Sysav Internationalization to India

AUTHORS: Maria Gabriela Fernández Brittney Sloan

ACADEMIC YEAR: 2018-2019

SUPERVISOR: Tomislav Rimac

KEYWORDS: Waste-to-energy, Electricity, India, Sysav, Internationalization

DATE: June 14, 2019

ABSTRACT

The Sysav Group, based in Sweden, recycles and treats waste from households and businesses and transforms it into electricity and other recycled materials. This business plan offers an in depth justification, internal and external analysis, as well as road map for Sysav Group to incorporate a wholly owned subsidiary in Hyderabad, India. The subsidiary will use the parent company’s advanced waste-to-energy electricity generation process to produce electricity that will be sold to Indian intermediaries (distribution companies), which will then be retailed to local households and businesses around Hyderabad. “Over 377 million urban people live in 7,935 towns and cities and generate 62 million tons (MT) of municipal solid waste per annum. Only 43 (MT) of the waste is collected, 11.9 MT is treated and 31 MT is dumped in landfill sites” (Lahiry, 2019). Sysav will provide electricity to the local community and help reduce the amount of waste that goes to landfills in India, while simultaneously turning a profit within year 1.

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Table of Contents:

1. Executive Summary 2 2. Business Description 3 2.1 Sysav Group Background 3 2.2 Mission and Vision 4 2.3 Value Proposition 4 2.4 Business Objective 4 2.5 Electricity Market 4 3. External Analysis 5 3.1 Country Justification 5 3.2 PESTLE Analysis: India 6 3.3 CAGE Analysis: India and Sweden 6 3.4 Electric Power Industry 7 3.4.1 Renewable Energy 7 3.4.1.1 Government Support 7 3.4.1.2 Trends 8 3.4.2 Reverse Auctions 8 3.4.3 Customers 8 3.4.4 Competitors 9 3.4.5 Porter’s Five Forces Industry Analysis 9 4. Internal Analysis 9 4.1 SWOT Analysis 9 4.2 Stakeholder Analysis 10 5. Business Implementation 10 5.1 SELCO International Ld. 10 5.2 Supply Chain 10 5.2.1. First Phase 10 5.2.1.1 Waste Collection and Transportation 11 5.2.1.2 Waste Segregation 11 5.2.2. Second Phase 11 5.2.2.1 Energy Generation 11 5.3 Location Theory and Network Design 12 5.4 Aggregate Planning 12 6. Human Resources 12

6.1 Strategy and Organization 12 6.2 Performance Management 13 7. Marketing 13 7.1 Marketing Objectives 13 7.2 Product 13 7.2.1 Product Characteristics 13 7.2.2 Brand 14 7.3 Place 14 7.3.1 Mode of Entry 14 7.3.2 Channels of Distribution 15 7.4 Price 15 7.5 Promotion 16 7.5.1 Communications Mix 16 7.5.2 Message 16 7.5.3 Communication Channels 16 7.6 Budget 17 7.7 Action Plan 17 8. Financial Analysis 17 8.1 Funding 17 8.2 Sales Forecast 18 8.2.1 Production Capacity 18 8.2.2 Power Purchase Agreements (PPAs) and Reverse Auctions 18 8.2.3 Price from Sysav’s Competitors 18 8.3 Costs Forecast 19 8.4 Income Statement 19 8.5 Cash Flow 20 8.6 Hedging Currency Risk 20 8.6.1 Swap 20 8.6.2 Translation Exposure 21 9. Risk Management 22 10. Conclusions 23 11. Appendix 24 Appendix 1: Electricity Distribution 24 Appendix 2: Major Cities in India and Per Capita Waste Generation Data 24 Appendix 3: Population Growth in India Between 1911 and 2011 25

Appendix 4: Predicted Population Growth and Overall Impact on Waste Generation 25 Appendix 5: Mumbai Landfill Fire Satellite Image 26 Appendix 6: Environmental Performance Index 27 Appendix 7: Air Quality Index (AQI) Chart 28 Appendix 8: India Ease of Doing Business Score 28 Appendix 9: India Income per Capita 29 Appendix 10: PESTLE Analysis of India 29 Appendix 11: India’s Wealth Pyramid 32 Appendix 12: IMD World Competitiveness Index 33 Appendix 13: CAGE Analysis: India and Sweden 34 Appendix 14: Hofstede Country Culture Analysis of India and Sweden 36 Appendix 15: Types of Power Plants in India 36 Appendix 16: Competitor Analysis 37 Appendix 17: Porter’s Five Forces Industry Analysis: Electric Power Industry 37 Appendix 18: SWOT Analysis 38 Appendix 19: Stakeholder Map 40 Appendix 20: SELCO International Ld. Plant 41 Appendix 21: Composition of Waste Processed by SELCO Plant 41 Appendix 22: Supply Chain Diagram 41 Appendix 23: Sysav’s Electricity Plant in Sweden 42 Appendix 24: Composition of Waste in Hyderabad, India 42 Appendix 25: Supplier Key Performance Indicators (KPIs) 43 Appendix 26: Aggregate Planning Analysis 44 Appendix 27: Sysav Organization Chart 45 Appendix 28: Sysav Positions and Annual Base Pay 45 Appendix 29: Recruitment and Selection Process 46 Appendix 30: Business Development Manager Recruitment and Selection Criteria 46 Appendix 31: Wholly Owned Subsidiary Mode of Entry Analysis 47 Appendix 32: Steps to Implement a Power Purchase Agreement (PPA) 47 Appendix 33: Year 1 Marketing Action Plan 48 Appendix 34: Income Statement 50 Appendix 35: Revenues 51 Appendix 36: Costs of Goods Sold 52 Appendix 37: Expenses 53 Appendix 38: Cash Flow 54

54 Appendix 39: Estimate of Risk Event 55 12. Works Cited 57

1. Executive Summary The Sysav Group, based in southern Skåne, Sweden, recycles and treats waste from households and businesses and transforms it into electricity and other recycled materials. Sysav’s advanced waste-to- energy generation process combines several methods to treat waste in the most environment-friendly and sustainable way possible. It considers waste to be a resource that should, as far as possible, be reused and recycled. The company vision is to create the world’s most sustainable region, for present and future generations alike.

Electricity is delivered to end consumers through a complex network of generation, transmission and distribution: - Sysav participates in the first stage: electricity generation. - Electricity is then transferred through transmission lines and sold to distribution companies. - Finally, electricity is passed to substations near the population and is sold to end consumers.

Business Objective: - Internationalize Sysav Group’s waste management and electricity generation operation to India through a wholly-owned subsidiary. - “Over 377 million urban people live in 7,935 towns and cities and generate 62 million tons (MT) of municipal solid waste per annum. Only 43 (MT) of the waste is collected, 11.9 MT is treated and 31 MT is dumped in landfill sites” (Lahiry, 2019). - Sysav can work toward the company vision by reducing the amount of waste that goes to landfills in India, while simultaneously turning a profit within year 1.

External Analysis: - India’s constantly growing GDP, high exports, ease of doing business score, controlled inflation, and increasing income per capita reflect that India is rapidly growing - proving it to be a worthwhile opportunity. - India’s high levels of poverty, new restrictive labor laws and other social issues do cause some concern for market entry. - The country’s significant advancements in technology coupled with adequate electricity sector laws, government support and infrastructure lay the foundation for a successful expansion. - There is a significant potential for enhancing bilateral collaboration in key areas like green technologies, renewable energy, smart infrastructure and healthcare (MEA, 2018). - Sweden and India have a tax treaty to avoid double taxation, a bilateral investment treaty to protect investments and they are negotiating a free trade agreement (Sweden Embassy, 2017). - Sweden’s Ambassador to India, Klas Molin, commented, “[India and Sweden are] very different in size but we rest on the same principles when it comes to human rights, democracy, and rule of law” (Edwards, 2018).

Customers and Competitors: - Sysav’s customers will be the electric distribution companies of India. There are 73 distribution companies - 13 electricity departments, 17 private distribution companies, 41 corporatized distribution companies and two electricity boards, distributed across the country (Gour, 2014).

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- There has been an increase in electricity demand since the establishment of the Electricity Act, 2013, and demand is believed to continue growing. The International Energy Agency projects that the electricity demand in India will almost triple, between 2018 and 2040 (Kabeer, 2018). - Sysav will compete with all plants in India that produce electricity, regardless of the generation method - including not only waste-to-energy generation, but also wind, solar nuclear and more.

Business Implementation: - Sysav will enter the Indian electricity market through a wholly owned subsidiary. - The company will purchase a waste-to-energy plant, SELCO International Ld. in Hyderabad, India. Sysav will need to make repairs to one boiler in order to get it up and running. This plant is composed of the same equipment, steam boilers, steam turbines and cleaning system that Sysav uses in Sweden, making it a smooth transition. - The raw material for electricity generation will be supplied by Greater Hyderabad Municipal Corporation (GHMC), a civic body in Hyderabad. Raw material will be delivered to the plant free of charge due to a previous partnership between SELCO and GHMC that will be continued after Sysav purchases the plant. - After waste segregation and treatment, Sysav will follow an anaerobic and incineration process to generate electricity.

Marketing: - Sysav does not just generate electricity, the company is part of the circular economy that aims to reduce waste. Electricity is standardized, and so is the quality - but the Sysav process is not. - It will pursue a selective distribution strategy partnering with three distribution companies. - Sysav will use a competitive electricity pricing strategy within the industry average to remain competitive in the request for proposal (RFP) bidding process for contracts. - The company will mainly use a personal selling and public relations marketing mix to provide information and build and social cause awareness in the new market.

