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Annual Report 2017 at a Glance

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Annual Report 2017 at a Glance POWERING OUR FUTURE ANNUAL REPORT 2016-17 POWERING OUR FUTURE Contents At a Glance ....................................................................................... 02 Pride of Parentage ...................................................................... 06 Our Enriched Portfolio ............................................................ 08 Corporate Information ........................................................... 09 Our Financial Scorecard......................................................... 10 Key Operational Highlights ............................................... 11 Board of Directors ..................................................................... 12 Management Team ................................................................. 14 Building an Inclusive and Greener Economy for All........................................16 Industry undergoing a tectonic shift to an auction regime.........................................20 Leveraging our Competitive Cost Structure.........22 Capitalising on Disruptive Changes in Technology...............................................24 Management Discussion & Analysis......26 Notice.......................................................45 Board’s Report.........................................58 Corporate Governance Report..............94 Business Responsibility Report.............110 Financial Statements.............................120 Renewable energy is one of the key means for replacing carbon based fuels At INOX Wind limited, we are amongst the fastest-growing and one of the leading wind and emissions, while meeting the future energy solutions providers in India. We are energy needs of both advanced and vertically integrated with the ability to provide developing countries. Wind energy is end-to-end turnkey solutions for wind farm one of the fastest growing clean energy projects – from developing the entire site sources in the world. As wind turbines infrastructure, to supplying the wind turbine do not produce any atmospheric generators (WTGs) and long term operations emissions, wind is a strong contender and maintenance services. for reducing cumulative greenhouse gas With the shift over to an auction regime, we emissions. It uses zero water in its energy are on a solid growth footing and confident generation, and is amongst the lowest of maintaining a steady and sustainable cost renewable energy technologies growth trajectory in the wind power space. present today. Our ability for offering turnkey solutions, and participating in every stage of the value India has an abundant supply of harvestable chain, gives us a competitive edge in the wind. An MNRE study puts the potential of marketplace. With state-of-the art technology India’s wind power generation at 302 GW at a and project execution capabilities; with one hub height of 100m. The country’s wind power of the largest bank of project sites; and with a generating capacity is increasing year on year, strong reputation for delivering top notch O&M reaching a cumulative capacity of 32 GW in service, we have steadily strengthened our FY2017, enough to power 20 million homes. market position over the years. Today, with a The Government has an ambitious target of healthy order book and a strong balance sheet, reaching 175 GW capacity from renewable we are well positioned to grow our business. energy resources by 2022, and of this 60 GW is In FY2018, we aim to further consolidate our expected to come from wind power. Globally, position as one of India’s leading wind energy India ranks 5th in its annual capacity additions solutions providers. and 4th in terms of wind power installed capacity after China, US and Germany. As of March, 2017, the total wind power installed capacity in India is 32 GW, accounting for 10% of its total installed capacity. India is ranking ahead in wind energy installation and bringing down costs of power production. 2 INOX Wind Limited Annual Report 2017 At a Glance INOX Wind Limited is a fully integrated player in the wind energy market with 3 state-of-the-art manufacturing plants in Gujarat, Madhya Pradesh and Himachal Pradesh. We are one of the largest manufacturers of Wind Turbine Generators (WTGs) in India. With project sites across Rajasthan, We supply wind turbines, along Our robust and reliable WTGs are Gujarat, Maharashtra, Madhya with associated and auxillary optimised to deliver higher yields Pradesh and Andhra Pradesh, our components to ensure high at lower costs. Our diversified suite current inventory of project sites is quality, most advanced technology, of products is aimed at delivering in excess of 5,000 MW. reliability and cost competitiveness. efficient wind power solutions We offer wind