Team Members: Pulkit Bohra, Pulkit Mathur, Mudit Jain, Tarun Gupta
We presented the above presentation in Mahindra War room finals, 2012. This presentation discusses the business strategy for Mahindra EPC in Clentech sector.
2. Case Study Objectives
What Differentiated Offering can be made by
Mahindra EPC ?
Reforming How should Mahindra EPC become the
Mahindra preferred player for solar power developers?
EPC
How should Mahindra EPC scale up the
business ?
2
[8]
Team Iguanas, IIM Ranchi
3. Research Methodology
Qualitative
• Telephonic interview with Company executives from Rays Power
Infra, FirstGreen Consulting, MINDA NexGentech
• Discussion with Professors at IIM Ranchi
• Secondary research from internet and databases (ISI Emerging,
Proquest, EBSCO & Indiastat, CRISIL)
Quantitative
• On field survey (2 MW Solar Plant)
• Technical associates Ltd. , Sandauli, Barabanki, U.P.
• EPC Contractor was Mahindra EPC
Critical & Action Oriented
• Cost – Benefit analysis for Solar park (300 MW)
• Gujarat case study Analysis
3
Team Iguanas, IIM Ranchi Team Iguanas, IIM Ranchi
4. About NSM
EPC in
India
Traversing The Mahindra EPC Value
Objectives
Chain
Case
Recommen
dations
Appendix
[8]
[8]
4
Team Iguanas, IIM Ranchi
5. Roles of an EPC
About NSM
Regulatory Authority Utility/PPA
Financing
Project Developer Project Consultant
EPC in
India
Institutions/Banks
Module/Equipment EPC BoS Suppliers
Supplier Company
Objectives
Case
Consulting Consulting
Recommen
dations
Vendors for Solar Offerings Cliental Offering Operation &
Procurement (On-Grid + Off-Grid) & Access Maintenance
Data
Appendix
Accumulate
Source: Interactions with PV developers and industry experts
[8]
[8]
5
Team Iguanas, IIM Ranchi
6. The Mahindra Advantage
About NSM
Track record of executing successful projects On-time completion
• Jodhpur – 5MW (completed) record is a critical
• Lucknow – 2MW (completed) factor for project
EPC in
• Jodhpur – 33MW (under construction)
India
financing
• Bikaner – 23 MW (under construction)
Objectives
Case
Synergies with Mahindra sister companies
• Mahindra Construction Equipment:
Potential mutual For construction equipment
cost-optimization • MaCE: Engineering Consulting
• Mahindra Logistics: Logistics support
Recommen
dations
• Mahindra Finance: Currently, primarily
in rural financing
Mahindra Group’s financial strength to avoid stoppage of work due to
Appendix
working capital
[8]
[8]
6
Team Iguanas, IIM Ranchi
7. EPC Companies Are Facing
Several Challenges
About NSM
Solar technology is not considered for project finance
funding – Substantial fund requirement with limited
banking facility
EPC in
India
Competitive bidding drove prices for grid-connected
Issues solar energy to INR7.49 – Race for cost reduction has
led to compromise in quality
With
Solar EPC
Objectives
Case
Companies New technology – Shortage of skilled manpower
Financial closure, land procurement and
Recommen
development reduces project execution time –
dations
Compromising quality
Grid connectivity is delayed sometimes by as long
as 12 months in certain cases – losses for EPC
contractor
Appendix
[8]
[8]
7
Team Iguanas, IIM Ranchi
8. Case Study Objectives
About NSM
How should Mahindra EPC scale up the
EPC in
India
business?
Reforming
Objective-1
How should Mahindra EPC become the
Mahindra preferred player for solar power developers?
EPC
Recommen
What Differentiated Offering can be made by
dations
Mahindra EPC?