Financial Analysis: - Sysav requires Rs. 220,000,000, from long term loans and the parent company, to set up operations: purchase plant; repairs; operating expenses and costs of goods sold. - Sysav forecasts to keep its gross margin between 79 and 80 percent over the initial five years. - Sysav forecasts a strong operating income of 19 percent. - Sysav has a strong operating income of 19 percent, which continues to increase.

2. Business Description

2.1 Sysav Group Background The Sysav Group recycles and treats waste from households and businesses in southern Skåne, Sweden, and turns it into electricity and other recycled materials. It offers safe, secure waste management, where reuse and recovery of materials and energy are maximized in a cost-effective way, by focusing on the environment and resource management. Sysav applies an eco-cycle perspective and the operations are based on know-how and expertise. The company combines several methods to treat waste in the most environment-friendly and sustainable way possible. It considers waste to be a resource that should, as far as possible, be reused and recycled.

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2.2 Mission and Vision Mission: Waste management that is sustainable in the long term, with the most extensive recovery of materials and energy possible and the least possible landfill.

Vision: Sysav contributes to creating the world's most sustainable region, for the present and future generations alike.

2.3 Value Proposition Inspired by the vision to create the world’s most sustainable region, Sysav’s advanced waste-to-energy electricity generation process is a pioneer in the circular economy. Sysav powers the community with the goal to build a brighter, greener future for generations to come.

2.4 Business Objective The main business objective is to internationalize Sysav Group’s waste management and electricity generation operation to India through a wholly-owned subsidiary. “Over 377 million urban people live in 7,935 towns and cities and generate 62 million tons (MT) of municipal solid waste per annum. Only 43 (MT) of the waste is collected, 11.9 MT is treated and 31 MT is dumped in landfill sites” (Lahiry, 2019). Through internationalization, Sysav can work toward the company vision by helping fight the waste problem in India, while simultaneously turning a profit within year 1.

2.5 Electricity Market The general electricity generation process is summarized in Appendix 1. Energy creation starts with the power plants, also known as “generating companies.” These companies are responsible for producing and generating electricity from different resources - either renewable or nonrenewable. For example, some power plants produce electricity by burning coal, whereas other plants produce electricity out of wind or waste. Once electricity is produced, the generating company will transfer it through the transmission lines to the distribution company.

The transmission lines ensure that electricity is distributed from power plants to distribution companies. In order to do this, the power plant converts electricity with the help of transformers, and passes the electricity through the transmission network. After, the network supplies electricity from generating stations to substations located near the population and industrial centers that it serves. From there, distribution companies transfer the electricity from the substation to the end consumer. The end consumers are typically individuals, families and businesses. Depending on the country, power plants use different pricing methods to sell electricity to the distribution companies.

End consumers’ electricity demand or “load,” is constantly changing in the short term - the average consumer changes the amount of electricity they use every day, hour and even minute. For instance, every time a person turns on the lights, plugs in their phones or when a hospital turns on the X ray machine, they demand a different amount of electricity than they did just minutes prior.

For that specific interval of time the person's phone is plugged in, or the light is on - electricity demand and usage is constant and does not change. However, when observing end consumer electricity demand over a year, households typically demand/ consume more during specific seasons. Demand curve is

4 considered to be relatively inelastic. Regardless of the price, end consumer will still buy the same amount - the demanded quantity does not change as much as the price. This is mainly because electricity does not have any close substitutes. Also, supply must meet the demand in order to avoid blackouts - this is done in the grid with the help of generators. Non-flexible generators are used for serving the “base load,” which is the regular demand consumed by the buyers. In contrast, flexible generators are used for meeting peaks in demand (Erbach, 2016). For instance, consumers use air conditioning more during the summer than during any other time of the year. Thereby, there will be a peak in electricity demand, that will be offset by a flexible generator. Another way of balancing supply and demand is by storing energy. However, there is only one grid that can actually store electricity in India - the Tata Power Delhi Distribution’s Rohin (Nhede, 2016).

3. External Analysis

3.1 Country Justification In 2016, the world’s cities generated 2.01 billion tons (BT) of solid waste (The World Bank, 2019). The World Bank expects waste generation to increase by 70 percent from 2016 levels to 3.40 BT in 2050. India alone generates 150 thousand tons (KT) of Municipal Solid Waste (MSW) per day - that’s more than 54.7 MT per year (Park, Singh, 2018). Major Indian cities such as Hyderabad, generate 4.2 KT of waste per day (Appendix 2). And by 2025, The World Bank expects India will produce 137.6 MT of waste per year. Population growth is a major contributor to India’s significant MSW increase over the years (Appendix 3). From 2001 to 2013, the population has increased from 1.028 to 1.252 billion (Kumar, Smith, Fowler et al, 2017). More people generate more waste, see Appendix 4 for a predicted population growth and overall impact on waste generation.

The increase in population and waste has put a strain landfills and has contributed to ineffective waste management, causing serious implications for human health and the environment. Landfills are known to catch fire and release “cancer-causing smoke into the air.” In 2016, a landfill in Deonar, Mumbai, that held waste equivalent to the height of an 18-foot tower, was on fire for three months. Appendix 5 shows a satellite view of the fire. There are several studies that link asthma, heart attack, and emphysema to burning garbage. Burning garbage is also classified as the third biggest cause of greenhouse emission in India (Swaminathan, 2018). Likewise, a survey by the Energy and Resources Institute has found that almost 90 percent of people felt that improper waste management in India posed a moderate to severe health risk, also they felt that air quality had worsened and the number of bird species in their cities had declined (Bernabeu, 2014). According to the Environmental Performance Index (2018), India is considered to be the world’s fourth worst country handling environmental issues, ranked 177 out of 180 countries (Appendix 6). Deaths attributed to air pollution have risen to 1,640,113 annually (First Post, 2018).

Sysav will internationalize to Hyderabad. According to the Air Quality Index (AQI) values, the city scored 147 in air quality. The air is considered to be within the “Unhealthy for Sensitive Groups” category, meaning, members of sensitive groups1 may experience adverse health effects due to hazardous air quality. The city is also just 3 points away from being within the “Unhealthy” category. (Appendix 7). Moreover, Hyderabad citizens revealed that due to the extreme levels of pollution, they

1 According to the AQI values (2019), active children, adults, and people with respiratory disease, such as asthma, should limit prolonged outdoor exertion. 5 feel high dissatisfaction to spend time in the city dissatisfaction with green parks and have low water accessibility due pollution (The Hans India, 2015)

Sysav will enter the Indian market and will help reduce the amount of waste going to landfills through its waste-to-energy electricity process. By repurposing waste into energy, Sysav contributes to the circular economy in India and has a positive impact on society and the environment, while improving Hyderabad’s population quality of life.

3.2 PESTLE Analysis: India Upon analyzing the six external country factors in the PESTLE, we determine India to be a challenging market to enter, but still an ideal expansion opportunity. The analysis exemplifies that India is emerging as a regional power. Its constantly growing GDP, high exports, ease of doing business score (Appendix 8), controlled inflation, and increasing income per capita (Appendix 9) reflect that India is rapidly growing - proving it to be a worthwhile opportunity. However, India’s high levels of poverty, new restrictive labor laws and other social issues do cause some concern for market entry. But, the country’s significant advancements in technology coupled with adequate electricity sector laws and infrastructure lay the foundation for a successful expansion. India’s environmental situation is in a dire state due to high amounts of waste and inadequate waste treatment. The incompetent laws and programs, lack of environmental education and reinforcement exemplify the need for a solution in India. See Appendix 10 for full analysis.

3.3 CAGE Analysis: India and Sweden A CAGE analysis comparing distance between Sweden and India offers a unique perspective of the similarities and differences between the two countries. The analysis indicates bilateral and unilateral factors that can assist with market entry justification, business strategy abroad and more. See Appendix 13 for the full CAGE analysis. While there are many distances between Sweden and India, we conclude that they are manageable and do not hinder the overall internationalization to India. We found the largest distances stem from cultural and geographic differences. Hofstede Insights’ country comparison culture analysis (Appendix 14) finds significant culture differences in power distance, masculinity and indulgence. Sweden and India rank more similarly for individualism, uncertainty avoidance and long term orientation values. By accounting for these differences, managers can better bridge the distance between cultures. Although the two countries do not share the same currency, they do collaborate on the world stage. There is a significant potential for enhancing bilateral collaboration between the two countries in key areas like green technologies, renewable energy, smart infrastructure and healthcare (MEA, 2018). They have a tax treaty to avoid double taxation, a bilateral investment treaty to protect investments and they are negotiating a free trade agreement (Sweden Embassy, 2017). Geographic distances, such as a lack of shared border and different levels of infrastructure will pose some challenge. Sweden’s Ambassador to India, Klas Molin, commented, “[India and Sweden are] very different in size but we rest on the same principles when it comes to human rights, democracy, and rule of law” (Edwards, 2018). Despite the distance between the two countries, the opportunity for Sysav to contribute to the circular economy by repurposing municipal waste into electricity in India far outweighs the challenges posed by distance.

