerland January 2018 he was named a member of the National domains of finance. and Harvard School of CEO Americas of Grid Solutions Council of the Confederation of Business, USA. based in Atlanta, US. Mr. Negi is an alumnus of St. Indian Industry. Columba’s School, New Delhi *Appointed as CEO w.e.f. January He is an MBA from the He holds a Bachelor’s degree and a commerce graduate 15, 2020 and MD & CEO w.e.f. July University of Texas and a BA in Engineering, a degree from The Hindu College, Delhi 1, 2020 from the University of Trieste, in Cost and Management University and has done his Italy. Accounting from India, and a articles from M/s. A.F. Ferguson Master’s degree in Business *Appointed as Additional Director & Co., New Delhi. Administration from USA. w.e.f. March 1, 2021 *Appointed w.e.f. March 1, 2021 2 GE T&D India Limited Annual Report 2020-21 Mr. Rakesh Nath Ms. Neera Saggi Mr. Sanjay Sagar* Mr. Sushil Kumar Mr. Manoj Prasad Singh Independent Director Independent Director Independent Director Chief Financial Officer Company Secretary Mr. Rakesh Nath has about Ms. Neera Saggi has over Mr. Sanjay Sagar has almost Mr. Sushil Kumar has rich Mr. Manoj Prasad Singh has 43 years of varied experience 38 years of extensive and four decades of experience, finance experience of 20 years over 24 years of experience in in power sector planning, varied experience, both in of which the past two have working with organizations Company Secretary function.