Appendix
[8]
[8]
8
Team Iguanas, IIM Ranchi
9. About NSM
Recommendation 1
EPC in
India
Mahindra EPC should consider
backward integration to optimize
Objective-1
cost and be future-ready
Recommen
dation - 1
Appendix
[8]
[8]
9
Team Iguanas, IIM Ranchi
10. Analyzing the scope of vertical
integration for cost optimization
About NSM
Forward Integration: Already existing in the form of No Scope
Mahindra Solar One.
Backward Integration
Domestic Content Requirement
EPC in
India
Anti-Dumping Duties
Opportunities
Objective-1
Market for INR1.6 worth modules by 2022
Indian Suppliers to EPC Companies
Solar
Moser Baer Semiconductor
Recommen
dation - 1
Mahindra EPC
Topsun Solar Titan Energy generating
synergies from
IndoSolar PLG Power backward
integration
BEL BHEL Lanco Solar
Appendix
Source: Expert Interviews, Lanco, India Solar Compass, BridgeToIndia, October 2012 edition; Indian solar manufacturers ask for
anti-dumping duties of up to 200%, PV Magazine; Business Today
[8]
[8]
10
Team Iguanas, IIM Ranchi
11. Threat from existing Module
Manufacturers
About NSM
Backward Integration
Modules Inverters Balance of Systems
Inverters used in solar Used to account for only 10-
China dominates 70% plants are same as 15% of the total cost
EPC in
of the global module used in other
India
market conventional power With recent decline in other
plants cost components BoS
contribution is touching 40%
Costs have fallen Existing players have
Does not make much sense in
down by more than been in the industry
investing resources in this
half in last two years for decades
Objective-1
activity as components are
diverse (civil costs, cables,
labor component, steel
Very difficult to
structures) and difficult to
Looks to be a difficult compete with such
consolidate
solution at this point existing players in
in time terms of technology
as well as cost
Recommen
dation - 1
Threat from local module manufacturers entering EPC space
• Vikram Solar – Projects pipeline of 40MW for module supply and EPC under batch two of phase
one of the NSM and the Gujarat Solar Policy.
• Lanco Solar – Providing EPC for Gas Authority of India Ltd. (GAIL), is expected to use its own
modules.
Appendix
Source: Expert Interviews, Lanco, India Solar Compass, BridgeToIndia, October 2012 edition; Indian solar manufacturers ask for
anti-dumping duties of up to 200%, PV Magazine; Business Today
[8]
[8]
11
Team Iguanas, IIM Ranchi
12. MEPC: Wait for Clarity on Regulatory
Front and go for Phased Integration
About NSM
Poly Silicon Ingot & Wafer Cells Module
Margins ~ 50% ~20% >10% ~7-10%
EPC in
India
Investments US $ 0.75 US $ 0.5 to 0.75 ~ US $ 1 ~US $
million/MW million /MW million/MW 100k/MW
Optimum Scale of 700 – 1000 MW 80 – 100 MW 30 – 50 MW 10 – 20 MW
Investment ($560 - $800 ($45 - $60 ($30 - $ 50 million) ($1 - $2
Objective-1
million) million) million)
Project timeline 2.5-3 years 1-2 years ~ 1 year 4-6 months
Cost Drivers Electricity, CAPEX, Raw Raw materials, Raw
CAPEX materials & R&D materials
Recommen
dation - 1
Consumables
Decent margins, provides entry
point for future expansion, low
CAPEX, smaller project
Appendix
timelines
Source: Solar PV Manufacturing, EAI
[8]
[8]
12
Team Iguanas, IIM Ranchi
13. Case Study Objectives
About NSM
How should Mahindra EPC scale up the
EPC in
India
business?
Reforming
Objective-2
How should Mahindra EPC become the
Mahindra preferred player for solar power developers?
EPC
Recommen
What Differentiated Offering can be made by
dations
Mahindra EPC?