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3.4 Electric Power Industry

3.4.1 Renewable Energy The renewable energy market in India has undergone several positive changes over the last few years. This is mainly because the government has started to pay more attention to different sources of energy, like solar, wind and waste. Renewable energy in India is quickly emerging globally from an alternate source of energy, to a mainstream energy option (Bhagwan and Annam, 2013). The government promotes it by establishing a minimum level of renewable energy that distribution companies need to buy from power plants. And the government has encouraged the waste-to-energy market through amendments in Tariff Policy, 2006 (Lahiraja Panna, Kroezen and Nallacheuruu, 2018). The renewable energy market in India is considered to be growing as fast as countries like China, and even faster than the U.S. Due to increased investments and clean energy installations within the country, India is becoming a world leader in the renewable energy industry.

3.4.1.1 Government Support One of the most important industry regulations is the Electricity Act, 2003. It was established with the aim to solve problems that may arise in power generation, transmission and distribution. It tackles the problem of high cross-subsidies2, due to some customers receiving favorable prices at the expense of others. Additionally, the Act considers the environmental concerns of India. It promotes renewable sources of energy and argues that with the purpose of rural electrification, no license would be required for generation and distribution in rural areas of India. This will give a boost to Indian renewable energy in the short term and long term (Mukheree, Dhingra and Segunpta, 2016). Due to this Act, generation plants such as Sysav, will face low barriers to entry.

Government support and policy amendments helps clear some of the red tape making Sysav’s internationalization a bit smoother. Moreover, the government and the Reserve Bank of India are responsible for Foreign Direct Investment (FDI) decision making. Up to 100 percent investment is allowed in the power sector, except atomic energy. When pursuing the automatic process, specific government approval for investment is not required. Additionally, there has been funding for renewable energy projects from the Indian government, such as the Indian Renewable Energy Development Agency, which provides loans to fund these projects (Lahiraja Panna, Kroezen and Nallacheuruu, 2018). Before Electricity Act, 2003, the electricity sector of India was mainly controlled by the government. Generation and distribution companies were mainly state-owned.

This Act comprises several reforms, such as privatization of generation companies and entry of private players in transmission, which encouraged the overall competition and development of the market. Since the launching of the Act, the sector witnessed immense private participation and went from tariff determination to adopting tariffs through market principles, such as bidding (Roy, 2019).

2 Power plants charge distribution companies a fixed tariff for electricity, thereby, cross-subsidies occur when distribution companies charge end-consumers different price per unit, for instance, Saba (2018) exemplifies cross-subsidies as a situation where a domestic consumer may be charged at Rs. 2.5/unit while an industrial consumer may be charged at Rs. 3.5/unit. When this happens it is said that the domestic consumers are cross-subsidised by industrial consumers.

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3.4.1.2 Trends We are seeing a rise in environmental concern around the world today. A worldwide study averaged across 18 countries, conducted by GfK’s Consumer Life, found that 34 percent cite environmental pollution as one of the three things things they are most concerned about. For this reason, a large number of countries have decided to tackle its environmental concerns through renewable energy projects. Countries, such as Iceland and Costa Rica produce almost 100 percent of its energy from renewable sources (Click energy, 2019). According to the India Brand Equity Foundation (2019), the Indian renewable energy sector is the fourth most attractive renewable energy market in the world. So, countries like India have begun shifting from non-renewable energy to renewable energy sources.

Additionally, we see a growing trend toward implementing a circular economy. This is a perspective in which the economic value of materials is optimized over time. It entails gradually decoupling economic activity from the consumption of finite resources, and designing waste out of the system. (Ellen MacArthur, 2015). According to Ellen, Klaus and Martin (2015), the circular economy is gaining increasing attention in Europe and around the world as a potential way for our society to increase prosperity, while reducing dependence on primary materials and energy. Likewise, it is important to emphasize the boost in electricity demand over this year.

3.4.2 Reverse Auctions The price at which the electricity is sold by the power plants to the distribution companies is based on rates from reverse auctions. This is a type of auction in which sellers bid for the prices at which they are willing to sell their goods and services (Chen, 2019)3. This is done through a long term agreement called Power Purchase Agreement (PPA), which contains important clauses related to the transaction between the power plant and the distribution company, such as the obligations of each party, default events, etc. Most of these PPAs have a duration of 5-25 years. Establishing a PPA ensures a secure supply to the distribution companies for a longer period, while also securing revenue for the power plant. Until March, 2019, generating companies were not allowed to call bids from distribution companies. However, power plants may seek bids from the distribution companies now. This is done on the e-bidding DEEP portal as well as in the IEX auction market - distribution companies may bid for different time slots and the highest bid will win the contract (Singh, 2019).

3.4.3 Customers Sysav’s customers will be the electric distribution companies of India. For Sysav, there is a low customer concentration because there has been a massive expansion of the distribution network over the last few years, coupled with a huge increase in installed capacity (Josey et., 2018). This is great for Sysav because it means that its customers have the capacity to demand more electricity. These distribution companies have the means to store electricity at an affordable price, and companies will be willing to demand more. In India, there are 73 distribution companies - 13 electricity departments, 17 private distribution companies, 41 corporatized distribution companies and two electricity boards, distributed across the country (Appendix 15) (Gour, 2014). Because of the high-voltage national grid, it is possible to satisfy demand and transmit electricity to distribution companies located far from Sysav’s facilities. Therefore, the company will have a wide range of potential customers.

3 According to Chen (2019), the buyer puts up a request for a required good or service. Sellers then place bids for the amount they are willing to be paid for the good or service, and at the end of the auction the seller with the lowest amount wins.

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There has been an increase in electricity demand since the establishment of the Electricity Act, 2013, and demand is believed to continue growing. The International Energy Agency projects that the electricity demand in India will almost triple, between 2018 and 2040 (Kabeer, 2018). This is because as Bhattacharya acknowledges (2017), the Indian power market has not yet achieved full potential. There is still opportunity for further power market development in India. So, the size of the market is expected to increase over time.

3.4.4 Competitors Electricity is a standardized product - distribution companies can buy energy from any company that produces electricity. The method of generation plays bears little effect on the distribution companies that purchase the energy. Sysav will compete with all other plants in India that produce electricity, regardless of the generation method. This includes not only waste-to-energy generation, but also generation from wind, solar nuclear, and more. See Appendix 15 and 16 for complete competitor analysis.

3.4.5 Porter’s Five Forces Industry Analysis After conducting the five forces analysis, we conclude that the electric power industry is very attractive. There are not many different sources of energy that can be substituted for electricity in terms of normal everyday consumption. Despite the high level of rivalry, sellers and buyers do not have a lot of purchasing power. High switching costs contribute to the high barriers to entry. Potential competitors will not easily take an established company’s market share. See Appendix 17 for full analysis.

4. Internal Analysis

4.1 SWOT Analysis Based on the internal and external analysis, we conclude Sysav is strongly positioned to enter the Indian market with a wholly owned subsidiary. There are some threats that need to be considered, but positives outweigh the negatives. India’s growing population and amount of waste provide the perfect opportunity for Sysav to contribute to the circular economy and growing green movement with its dynamic waste-to-energy electricity generation process. Sysav will purchase a pre-existing plant that help reduce costs and get the plant up and running quicker. Although some investment, repairs and adaptation need to be made and the plant, initial startup costs will be lower than if Sysav were to build everything from scratch. As public awareness of environmental issues rise in India, we see an increase in government support for environmental projects. The Electricity Act, 2003 offers support for plants like Sysav. Monitoring the high competition of other electricity generation companies is necessary. However, high startup costs, make market entry more difficult. Electricity is a commodity, but attributes such as design and features, have no effect on purchasing decisions. This means decision making is influenced by price. Cultural differences between India and Sysav Group in Sweden also need to be taken into consideration and may pose some challenges during expansion. See Appendix 18 for full analysis.

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4.2 Stakeholder Analysis Stakeholders will play a key role in Sysav’s success. It is imperative to identify and understand all stakeholders, both direct and indirect, involved in the Sysav operation. Depending on the decision, opportunity and circumstance, different stakeholders will be involved. And they will have varying opinions, motives, capacity, etc. Appendix 19 provides a visual representation and a short description of Sysav’s key stakeholders.

5. Business Implementation

5.1 SELCO International Ld. Sysav will enter the Indian electricity market through a wholly owned subsidiary. The company will purchase a waste-to-energy plant called, SELCO International Ld. (Appendix 20). According to Krishna (2018), this was the first commercial waste-to-energy plant set up in India. It is located in the city of Hyderabad, and it is currently being sold due to a boiler malfunction. The plant produces and sells electricity using MSW as fuel. Baghwann and Annam (2013) state the waste processed by SELCO mainly consists of paper, cardboard, plastic, glass, metal and sand. See full table of waste in the Appendix 21. SELCO produces electricity following an anaerobic and incineration process, which matches the electricity production process of Sysav Group, in Sweden. Both plants, Sysav and SELCO, are composed of the same equipment, steam boilers, steam turbines and a cleaning system that eliminates the residues. However, the capacity and production levels of the two plants are not the same. Sysav’s Sweden plant can process roughly 550 KT of waste a year, whereas that SELCO’s plant can process 252 KT per year.

5.2 Supply Chain Sysav’s supply chain in India will comprise two different phases (See Diagram in the Appendix 22 for the supply chain and Appendix 23 for the electricity generation process for Sysav’s electricity plant in Sweden). The first phase covers the collection and waste management; while the second phase, mainly comprises waste treatment, energy generation and transmission to the distribution companies. We assume Sysav will be able to continue the pre existing partnership with the governmental body that provides the raw material, as well as the plant’s connection to the national grid.

The supply chain will operate using a push strategy. The electricity Sysav produces is a standardized product that does not require customization. It allows the company to push the electricity through the chain until it gets to the consumer. Sysav will have a previously established amount of electricity on the PPA that needs to be sold to the distribution companies. Sysav will face low manufacturing variability due to its constant 24/7 electricity generation production.

