Lavanya Kulshrestha

LAVANYA KULSHRESTHA Address: GMDC Ltd., Khanij Bhavan, 132 Ft. Ring Road, Vastrapur, Ahmedabad-380052 Contact: +91 9727792505, 079-27912746, Email: [email protected]; l_kulshrestha@ yahoo.com

PERSONAL DETAILS D.O.B.: 26th February, 1966 Languages known: English, Hindi & Gujarati

CHARTERED ACCOUNTANT Expertise in handling all financial matters having more than 25 years of post qualification experience across the industry & working with GMDC Ltd. Since December 2005 as General Manager (Finance) & Chief Financial Officer . PROFESSIONAL ASSOCIATIONS Tehri Hydro Development Corporation Ltd. (THDC) Delhi Tourism & Transportation Development Corporation Ltd. (DTTDC) Tribal Co-Operative Marketing Development Federation Ltd. (TRIFED) Narmada Hydro Electric Development Corporation Ltd. (NHDC), (A joint venture of NHPC & Govt. of MP) Gujarat Mineral Development Corporation Ltd. (GMDC) MAJOR PROFESSIONAL ACHIEVEMENTS  Preparation of Project report of DILLI HAAT and fully associated for implementation of the same. The project is constructed at 6 acres of land by DTTDC as part of reclamanation project and transformed into a plaza. Extensive foundation work, small thatched roof cottages and kiosks give the plaza a village atmosphere and this has become a prestigious project of the world. A number of shows promoting handicrafts and handlooms are held at this complex and craftsmen may display their products by paying nominal charge.  The foundation stone of 1000 MW Indra sagar Hydro project was laid in the year 1984. In the year 2000, a joint venture Co. of NHPC & Govt. of MP viz. NHDC was set up with authorized capital of Rs. 3000 Crs. with shareholding pattern of 51% & 49% to complete the Indra sagar Hydro project at the earliest with a total cost of Rs. 4356 Crs. Rehabilitation and resettlement, reconciliation of account with Govt. of MP and commissioning of units were major tasks and we were able to complete the work and fist unit was commissioned in the year 2004. Due to early commissioning of units, substantial amount of savings has been made. NHDC was also assigned to commission 540 MW Omkareshwar project in MP and same was cleared by Govt. in the year 2003. The estimated cost of project was Rs. 2225 Crs. With gestation period of 5 years however project has started generation of power in 2007 well ahead of sanctioned schedule. There was requirement of loan of Rs. 1600 Crs. approx for this project and banks were offering very high rates ranging from 10% to 12 %. Then we thought to adopt tender process and finally we got loan @ 7% p.a. At the time of joining of GMDC in the year 2005, the total turnover was Rs. 434 Crs. with profit of Rs, 41.75 Crs. So it was great challenge for us to increase the turnover and profit. In the year 2013, the total turnover was Rs. 1748 Crs. with profit of Rs. 601 Crs. Due to sincere efforts, dedication, quick decision making and effective leadership; company was able to improve the financial performance substantially. The following steps were taken for improvement of performance of GMDC:  Closely monitored the sales and expenditure.  Disposal of unserviceable items & scrap material.  Introduction of E-payment system from 2006 for collection of sales receipt from lignite customers and they can obtain Delivery orders directly from banks or through e-banking facility which has resulted into substantial increase in sales volume as customers are able to get material faster.  Turnkey contracts are being awarded to the contractors for mining activities and they are supposed to complete mining work starting from overburden removal to lignite dispatch and payment is made to contractors only when lignite is dispatched resulted into non blockage of funds and increase in sales volume & payable rate is fixed per MT irrespective of high overburden ratio. Further contracts are being awarded for five years and no escalation is given except diesel price escalation therefore we are getting very competitive rates. Previously separate contracts were being awarded for 2 to 3 years for overburden removal and lignite loading and in case of overburden removal the rate was not linked to lignite dispatch.  Implementation of ERP system across all GMDC projects and revision in Delegation of Power for faster decision.  We have outsourced mining activities therefore Voluntary retirement scheme is introduced from time to time to reduce the surplus manpower which would result into saving in Manpower cost in future.  Commissioning of 150.9 MW wind power projects in order to reduce tax outflows as GMDC is having cash surplus.  Swapping of loan of Thermal power project at cheaper rate by inviting the quotations from various banks, financial institutions and GSFS.  Preparation of Standard terms & Conditions for Tenders for safeguarding interest of the company  250 MW thermal power project situated in Kutchh was not performing well since its commissioning therefore it was decided to outsource the O & M activity of power plant and work was awarded to M/s KEPCO (Korean Company) w.e.f. 1st February, 2013 and due to their sincere efforts as well as our monitoring PLF has increased upto 68 % in last two quarters of F.Y. 2013-14.  GMDC is having PF trust for its employees and funds of trust are being invested prudently therefore the trust has started to earn the profit. I was able to complete the above tasks successfully under guidance of Superiors as well as support of juniors and hope that GMDC will perform much better in future.

RECOGNITION AND AWARD WON Selected in the “BEST CFO OF PSU-MEDIUM” category at the 5th Business Today-Yes Bank Best CFO Award 2014,I am the first ever CFO from any Government of Gujarat PSU or other State PSU to win this prestigious national level award.