Appendix
[8]
[8]
13
Team Iguanas, IIM Ranchi
14. About NSM
Recommendation 2
EPC in
India
OFF-GRID & ON-GRID
Objective-2
A Franchise Model
Recommen
dation - 2
Appendix
[8]
[8]
14
Team Iguanas, IIM Ranchi
15. Current Market is Dominated by
Local Players
About NSM
Current Allocation under Phase 1 – Batch 2
Total capacity: 340 MW
• As Per JNNSM, Batch II - Phase I 50
data, The major EPC contracts were
EPC in
50
India
raked up by the Local EPC Players. 185
35
20
• Mahindra acquired only 14.7% of the
Objective-2
total contracts.
Mahindra Welspun Azure L&T Others
Reasons Quoted By Clients For Low Turnover Of Contracts
Recommen
For Mahindra EPC
dation - 2
Perceived Stringent Perceived loss of
Lack Of Local Presence Of
Processes Affects bargaining power by
Mahindra EPC
Approachability developers
Appendix
[8]
[8]
15
16. Leveraging Mahindra’s Off grid
for On-grid Solution
About NSM
Huge demand of
SEZs
Regions
lacking in grid Telecom
EPC in
connectivity Towers
India
Sales center
Objective-2
OFF-GRID
ADVANTAGE
OFFSETTING ON-
Recommen
dation -2
GRID DISADVANTAGE
Franchisee Model: Regional Sales Offices
Appendix
Common outlet for Off-Grid & On-Grid Sales Support
[8]
[8]
16
Team Iguanas, IIM Ranchi
17. About NSM
Recommendation 3
EPC in
India
Big Data Meets Solar Energy
Objective-2
Recommen
dation -3
Appendix
[8]
[8]
17
Team Iguanas, IIM Ranchi
18. Lack of Information made Solar
Investments Risky in Phase 1
About NSM
Without a proven track
record
Reverse bidding
leading to under High interest
EPC in
India
pricing of bids rate in India
Risky
Investments
Objective-2
Lack of Information on
Recommen
dation -3
Project Development Project Deployment Project Performance
Appendix
Banks were reluctant to lend funds [8]
18
[8]
Team Iguanas, IIM Ranchi
19. Data Monitoring: A Value-added
Service
About NSM
Absence of
data in pre-
Delayed
EPC in
bid stage
India
Financial
Lack of data Closure
Long lead in
equipment
Objective-2
procurement
Recommen
dation -3
Urgent need for data monitoring and
data accumulation – maintaining a Solar
data depository
Appendix
• Data would be accumulated directly from the solar plants
• Value added services to the clients – Long term relationship with prospective client
• Easier loan sanctions – Scientifically estimated bid for solar tenders [8]
[8]
• Data can be sold to other solar plants for analysis 19
Team Iguanas, IIM Ranchi
20. Advantages of Data repository
About NSM
EPC
System
Components
System System
O&M
Installation Commissioning
EPC in
India
Data Model : Contractor
• Proposal Preparation Maintenance
• On-site Equipment Services
Provision
• Web Portal Accurately & timely
Objective-2
Customization Information about
• Support &
Data Repository Plant Status
Maintenance
Data Industry
Solar Plant Base
Security
Recommen
dation -3
Maintenance Solar Plant Related
& Upgrades Monitoring Events
Solar Plant Insurance Security
Owner Company Company
Appendix
[8]
[8]
31
21. Roles of an EPC
About NSM
Regulatory Authority Utility/PPA
Financing
Project Developer Project Consultant
EPC in
India
Institutions/Banks
Module/Equipment EPC BoS Suppliers
Supplier Company
Objectives
Case
Consulting Consulting
Recommen
dations
Vendors for Solar Offerings Cliental Offering Operation &
Procurement (On-Grid + Off-Grid) & Access Maintenance
Data
Appendix
Accumulate
[8]
[8]
21
Team Iguanas, IIM Ranchi
22. Case Study Objectives
About NSM
How should Mahindra EPC scale up the
EPC in
India
business?