5.2.1. First Phase Sysav will use MSW as raw material. According to the USEPA (2019), this type of waste consists of everyday items, such as product packaging, bottles, grass clippings, food waste, etc. However, its composition may vary from city to city, depending on factors like standards of living, food habits, etc. Sysav will use waste from Hyderabad and other nearby cities in Telangana. Ahmad, Sharloy, Mahmood and Trivedi (2007) says the main physical characteristics of Hyderabad’s waste are paper (7 percent), textile (1.7 percent), plastic (1.3 percent), ash, fine earth (50 percent) and compostable matter (40 Percent) (Appendix 24). Akbar (2018) states that Hyderabad’s residents generate the highest per capita

10 waste in India, with 570 Kg per day. This is positive for Sysav given that the company will not need to find alternatives way of finding raw material because of scarcity.

5.2.1.1 Waste Collection and Transportation Waste collection and transportation will be outsourced to Greater Hyderabad Municipal Corporation (GHMC), which is a civic body from Hyderabad. Presently, GHMC is responsible for waste collection in Hyderabad and nearby cities and transportation to the SELCO plant through an outstanding contract. GHMC collects waste and transports it to the plant free of charge. We assume Sysav and GHMC will continue partnership even after the sale of the SELCO plant to Sysav.

Sysav’s decision to outsource waste collection and transportation is very strategic. Waste collection and transportation is not a core competency, and it does not impact the quality of the final good. Due to the pre existing contract, Sysav can already receive the needed raw materials free of charge. Waste collection and transportation also does not add value to the supply chain, and there is wide availability of it. Moreover, according to Jeet Singh (2018), Hyderabad was ranked “Best Solid Waste Management” capital city in India. This can at least partly be attributed to GHMC MSW system. Sysav can expect GHMC to continue improving and staying on top of waste management trends given that GHMC has been exploring the idea of introducing e-autorickshaws that lift garbage to promote clean energy and reduce operating costs (Telangana Today, 2019).

Sysav will evaluate the performance of GHMC based on a key performance indicator (KPI) scorecard See Diagram in Appendix 25. Sysav will consider four categories: quality, delivery, risk and responsiveness to evaluate performance. Each category will have several indicators such as, “on-time deliveries” or “percentage of hazardous waste”, that will effectively measure the supplier performance. Based on KPI performance, Sysav can set strategic goals and make better supplier decisions and changes as needed.

5.2.1.2 Waste Segregation After waste is transported to the plant’s facilities by GHMC, it gets separated by waste segregators. As previously stated, the waste collected by GHMC is composed of several items that are not suitable for the anaerobic and incineration processes. For example, hazardous items will get sorted out and go to Sysav’s onsite landfill. This part of the supply chain will be done using a conveying belt in which Sysav’s employees will specifically classify and divide the waste depending on nature. Sysav will hire qualified, underprivileged people in the surrounding area to work as waste segregators. For example, Sysav will try to hire women and men with children, hurt by India’s unemployment crisis for these types of roles.

5.2.2. Second Phase

5.2.2.1 Energy Generation Once waste is segregated, it needs to be preliminarily treated - all the elements will be treated to make them inherit and meet specific properties needed to complete the electricity generation process. Treatment includes: optimum calorific value, lower pollutant content, deodorized, low moisture content, etc. There are several ways waste can be treated, however, Sysav will follow an anaerobic and incineration process. According to Lahiraja, Panna, Kroezen and Nallacheruvu (2018), incineration is generally the most preferred technology for developing countries. Whereas anaerobic digestion is a

11 more suitable preliminary treatment. The solid waste in India contains high moisture that needs to be dried before its use. Hence, the authors argue that the combination of both processes is considered most appropriate for India. Sysav will implement both in the Hyderabad plant.

After preliminary waste treatment, a powder is produced. the powder is then subject to a process of compressing and molding into similar-sized pellets. The pellets are then burnt. This creates steam that makes the turbines rotate, ultimately creating electricity. This electricity is supplied to the grid and transmitted to the distribution companies. SELCO is already connected to APSTRANCO grid in India. We assume Sysav will be able to maintain this connection to the grid even after ownership of the plant moves from SELCO to Sysav.

5.3 Location Theory and Network Design SELCO’s production facilities are located in an ideal city - Hyderabad, Telangana, a south-central Indian state. As previously stated, Hyderabad’s residents generate the highest per capita waste rate in India. This has created a massive burden on the civic bodies (Akbar, 2018). Sysav will be able to reduce the amount of waste in Hyderabad landfills. Additionally, SELCO’s location facilities ensures proximity to additional sources of raw material, given that Sysav’s supplier is just 40 min away by car from the plant. Moreover, the city has a significant potential, due to the large investment in technology. Kumar (2019) claims that Hyderabad is an emerging investment destination and has been in the spotlight for its growth potential and investments from all major technologies, meaning that the city has highly-qualified potential employees.

5.4 Aggregate Planning Sysav’s aggregate planning objective is to minimize cost by adjusting capacity options. Sysav will pursue a chase strategy where output is constantly adjusted to match demand. After analyzing the industry, Sysav will vary production rates using overtime and idle time. Varying production rates is most favorable since electricity demand from transmission companies is expected to be fairly constant with limited bullwhip effect. Electricity is a standardized, widely used product with market characteristics where demand is more constant. Sysav prefers not to spend extra time and cost on training and onboarding additional workers. Plant workers will be working with high tech machinery that requires special skills and training, so the tradeoff is too great to bring on part-time hires. Appendix 26 details the aggregate planning options and analysis.

6. Human Resources

6.1 Strategy and Organization The Human Resources strategy will be to create organizational capability and fit across human resources management and work practices, while focusing on internal consistency. This will be achieved by aligning strategy with human capital in four key processes: recruitment and selection; compensation and benefits; performance management; development and training.

The subsidiary will have an employment average of 106 people across all functions working in the Hyderabad plant. This number is derived from comparing Sysav Group’s waste processed to employee ratio to that of the Selco plant. Sysav Group processes 2,337.2 tons of waste per day and employs an

12 average of 330 people. The plant in India processes 750 tons of waste per day. The results of the cross multiplication show that the subsidiary will need to employ 106 people. The corporate structure (Appendix 27) is divided into six departments covering all necessary functions. Forecasted base salaries for each position are found in Appendix 28.

Salary ranges were benchmarked using Payscale.com’s annual average base pay in India. Additional costs such as social security, other taxes and benefits are also taken into consideration and have been calculated into the total wage cost in the financial analysis section (section 8).

Sysav employees will have permanent positions at the company due to the fact that the company can focus more on employee retention and satisfaction with long term employees. Most required employees are also highly technical - and hiring for permanent positions will reduce training/ onboarding costs that would otherwise be needed for part time or temporary employees. Employees will also be hired locally to account for cultural differences. The recruitment and selection process contains six steps and is outlined in Appendix 29. The Human Resources department will manage this process. Selection methods will vary according to position type, and can include: interview, biographical information, cognitive ability test and personality inventory. See Appendix 30 for a sample recruitment and selection criteria for a Business Development Manager.

6.2 Performance Management Performance management is central to gaining competitive advantage within the industry, retaining valuable personnel and encouraging development. The key is to integrate company and Human Resource strategy to achieve maximum results. Performance measurement will be mainly conducted through the results and attribute approach. The results approach focuses on managing the objective, measurable results of a job or work group. For example, managers discuss discuss and agree on objectives with their subordinates. And the manager monitors progress and provides objective feedback. The attribute approach focuses on the extent to which individuals have certain attributes. For example, peers, subordinates, managers and clients ranks the employee on a list of performance dimensions. This can be done through a 360 degree evaluation.

7. Marketing

7.1 Marketing Objectives - Acquire three new customers in Indian market in the first year. - Raise awareness of social and environmental impact of effective waste management through media mentions, as well as traditional and digital public affairs campaigns. - Raise Sysav product and brand awareness of company’s contribution to sustainable waste management and electricity generation through traditional and digital efforts.

7.2 Product

7.2.1 Product Characteristics Sysav will generate electricity through a solid waste-to-energy process that will be sold to electricity distribution companies. According to Bhagwan and Annam (2013), the United Nations Kyoto Protocol

13 on Climate Change considered waste-to-energy technology a “green technology”, which is environmentally friendly. Sysav will produce energy from MSW, which consists of the garbage disposed by individuals in their day-to-day activities. As stated by Ahmad (2008), waste management represents one of the major environmental problems in India. By generating electricity, Sysav will reduce the amount of garbage in India, as well as contribute to the renewable energy movement.

Electricity is a non-durable product given that is consumed over time, not all at once. Distribution companies need to constantly purchase electricity from power plants in order to provide electricity access to all households everyday. According to Josey, Dixit, Chitnis and Gambhir (2018) there are expectations for a potential demand increase for electricity in India. This is due to rapid village and household electrification from increased use of electricity for cooking and a shift toward electric vehicles. Electricity is also considered to be a convenience product. So purchasing decisions are mainly based on price. Source of electricity can be renewable (waste-to-energy, solar, etc.) or nonrenewable (coal or natural gas, etc.), but the final product is the same. Product attributes such as design and features have no effect on distribution company customers’ purchasing decisions.

7.2.2 Brand Brand goals: - Customers know exactly what Sysav offers and stands for. - Experience supports what the Sysav brand says. - Market is aware of company’s social and environmental cause contribution.