farm projects on a customised to the exact needs of turnkey basis across India through the client. our wholly-owned subsidiaries – INOX Wind Infrastructure Services Limited (IWISL) and Marut-Shakti Energy India Limited (MSEIL). Annual Report 2017 INOX Wind Limited 3 Overview 08 States 03 1,600 MW Our Presence in India Manufacturing Facilities Manufacturing Capacity 2.2 GW 656 MW Cumulative Aggregate capacity Wind Turbines Installed erected and commissioned during FY2017 ~7% Market Share of cumulative Wind Energy Projects installed in India 04 INOX Wind Limited Annual Report 2017 At a Glance (contd.) KEY MARKET DIFFERENTIATORS Pan India One of the largest Lowest Leading player in Ready common presence project site cost producer Gujarat, Rajasthan infrastructure for inventories and faster commissioning Madhya Pradesh OUR CERTIFICATIONS: • An ISO 9001:2008 certified company • Manufacturing units are awarded with ISO 14001:2004, OHSAS 18001:2007 and ISO 3834-2 (tower manufacturing facility) • Wind turbines are type certified by TUV SUD and duly enlisted in RLMM by C-WET Annual Report 2017 INOX Wind Limited 5 Overview Our robust and reliable WTGs are optimised to deliver higher yields at lower costs. Our diversified suite of products is aimed at delivering efficient wind power solutions customised to the exact needs of the client. OUR END-TO-END SOLUTIONS A. Wind Farm Identification and Land E. Engineering, Procurement & Acquisition Construction • Wind resource assessment to identify • Construction of WTG tower suitable sites for wind farms and foundations physical assessment of wind sites • Supply, erection and installation of • Energy assessment of sites turbines • Identification and acquisition of land • Construction and installation of unit • Approach road and logistics feasibility sub-station and switch yard at each WTG B. Power Evacuation Development • Pre-commissioning and • Study of power evacuation options at commissioning of WTGs site • Construction of substation and F. Operations and Maintenance transmission lines, based on load flow • 24/7 operations and maintenance study and capacity of WTGs and wind farms, including preventive maintenance of WTGs, • Evacuation approvals from state unit sub-stations and common transmission authorities infrastructure facilities, comprising • Land or Right of way for the substation and transmission lines transmission line • Maintain spares and consumables for operations and maintenance of C. Infrastructure Development turbines • Development and construction of • Installation of supervisory control and infrastructure for wind farms data acquisition system • Land development to enable • Provide various manpower, including installation of WTGs with respect to wind farm security and site Management D. Facilitation & Government Approvals • Assist the customer in obtaining G. Post-Commissioning Support statutory approvals necessary to • Support for registration for renewable install and operate wind farms energy certificates (REC), generation and common infrastructure based incentives (GBI) and clean facilities, including sub-station and development mechanism (CDM) transmission lines. • Dedicated customer relationship • Provide support in connection with management for customers’ daily power purchase agreements, and generation report, monthly billing and wheeling and banking agreements other support. with state distribution companies 6 INOX Wind Limited Annual Report 2017 Pride of Parentage WE ARE PART OF THE US$ 3 BILLION INOX GROUP, WHICH HAS MARKET LEADERSHIP POSITIONS IN VARIOUS BUSINESSES INCLUDING INDUSTRIAL GASES, ENGINEERING PLASTICS, REFRIGERANTS, CHEMICALS, CRYOGENIC ENGINEERING, RENEWABLE ENERGY AND ENTERTAINMENT SECTORS. INOX Group is a multi-billion dollar professionally managed business conglomerate. The Group amongst other companies has three listed companies and has a joint venture with a global giant. The Group employs over 9,000 people at over 100 business units across the country, and has a leadership position across six sectors. The Group’s distribution network spans over 50 countries around the globe. THE INOX GROUP COMPANIES LISTED COMPANIES Gujarat INOX Leisure INOX Wind Flourochemicals Limited Limited Limited Largest producer Second largest Fully integrated player of chloromethanes, multiplex chain in India in the wind energy refrigerants and In the business of market Polytetrafluoroethylene setting up, operating State-of-the-art in India and managing a manufacturing plants Pioneer of carbon national chain of near Ahmedabad credits in India multiplexes under the (Gujarat), Una brand name ‘INOX’ (Himachal Pradesh) and Present in 58 cities with in Madhya Pradesh, 118 multiplexes and which is one of the 471 screens largest in Asia Ability to provide end-to-end turnkey solutions for wind farms Annual Report 2017
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