Reforming
Objective-3
How should Mahindra EPC become the
Mahindra preferred player for solar power developers?
EPC
Recommen
What Differentiated Offering can be made by
dations
Mahindra EPC?
Appendix
[8]
[8]
22
Team Iguanas, IIM Ranchi
23. About NSM
Recommendation 4
EPC in
India
C(‘onsulting)EPC
Objective-3
Thinking Ahead
Recommen
dation-4
Appendix
[8]
[8]
23
Team Iguanas, IIM Ranchi
24. CEPC over EPC
About NSM
CEPC : Consulting, Engineering, Procurement & Construction
EPC in
• Ensures early entry for Mahindra along the value chain
India
• Better relationship with the clients
• The same team can be further expanded to convert clients for REC
Objective-3
REC brings scores of business opportunities:
By PPA
Through
Recommen
Allotment
dation-4
State Govt. Meet RPO
Central Imposed
and captive
Government Requirement
RPO Power By REC
Through
Trading
Appendix
Source: Renewable Energy certificate registry of India Website
[8]
[8]
24
Team Iguanas, IIM Ranchi
25. Opportunity Assessment &
Challenges
About NSM
State 2010‐11 2011‐12 2012‐13 2013‐14 2014‐15 2015‐16
Kerala 27.4 29.1 31.0 66.5 71.1 75.7
Gujarat 109.8 237.7 515.5 695.1 894.9 1115.1
Maharashtra 159.6 181.0 192.9 411.4 436.9 462.4
Uttar Pradesh 98.0 214.0 466.9 629.9 811.4 1011.3
Bihar 17.3 20.2 23.3 52.6 58.6 64.7 • Penalties imposed on States
EPC in
India
Haryana 47.8 52.1 56.7 61.4 66.1 70.8 for not complying with
Delhi
Punjab
39.9
67.0
86.3
146.0
139.9
238.4
203.5
341.0
275.5
455.3
330.7
581.1
1 obligated RPO’s
Rajasthan 66.2 142.4 230.1 330.4 442.6 566.6
Karnataka 73.0 157.6 255.9 374.9 510.8 663.6
Andhra pradesh 121.6 266.5 437.2 639.4 869.8 1128.4
Objective-3
West Bengal 53.9 114.9 184.2 268.6 364.6 472.0 • Bankability of products
Madhya Pradesh 62.2 133.7 216.0 312.7 421.7 543.0 without PPA in question
Chhattisgarh 26.5 58.0 95.1 140.0 191.4 249.4 2
Total 1467 2780 4550 6740 8729 10980
Recommen
• For a Market driven
dation-4
Requirement of Solar phenomenon feasibility is
capacity in MW in 3 difficult to access.
different states of the
country to meet the RPO.