Sysav is a key player contributing to a more sustainable society. It has an intentional purpose to do good in the world, more than just achieve higher profitability. Sysav does not just generate electricity, the company is part of the circular economy that aims to reduce waste. Marketing efforts and positioning enable the brand to be associated with phrases like “green,” “sustainable,” “recycling,” “circular economy” and more. Electricity is standardized, and so is electricity quality. But the Sysav process is not. The company’s unique, sustainable generation process has a positive effect on the perceived quality of the Sysav brand.

The subsidiary in India will maintain the brand of the parent company, Sysav Group. Both offer the same product at industry average market prices. So the brand does not risk being extended too far. Also, being a B2B organization, the brand does not deal with the same challenges as that a B2C company faces. The brand will not have to reposition – it can build and grow from Sysav Group’s brand equity.

7.3 Place

7.3.1 Mode of Entry Sysav’s mode of entry into India will be through incorporating a wholly owned subsidiary. This subsidiary will operate completely independently while being under the control of the parent company, Sysav Group. The subsidiary will be accountable to Sysav Group; and Sysav group will have the legal right to access the subsidiary’s business plans and financial data, in order to regulate its progress, and protect the interests of the subsidiary and the parent company (Burns, 2016). See Appendix 31 for the decision making analysis.

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7.3.2 Channels of Distribution Sysav will sell generated electricity through an indirect distribution channel to reach end consumers. End consumers do not purchase the electricity from Sysav. As previously described, Sysav will partner with GHMC for supply of raw material. This civic body will collect and transport the MSW, Sysav’s raw material, to the plant for electricity generation.

Electricity generation is a one-level channel - Sysav generates the electricity, then it is transferred through transmission lines and sold to an intermediary, the distribution company. From there, the electricity is passed to substations near the population it serves and is sold to the end consumer. (This process is visually illustrated in Appendix 1.)

Sysav will pursue a selective distribution strategy partnering with three intermediaries (distribution companies). Through selective distribution, Sysav can better negotiate favorable terms with the distribution companies and build symbiotic working relationships. This strategy can also help limit competition in the market if the distribution company agrees not to purchase electricity from competing manufacturers. Partnering with multiple intermediaries will also help mitigate risk, should something happen to the relationship between one of the intermediaries.

7.4 Price The Sysav subsidiary will sell the electricity it generates to distribution companies in India. According to Nair (2013), in the Indian market, the commercial terms of the sale of electricity are made through contracts, called PPAs. These contracts are between generation plants and distribution companies. Contracts typically last 5 to twenty five years. Sysav will propose five-year contracts in the request for proposals (RFPs).

According to Nair (2013), there are five steps to implement a PPA (Appendix 32). The rest of this price section will focus on step 2 of the process - the RFP. Selling price of electricity is included in Sysav’s bid/ RFP for projects. Per the Electricity Act, 2003, the Indian State Commission regulates the electricity purchase and procurement process of electricity, including the price at which electricity shall be procured from the generating companies. Based on industry averages of renewable energy prices (see appendix 35 – financial section), Sysav will price the electricity it generates at an average price of Rs. 2.72 per unit. This price per unit was used to project Sysav’s five year financials.. Additionally, each RFP will also contain a fixed escalator scenario in which the price will increase at a predetermined rate each year. According to Nair, industry average is typically 2 to 5 percent. Sysav will decide this escalator rate on a per client basis. For the financials, we assumed a 2.5 percent escalator for each contract.

By using a competitive electricity pricing strategy within the industry average, Sysav will remain competitive in the RFP bidding process. Sysav’s mission is to provide long term, sustainable waste management with the most extensive recovery of materials and energy. By charging moderate prices, Sysav will be more likely to beat the competition and win bids for electricity sales – ultimately working toward the company mission. At the above-mentioned average price per unit, Sysav can cover costs and still turn a profit starting in year 1. According to the financial statements in section 8, we project Sysav to see a 29 percent growth in net income at the close of year 2.

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Sysav’s involvement in the electricity supply chain to end consumers is completed once the energy is sold and hits the transmission lines. Sysav does not control the electricity retail price that end consumers pay to distribution companies. Distribution companies pass any and all additional costs due to price and demand fluctuations to the final end consumer.

7.5 Promotion

7.5.1 Communications Mix Objectives: - Build brand and social cause awareness - Provide information

With expansion comes the need to create an identity within the new market. Per the business objectives, Sysav needs to elevate awareness of effective waste management and the environmental implications, as well as increase Sysav product and brand awareness of company’s contribution to sustainable waste management and electricity generation. Marketing is also accountable for communicating information about the product and its unique generation process to increase the company’s customer base.

Mix: Personal Selling: With the highly concentrated customer market, direct selling is the most effective way to connect with the customer and establish working partnerships. This personal interaction aims to create an effective and valuable business relationship between the electricity distribution company and the Sysav subsidiary. Interactions will be in person, over the phone or over email and will be supplemented with sales and marketing materials to close deals.

Public Relations: The aim of the public relations and publicity channel is to build awareness of the Sysav brand and its contribution to effective waste management and sustainable energy generation in the region. The goal is to increase positive mention in the media. This type of promotion will be both paid and unpaid. Sample initiatives include press releases, press conferences, event sponsorship or participation, speaking engagements and collaboration with local groups, communities and agencies and more.

7.5.2 Message The target message will increase brand awareness, as well as knowledge of the generation process - this will lead to customer purchase and onboarding. Due to the nature of the business and channel of distribution, message content will rely on rational and moral appeals to reach customers. There is little opportunity for emotional appeal since Sysav’s customers are not the final end user. Distribution companies will convert to customers based on financials, rationale and added value. Secondarily, Sysav can use some additional messaging that has moral appeal. Based on the growing trend toward sustainability and reducing environmental impact, Sysav can promote its sustainable waste-to-energy generation process to further penetrate the market.

7.5.3 Communication Channels Personal communication channels will mainly involve salespeople. This well-trained staff will know the ins and outs of the Sysav brand, product, process, attributes, value-adds, etc. The team will use their

16 interpersonal communication skills to sell directly to the electricity distribution companies. Independent subject matter experts in the waste-to-energy sector will also be key players in the non-personal communication media channels. Subject matter experts can participate in events and industry conferences, interviews, etc. Both communication channels will rely on the Sysav process and brand credibility to reach the target audience.

7.6 Budget In year 1, Sysav will allocate 10 percent of total revenues for marketing. This will cover initial costs for sales materials, brochures and other startup costs, as well as raising brand awareness. In years 2 through 5, marketing spend will drop to the average U.S. B2B product company spend of 6.4 percent of total revenue. The drop in spend in year 2 is justified because collateral investment will be significantly lower after the initial sales and marketing materials are created. According to the 2018 CMO survey (polling nearly 3,000 U.S. marketing executives), average marketing spend for B2B product companies is 6.4 percent of total revenue (Hursh, 2018). Each marketing tactic will be analyzed and assigned funds based priority and marketing objective. The year 1 marketing action plan is further explained in section 7.6.

7.7 Action Plan Appendix 33 illustrates an overview of the marketing initiatives that will be carried out during the first year of operation. Each initiative will have its own project plan with additional details, action items, status, deliverables and due dates. Weekly marketing meetings will be held to keep each project on track and address any roadblocks that arise. Year 2 marketing action plan will be created 10 months after year one launch based on changes in market conditions, business objectives, budget limitations, etc.

8. Financial Analysis

8.1 Funding Sysav will need Rs. 220,000,000 to set up operations in India. The company will use its funds for the following: purchase SELCO power plant; repair the malfunctioning machinery; cover operating expenses and costs of goods sold. Sysav will request funding from two institutions: Yes Bank and the Indian Renewable Energy Development Agency (IREDA). Funds will be split to mitigate financial risk and take advantage of favorable interests from IREDA. Likewise, Sysav’s mother company will help fund its subsidiary’s initial investment.

Long Term loan from Yes Bank: Sysav will get a Rs. 50,000,000 loan from Yes Bank. This bank is a good option because it has previously provided loans for other renewable energy projects in India. For instance, Mehindra Renewables, a wholly owned subsidiary of Mahindra Susten, obtained a loan back in May 2019, for Rs. 7,500,000,0000 to fund its social power plant (Dutta, 2019). We have reason to believe that Sysav will be granted a loan with favorable terms from Yes Bank. Interests rates from this are between 16 and 20 percent (MyLoanCare, 2019), So, based on this, we assume Sysav will pay roughly 18 percent in interest.

Long Term loan from Indian Renewable Energy Development Agency (IREDA): Sysav will ask for additional loan of Rs. 70,000,000 to the IREDA, which is a government company that gives financial support to specific projects for generating electricity through renewable sources. According to IREDA

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(2019), the interest rate for borrowers from the private sector is between 11.15 and 11.45 percent. Thereby, we assume Sysav will pay roughly 11.3 percent interest to this institution.

Sysav’s Mother Company: Sysav’s mother company will contribute with Rs. 100,000,000.

8.2 Sales Forecast Sales have been calculated from year 1 (2020) to year 4 (2024) based on the following: power plant production capacity, Sysav’s PPAs and price from its potential competitors.

8.2.1 Production Capacity Sysav plant production capacity in India will be 6.6 mega watts (MW). The plant has the capacity to produce up to 6.6 MW, running at full blast. However, according to Bhagwan and Annam (2013), 10 percent of its total production is needed to run the plant. So, Sysav will be able to sell the remaining 6 MW to distribution companies through PPAs.

8.2.2 Power Purchase Agreements (PPAs) and Reverse Auctions The company will offer bids for five year agreements and we assume that several distribution companies will accept its petition. Due to the Electricity Act, 2003, these distribution companies must buy a minimum percentage of its electricity from renewable sources. Based on previous contracts from other power plants in India, generating companies (like Sysav) may enter as many contracts as petitions accepted, so as long as it meets the plant’s capacity. Hence, if two distribution companies accept the power plant’s contract conditions, the company may distribute its production capacity among these two companies.

For example, according to Prateek (2019), Tehkhand, an Indian waste-to-energy project, signed agreements in 2019 with four distribution companies. This plant can serve as a reference point to similar projects in other Indian states. Therefore, we estimate that three distribution companies will accept Sysav’s bids during the first year. Sysav will offer 2 MW of electricity to each. This spreads production and revenue across multiple clients, mitigating risk. And, the plant continues to run at full capacity.

8.2.3 Price from Sysav’s Competitors To come up with a sales forecast, Sysav based its price on previous reverse auctions from India. Given the lack of information from bids made by waste-to-energy projects, Sysav analyzed solar and wind energy bids made at auctions in May, 2019. Based on previous prices from an auction that took place in March, 2019, the lowest tariff bid in solar power was placed by Acme Solar at a price of Rs. 2.44 per kilowatt hour (KwH) (Saurabh, 2019); and the highest solar power bid was placed by Tata Power Renewable Energy Ltd. at a price of Rs. 2.75 per KwH (Chandrasekaran, 2019). The highest bid won by wind power plants was made by Soft Bank (SB) at a price of Rs. 2.82 per KwH (Saurabh, 2019). Based on these benchmarks, we’ve decided that Sysav will sell electricity within the price range of wind and solar energy auction bids from March to May, 2019. We estimate the price range to be between Rs. 2.44 and Rs. 2.82 per KwH. Sysav did not analyze and benchmark bids from thermal and coal power plants mainly because these plants produce non-renewable energy. Also, coal power is traded at a higher price of Rs. 3.5 KwH, due to a rise in coal auction prices (Chatterjee, 2019). (Appendix 35)

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Sysav’s PPAs with distribution companies will have a fixed escalator scheme. Typically in the industry, the price increases at a predetermined rate between 2 and 5 percent (Nair, 2013). For Sysav, we’ve established the growth rate to be 2.5 percent,. This explains the yearly increase in revenues, despite running at full capacity starting in year 1.

Overall, we estimate that three distribution companies will accept Sysav’s bid during the first year at a price of Rs. 2.72 per unit. This means that over the first year Sysav will sell 51,840,000 KwH, with revenues of Rs. 141,004,800.

8.3 Costs Forecast The forecasted costs were calculated from year 1 (2020) onwards, taking into account the price of Sysav’s raw material and direct workforce. See appendix 36 for full analysis.

MSW, the main raw material used by Sysav for electricity production, will be transported and collected free of charge by GHMC, a waste collection company. As a result, Sysav’s raw material costs are very low. Apart from waste, the company uses spray water as a part of the waste treatment process. The company needs enough water to transport 270 KT of waste per year. According to Jha (2017), water supply for industrial and commercial use is Rs. 15 per kiloliter (kl). Hence, 270 KT will equal 764554.857 kl. So the company will need roughly 765,000 kl of water to process the waste. At a price of Rs. 15 per kl, Sysav will pay Rs. 11,475,000 annually for water.

Lastly, Sysav will need to pay its electricity production workers and waste segregation and treating employees. The number of employees needed in the direct production of electricity is based on the mother company’s employees and capacity. Sysav will employ 81 direct workers to work in the plant. Sysav’s cost of employing these workers annually will be Rs. 16,670,136. This includes base salary, social security and other taxes.

Given that the company will be producing at full capacity starting in year 1, we estimate that Sysav’s costs will be constant, Sysav will not increase its costs over the years.

8.4 Income Statement Sysav’s income statement has been calculated from year 1 (2020) to year 4 (2024) (Appendix 34). Over these five years, the company shows an ability to have reasonable return on its offerings, which is reflected in its 80 percent gross margin. This healthy margin can be attributed to the fact that the company will not have to pay for its main raw material. Moreover, due to the PPA and its fixed escalator scheme, Sysav will keep its gross margin between 79 and 80 percent, allowing the plant to secure more revenues, even while increasing prices. Furthermore, Sysav has a strong operating income of 19 percent, which continues to increase over the years. This means that after the company pays all its expenses, there’s still 19 percent of revenues to cover non-operating expenses, such as interest expenses and taxes. We see this as a sign of financial health for Sysav.

Likewise, during the first year, the company’s reflects an average net income margin of 15 percent. However, this margin decreases over the next years to 9 percent due to the interest expenses. But then it increases again to 12 percent in the last year. Sysav will be profitable, given that the ratio measures

19 how effectively the company has been converting its sales into net income. For these reasons, Sysav will be running its business efficiently. See appendix 37 for expenses analysis.

8.5 Cash Flow Sysav will have a positive cash flow during the first five years of operation (Appendix 38). In the first year, the company will have a positive economic cash flow, with a working capital of 1.5 times its cost of goods sold. Sysav will have enough resources to meet its short-term liabilities. The company will have a negative cash flow from investment - Sysav will need to invest in the purchase and repair of the power plant needed for electricity production. According to Kasturiragan (2014), SELCO was set up with Rs. 200,000,000 in 1999. The report explains that the life span of the plant is 20 years. We estimate that due to depreciation and the current non-working status of the plant, the residual value of the plant will be 60 percent of its initial investment. That translates to a purchase price of Rs. 120,000,000 after 20 years - the price Sysav will purchase the plant at. And in order to get the plant fully functioning again, Sysav needs to spend Rs. 100,000,000 on repairs (Kasturiragan, 2014).

To finance its investment, Sysav will need to secure loans from the Yes Bank and the Indian Renewable Energy Development Agency, as described in section 8.1. Additionally, the company will receive Rs. 100,000,000 as an equity contribution from the mother company. This explains the positive financing cash flow.

Overall, we do not expect Sysav to have liquidity issues given that the cash flow structure allows the company to have comfortable levels of cash starting in year 1.

8.6 Hedging Currency Risk Over the last five years, the Swedish krona (SEK) to Indian rupee (INR) exchange rate has been very volatile. From 2014 to 2019, it has fluctuated between SEK/INR 7.0511 to SEK/INR 9.09. It has been influenced by a huge number of factors, such as price of the crude oil, trade war between the US and China, India’s trade deficit, foreign capital inflow and lower than expected Swedish inflation (Singh, 2019). Furthermore, there is high uncertainty about both currencies. The Swedish central bank has been using the Swedish krona to offset the 2 percent drop of inflation (Liman, 2019). And, India’s central bank has been cautious in its intervention policy, making the Indian rupee very volatile (Jacobs, 2018). Given Sysav’s aversion to risk and need to reduce uncertainty, the company will hedge its currency exchange risk using a swap and forward.

8.6.1 Swap The Sysav mother company (Sysav Group), based in Sweden, will invest in its Indian subsidiary. So, Sysav will ask for a loan to provide the funds. Sysav will go to the Swedish bank to ask for a loan in Swedish krona because the company gets favorable terms in its own country. However, Sysav will be exposed to exchange rate fluctuations every time it pays its interest expenses. In the case that Sysav decides to get the loan in India instead of Sweden, the company will not have to exchange currencies back and forth . Thereby, every time it needs to pay expenses the company will not need to exchange from rona to rupees. Hence, it will not be exposed to exchange rate fluctuations. It will only be exposed when the company takes money back to Sweden, yet, the company will get worse loan conditions in India.

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Sysav mother company, will benefit from both situations. The company will get favorable conditions on the Swedish loan, while not being exposed to exchange rate fluctuations. Sysav will do this with a swap - meaning the company will get the loan in Sweden, with a bank Sysav always works with (offering favorable interest rates). Then, Sysav will swap it with a company in India that wants to invest in Sweden. In order to hedge the exchange rate and interest rate risk, Sysav will want to profit from better conditions in its country. After both companies have their loan offer, both still need incentive to swap. To know if there is an incentive to swap, Sysav or the Indian company must have relative advantage in the market they do not want. So, Sysav will have an advantage in krona, but prefer rupees and the other company will prefer Swedish krona.

Sysav will contract a loan with 9.5 percent interest in Swedish krona, and the Indian company will contract a loan with 10.1 percent interest in Indian rupees. And then, they will swap. Sysav offers the Indian company the opportunity to have 9.5 percent interest in Swedish krona in exchange for having 10.1 percent loan interest in Indian rupees. They do not have to agree on anything because they are both better off. Sysav will be saving 0.2 percent on interest and the Indian company will be saving 0.15 percent. Hence, the global savings will be 0.35 percent.

Company Swedish krona (SEK) Indian rupees (INR) Global Savings

Sysav 9.5% 10.25%

Indian Company 9.7% 10.1%

Individual Savings: - 0.02% 0.015% - 0.35%

8.6.2 Translation Exposure Sysav will use the Current/Non-Current Rate Method to translate its financial statements from its subsidiaries abroad when the company consolidates. This is a method of foreign currency translation where current assets and liabilities in the financial statements are translated at the current exchange rate, while the rest is translated using the historical rate. Everything will be translated into one single currency, the Swedish krona. In order to do this, the company will measure the overall exposure to currency risk that Sysav’s mother company will have on rupees. This is mainly because the exchange rate fluctuation between krona and rupees will affect Sysav’s financial statement. If the exchange rate fluctuation changes for better, Sysav will have a gain. If it changes for the worse, the company will have a loss. However, given Sysav high risk aversion, the company will hedge the exposure it has on rupees to avoid potential losses.

During year 1 (2020), we assume the Sysav subsidiary will have more current assets than current liabilities, and a working capital of INR. 43,337,340. Therefore, Sysav’s risk will be that the rupee depreciates. For this reason, Sysav will take a short position, entering a forward contract to sell INR. 43,337,340. By entering a forward contract, the company will be able to lock in the exchange rate and reduce uncertainty. Assuming that the current spot rate of the rupee is SEK 0.14, and that the forward rate will be SEK 0.15, the company will have in the future:

INR. 43,337,340 x SEK/INR 0.15 = SEK 6,500,601.00

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9. Risk Management Risk identification, assessment, mitigation and response strategy are critical for international expansion. Sysav must be as prepared as possible for adverse situations and how to respond in the event they actually occur. 13 risks have been identified and plotted on a risk map below.

We used a qualitative risk assessment method (modeled after a STINT risk management plan) to present the risk map by assigning numerical values (1-5) for the likelihood of the event to occur, as well as the potential impact. Descriptions of likelihood and impact value are outlined in Appendix 39. The appendix also describes each event with more detail including the risk index, how to mitigate the event, as well as the maximum possible loss for each. Sysav recognizes the risks associated with this internationalization. However, by identifying and understanding the potential risks, Sysav can better plan mitigation to reduce their potential impact.

Risk Events: 1. Supplier breaks agreement 2. Failure to win RFP bids 3. Changes to government regulations 4. Political corruption 5. Waste becomes popular for other uses 6. Culture differences 7. Failure to attract/ retain top talent 8. Major market demands fluctuations 9. Plant malfunction 10. Poor cooperation and info exchange 11. Currency exchange fluctuations 12. Employee accidents/ threats to public safety 13. Natural disaster

Risk Map evaluating likelihood and impact:

- The green area represents low values of probability and impact, indicating lower response requirements. - The yellow area is where the majority of Sysav’s risks are. It represents medium risks and an average level of response.

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- The red area is high-risk and constitutes fatal events.

10. Conclusions By internationalizing to India, the company will help reduce the negative consequences caused by the extreme levels of waste in the country and will improve the standards of living of Hyderabad citizens. Based on our analysis, we concluded that Sysav’s plan is feasible, workable and aligned with the company’s mission of promoting sustainability. Despite Sysav’s weaknesses, threats and risks - we believe that India is a good destination for Sysav’s expansion. This is due to the government’s current support of renewable energy projects and market. Additionally, Sysav will benefit from the purchase of a power plant already connected to the power grid and a partnership with a major supplier. From a financial point of view, Sysav will be profitable in its first year, forecasting a net income margin of 15 percent and a positive cash flow. Although the company’s expansion requires a large sum of money to start operations, Sysav will have the financial support of an institution, IREDA, whose main purpose is to fund renewable energy projects.

It is estimated that electricity demand in India will increase over the years, promising future market opportunities for Sysav, and an overall positive outlook for the Indian electricity market.

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11. Appendix

Appendix 1: Electricity Distribution

Source: U.S Energy Information Administration. Retrieved from: https://www.eia.gov/energyexplained/index.php?page=electricity_delivery

Appendix 2: Major Cities in India and Per Capita Waste Generation Data

Source: Census of India 2011, CPCB Report 2011. Retrieved from: https://www.epw.in/engage/article/institutional-framework-implementing-solid-waste-management- india-macro-analysis

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Appendix 3: Population Growth in India Between 1911 and 2011

Source: Provisional Population Totals India, 2011. Retrieved from: https://www.epw.in/engage/article/institutional-framework-implementing-solid-waste-management- india-macro-analysis

Appendix 4: Predicted Population Growth and Overall Impact on Waste Generation

Source: Amepu. Retrieved from: https://www.epw.in/engage/article/institutional-framework- implementing-solid-waste-management-india-macro-analysis

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Appendix 5: Mumbai Landfill Fire Satellite Image

Retrieved from: https://earthobservatory.nasa.gov/images/87429/fire-burns-in-mumbai-landfill

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Appendix 6: Environmental Performance Index

Source: Environmental Performance Index. Retrieved from: https://epi.envirocenter.yale.edu/downloads/epi2018policymakerssummaryv01.pdf

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Appendix 7: Air Quality Index (AQI) Chart

Source: Hyderabad Air Quality. Retrieved from: http://aqicn.org/forecast/hyderabad/

Appendix 8: India Ease of Doing Business Score

Source: The World Bank.Retrieved from: http://www.doingbusiness.org/en/data/exploreeconomies/india

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Appendix 9: India Income per Capita

Source: The World Bank, Trading Economics (2017). Retrieved from: https://tradingeconomics.com/india/gdp-per-capita

Appendix 10: PESTLE Analysis of India

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30

31

Source: Own elaboration.

Appendix 11: India’s Wealth Pyramid

Source: Jana Subrata (2017). LiveMint. Retrieved from: https://www.livemint.com/Money/HJkSWsigdz6Xvkg8wpr6jK/Where-are-you-in-Indias-wealth- distribution.html

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Appendix 12: IMD World Competitiveness Index

Source: IMD. “World Competitiveness Index Ranking 2018: India.”. 2018.

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Appendix 13: CAGE Analysis: India and Sweden

34

Source: Own elaboration.

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Appendix 14: Hofstede Country Culture Analysis of India and Sweden

India; Sweden Retrieved from: https://www.hofstede-insights.com/country-comparison/india,sweden/

Appendix 15: Types of Power Plants in India

Source: Own elaboration.

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Appendix 16: Competitor Analysis

According to the Indian Power Sector (2014), the Indian electric market is formed by:

- Thermal power plants: Our biggest competitors are going to be thermal power plants given that they produce more than 65 percent of the electricity consumed within the country. Thermal Power Plants produce electricity from coal, gas, diesel and natural gas. Out of the 10 biggest companies seven are state-owned. Example of these plants are: Vindhyachal Thermal Power Station, Mundra Thermal Power Station, Mundra Ultra Mega Power Plant, Talcher Super Thermal Power Station and Simat Thermal Power Plant. - Hydroelectric power plants: These plants make energy out of water and produce 22 percent of the electricity consumed in India. These plants are usually located in dams that impound rivers. Example of these plants are: Tehri Dam, Koyna Hydroelectric Power, Srisailam, Nathpa Jhakri and Sardar Sarovar Dam. - Solar power plants, wind plants and biomass plants produce 10 percent of the electricity consumed in India. - Solar power plants: Kurnool Ultra Mega Solar Park, Kamuthi Solar Power Project, Bhadla Solar Park, Charanka Solar Park and Sakri Solar Park. - Wind power plant: Muppandal Wind farm and Jaisamel Wind Park. - Biomass power plants: These plants make electricity out of forest products, waste and energy crops. - Nuclear power plants: These produce three percent of the electricity consumed. Source: Own elaboration.

Appendix 17: Porter’s Five Forces Industry Analysis: Electric Power Industry

Threat of Entry

It is not easy to start a company that is able to compete with Sysav. If done, it is necessary to invest large financial resources in fixed facilities, plants, raw material, labor, advertisement and funding-up start losses. Additionally, the company will need to establish a connection with the national grid and partnership with suppliers of raw material, which can be difficult given that the company will need to apply for the connection, providing technical data and paying a fee.

Power of Suppliers

Suppliers may vary depending on the nature of the power plant. For instance thermal power plants use coal as raw material. Therefore, these plants will have different suppliers than Sysav. For simplicity purposes, waste-to-energy projects case were analyzed.

The raw material for waste-to-energy electricity production is waste from households. This is a standardized material that is readily available - everyone creates waste. Hence, there is a large pool of potential suppliers. This makes the power of suppliers very low. Also, India has high levels of waste, making it an easy-to-find commodity. However, sourcing it might be difficult due to geographic dispersion and infrastructure.

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Power of Buyers

Customers in this industry are not price sensitive. Due to the PPAs, distribution companies cannot switch from a power plant to another easily. They need to sign a contract between the generating plant and the distribution company, as well as a contract between the trade company that facilitates the exchange of energy. For this reason, buyers have low power in this industry.

Substitutes

Electricity produced by Sysav, or any other generating plants within the industry, cannot be substituted easily. Electricity is a fundamental part of the society. Even though there can be substitutes to certain activities, electricity is vital to carry out a high number of crucial activities. Nowadays, all villages in India have electricity, this is why the power industry does not have a readily-available substitute.

Rivalry

There is high rivalry in this industry, given that there is a high number of generating plants in the Indian market that produce electricity - thermal power plants, hydroelectric power plants to solar power plants and wind parks. Source: Own elaboration.

Appendix 18: SWOT Analysis

Strengths

- Sysav will buy SELCO International Ld. Plant which is a power plant that is already partnered with a government body and provides waste free of cost. - SELCO is already connected with the APSTRANCO grid. - Sysav will have a direct relationship with its customers, which generates more flexibility in its negotiation. - Sysav will help reduce the high volumes of urban waste, having a positive impact on the environment. - High capacity of the company to convert waste - SELCO has three boilers that can process 250 tons of waste each. - Waste-to-energy plants are more profitable than regular renewable energy plants. According to Bagwan and Annam (2013), the net operating profit of MSW plants are greater than other plant types, such as wind farms. - Waste-to-energy plants have other benefits such as loading suitability, higher capacity factor and availability, economical grid connection, less space requirement, recycling opportunities and less payback period (Bagwan and Annam, 2013). - Electricity is a standardized product that does not need to be culturally adapted to its customers.

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Weaknesses

- One of the main weaknesses of the project is the high capital investment needed to purchase the power plant. The costs of building a waste-to-energy plant are much higher than building solar plants or wind farms. Likewise, the costs of maintaining the plant are also much higher. - It is the first time Sysav is operating in a country outside of Sweden. - Lack of recognition of Sysav’s brand and reputation in India. - SELCO is currently not operational due to a boiler malfunction. Sysav will have to pay for its repair.

Opportunities

- There is an increase of public awareness about environmental issues in India. According to Lahiraja, Panna, Kroezen and Nallacheruvu (2018), India is leading a strong movement on climate change across the world and it is currently cutting down reliance from power through coal, as well as the problems of inappropriate waste disposal and its health consequences, by companies and citizens. - Sysav’s raw material is MSW which is abundant in India. - Government support of environmental projects through new regulations. Ex: Electricity Act, 2003, promoting new renewable sources of energy and offering financial support to startup plants. - High levels of MSW in India: according to Chinwan and Pant (2014), 55 MT of MSW and 38 billion liters of sewage are generated in the urban areas of India. The amount is also expected to increase. - High capacity of distribution companies to store electricity may increase its demand. - Expected increase in demand of electricity in the Indian market due to greater dependence on electric appliances (Josey, Dixit, Chitnis and Gambhir, 2018).

Threats

- Product attributes such as design and features have no effect on distribution company customers’ purchasing decisions, because electricity is a standardized product. - Limited number of private distribution companies in the Indian market. - High competition due to thermal power plants domination in the market. They produce 65 percent of the electricity in India. - Lack of knowledge about waste-to-energy technologies among the Indian population. This technology is relatively new in the Indian market (Lahiraja, Panna, Kroezen and Nallacheruvu, 2018). - Lahiraja, Panna, Kroezen and Nallacheruvu (2018) argued that there are not waste-to- energy plants that have withstood the test of time and lasted for more than a decade. - Cultural differences between Sweden and India, such as language differences and different management styles. Source: Own elaboration.

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Appendix 19: Stakeholder Map

Source: Own elaboration.

Source: Own elaboration.

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Appendix 20: SELCO International Ld. Plant

Retrieved from: https://www.indiamart.com/proddetail/power-plant-7135517973.html

Appendix 21: Composition of Waste Processed by SELCO Plant

Source: Bhagwan and Annam (2013).

Appendix 22: Supply Chain Diagram

Source: Own elaboration.

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Appendix 23: Sysav’s Electricity Plant in Sweden

Source: Sysav. “Heat and electricity from web”. 2018. Retrieved from: https://www.sysav.se/globalassets/media/filer-och-dokument/informationsmaterial- broschyrer-arsredovisningar-faktablad-rapporter-etc/broschyrer-och-arsredovisningar-pa- andra-sprak/heat-and-electricity-from-waste.pdf

Appendix 24: Composition of Waste in Hyderabad, India

Source: Ahmad. “Municipal Solid Waste Management in Indian Cities – A Review”. February, 2008. https://www.researchgate.net/publication/6394075_Municipal_solid_waste_management_in_Indian_c ities_-_A_review

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Appendix 25: Supplier Key Performance Indicators (KPIs)

Scorecard Category GHMC Supplier Indicators

Quality - Percentage of hazardous waste

Delivery - Number of early deliveries - Number of late deliveries - Actual vs quoted lead time - On-time deliveries

Risk - Product availability - Distance from source - Industry capacity - Financial instability - Technology change - Political events

Responsiveness - Overall communication - Compliance to terms - Emergency requests Source: Own elaboration.

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Appendix 26: Aggregate Planning Analysis

Aggregate Planning Feasibility Notes Options

Changing inventory levels No No capacity to store electricity generated (inventory)

Varying workforce size: Yes Limited variability in demand expected; high onboarding hiring/ layoff cost

Varying production rates: Yes Limited variability in demand expected; requires overtime/ idle time accurate workforce planning

Sub-contractors Yes Special skills/training training needed to onboard - high (cost and time) investment requirement for work generated

Part-time workers Yes Special skills/training training needed to onboard - high (cost and time) investment requirement for work generated

Influencing demand No Electricity is a commodity, widely used product; Sysav does not sell directly to end consumers, so little opportunity to influence demand

Back ordering during No Electricity can be considered an essential need and end high-demand periods customers will not stand for not having access to it

Counter-seasonal product No Only one product is offered and service mixing Source: Own elaboration.

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Appendix 27: Sysav Organization Chart

Source: Own elaboration.

Appendix 28: Sysav Positions and Annual Base Pay

Source: Own elaboration. Data retrieved from: www.payscale.com

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Appendix 29: Recruitment and Selection Process

1. Identify hiring need

a. Hard skills b. Soft skills

2. Plan

c. Communication plan d. Receive buy in on process and steps

3. Search and recruit

e. Internal and external sources f. Sell opportunity and organization

4. Selection

g. Different methods depending on job

5. Offer employment and hire candidate

6. Onboard candidate

g. Admin paperwork and facilities h. Company culture and make them feel welcomed and empowered Source: Own elaboration.

Appendix 30: Business Development Manager Recruitment and Selection Criteria

Job Description Soft Skills

- Prospect and convert potential clients - Growth-minded and coachable - Achieve agreed upon sales targets - Empathetic - Foster relationships with clients - Effective communicator - Look for opportunities to upsell - Humble - Keep abreast of best practices and trends - Emotionally intelligent

Hard Skills Sources

- Prospecting skills External: - Ability to close sales - LinkedIn, online job board - Hindi & English - Employment agency - Industry knowledge (preferable) Methods: - Interview; Biographical info - Cognitive ability test - Personality inventory Source: Own elaboration. 46

Appendix 31: Wholly Owned Subsidiary Mode of Entry Analysis

Advantages Disadvantages

- Sysav will have full operational and - Extremely high cost associated with strategic control over the subsidiary financing a subsidiary. Without any allowing both companies to protect their partners to help mitigate cost, Sysav will trade secrets. be responsible for generating the - Sysav’s sophisticated electricity financing for the subsidiary. generation process is a core competency - India welcomes FDI, but Sysav may for the group. face a lot legal constraints and “red - Sysav will have more access to market tape” that makes the subsidiary difficult information. to incorporate. - Possibility for having local management - Culture differences between Sweden teams (instead of centralized) that (Sysav HQ) and India have many understand the market and country contrasting elements. It may be difficult culture. to integrate and adapt systems, - Facilitating relationships with suppliers processes, policies and procedures to fit and customers may be easier with local the local culture. management and may produce more efficient logistics. - Sysav may be able to take advantage of subsidies and other tax benefits associated with starting a subsidiary. Source: Own elaboration.

Appendix 32: Steps to Implement a Power Purchase Agreement (PPA)

1. Project eligibility assessment and bid participation 2. Project registration and issue a request for proposal (RFP) 3. Project allotment/ letter of intent 4. Power Purchase agreement signing 5. GBI certificate Source: Own elaboration. Retrieved from: (Nair, 2013)

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Appendix 33: Year 1 Marketing Action Plan

Action Steps Task Owner Timeline Resources Marketing What will be Who will do it? When will it be What do we Objective done? completed? need to complete Which objective this step? does it fulfill?

Email/ PPT sales Marketing team ASAP Contract graphic Customer deck/ letterhead designer to build acquisition templates, etc. out templates

FAQ/ Sales and Within four Define content; Customer Information/ Fact marketing teams months of sales route for acquisition Sheet team onboarding approvals; graphic design; review bi- annually

Buyers Guide Sales and Within two Define content; Customer marketing teams months of sales route for acquisition team onboarding approvals; graphic design; review bi- annually

White Marketing and Within six Define content; Customer papers/case production teams months of sales route for acquisition studies team onboarding approvals; graphic design

Industry Marketing team Quarterly Define content Brand and cause eNewsletter dissemination schedule; awareness initially; move to sources/ produce every two months content; graphic after first year design; route for approvals; schedule/ disseminate

Press releases Marketing team Aim for monthly, Source info; draft Brand and cause if possible. press release; awareness (Dependent on disseminate having newsworthy content)

Event Marketing team Three per year Source/ vet Brand and cause sponsorship/ opportunities; awareness

48 participation create calendar and task list; prepare necessary materials

Process brochure Marketing team Within seven Define content; Customer months of sales route for acquisition team onboarding approvals; graphic design

Industry speaking Marketing and Six per year; aim Research/solicit Brand and cause engagements production teams for one every two engagements; awareness months, but need create calendar; to evaluate prep SME; opportunities conduct

Plant tours for Marketing and First tour: six Coordinate with Brand and cause public SME months after production teams; awareness generation market tour; begins; measure create tour success and calendar schedule additional Source: Own elaboration.

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Appendix 34: Income Statement

Source: Own elaboration.

50

Appendix 35: Revenues

51

Source: Own elaboration.

Appendix 36: Costs of Goods Sold

Source: Own elaboration. 52

Appendix 37: Expenses

Source: Own elaboration.

53

Appendix 38: Cash Flow

Source: Own elaboration.

54

Appendix 39: Estimate of Risk Event

Estimate of Risk Event Table:

55

Source: Own elaboration.

Estimate of Risk Event Likelihood Table:

Source: Own elaboration.

Estimate of Risk Event Impact Table:

Source: Own elaboration.

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