Appendix
Source: Renewable Energy certificate registry of India Website
[8]
[8]
25
Team Iguanas, IIM Ranchi
26. About NSM
Recommendation 5
EPC in
India
Solar Parks
Objective-3
Ready To Sell Power Plants
Recommen
dation-5
Appendix
[8]
[8]
26
Team Iguanas, IIM Ranchi
27. Current Issues With Staggered
Power Plants under JNNSM
About NSM
Targeted Capacity by
EPC in
India
2022 in National Solar
Mission : 20,000 MW
Objective-3
Average Capacity
targeted per State :
690 MW
Recommen
dation-5
For an average 5 MW
Plant, Number Of
Plants per State : 138
Appendix
Source: MNRE website
[8]
[8]
27
Team Iguanas, IIM Ranchi
28. Surmounting The Challenges
About NSM
A New Model For Mahindra EPC
Construct Big Solar Parks of 300MW capacity and sublet them in modules of
EPC in
5-10-20 MW to SPVs
India
Objective-3
Recommen
dation-5
CONNECTING TO THE WATER AVAILABILITY GAS, SEWERAGE, ROADS
LAND AVAILABILITY
GRID ISSUE AND FENCING
Appendix
[8]
[8]
28
Team Iguanas, IIM Ranchi
29. Cost – Benefit analysis of Solar
park (300 MW)
About NSM
EPC Installation Cost
• Mahindra would be the sole ONM 7
6
EPC setup cost (Crs INR)
contractor 5
Cost is INR 6.36 crores/MW
— Reduced cost (Man power 4
per MW would reduce) 3
EPC in
India
2
• Over and above ONM 1
contract, cost reduction of 24.6% 0
per 5 MW setup
Objective-3
Cost for 5 MW plant – INR 4,138 lakhs Cost for 300 MW plant – INR 3,121 lakhs for 5 MW
1%
5% 4% 1%
8% 5%
Recommen
dation-5
9% 6%
Reduction in overall
cost
77% 84%
Solar Plant
Appendix
Civil works
Evacuation Cost Assuming current tariffs, break-even can be
Preliminary and Preoperative Expenses
Land
achieved by selling 134 MW in a 300 MW setup
[8]
[8]
For a solar park, all other costs exceptIguanas, IIM Ranchi significantly reduced 29
Team ‘Solar Plant’ with get
30. Cost Benefit sheet for Solar Parks in Rajasthan
About NSM
Total Savings 24.57%
Break Even point (no. of 5 MW plant) 27
Synergy - Cost reduction
Break Even point (MW) 134 Margins for Modules
Only 5% for cost reduction
Barren land cost (Lakhs INR) 2 for developer 75%
Land requirement for 1 MW (Acre) 4
Cost savings in Civil,
EPC in
Cost savings in Civil, Evacuation Evacuation and
India
and preliminary costs 50% preliminary costs 50%
Break Even analysis Total cost for 5 MW Total Cost for 300 MW
Cost (Lakhs INR) Components (Lakhs INR)
Cost Components (Lakhs INR)
Cost
Fixed costs turnkey Land and Infrastructure 40 Land and Infrastructure 2400
Land and Infrastructure 40 Civil and General Works 389.895 Civil and General Works 11696.85
Civil and General Works 389.895 Solar Plant 3180 Solar Plant 157350
Objective-3
Evacuation Cost 312.75 Evacuation Cost 312.75 Evacuation Cost 9382.5
Preliminary and Preoperative Expenses 215.45 Preliminary and Preoperative Expenses 215.45 Preliminary and Preoperative Expenses 6463.5
Total fixed costs turnkey 958.095 Total 4,138.10 Total 1,87,292.85
Margin for Solar plant 159
Total returns for 5 MW plant 1117.095 Effective Cost for 5 MW 3,121.55
Fixed Cost 29942.85
Solar Plant Cost for 1 MW Solar Plant Cost for 300 MW
Break Even Point 26.80421092 Components (Lakhs INR)
Cost Components (Lakhs INR)
Cost
Total Power (MW) 134.0210546 Polysilicon 40 Polysilicon 12000
Recommen
Wafer 50 Wafer 15000
dation-5
Cell 30 Cell 9000
Module 70 Module 21000
Inverter 30 Inverter 6750
Other 260 Other 58500
Installation 156 Installation 35100
Total 636 Total 1,57,350
Sensitivity
Analysis Synergy - Cost Reduction
65.0% 70.00% 75.0% 80% 85.0%
Appendix
40.0% 32.17% 29.48% 26.78% 24.09% 21.40%
Cost savings in
45.00% 31.06% 28.37% 25.67% 22.98% 20.29%
Civil, Evacuation
and preliminary
costs
50%
55.0%
60.0%
29.95%
28.85%
27.74%
27.26%
26.15%
25.04%
24.57% 21.87%
23.46% 20.76%
22.35% 19.65%
19.18%
18.07%
16.96%
[8]
[8]
30
31. Proposed Process For Solar Plant
About NSM
CERTAINTY TO DEVELOPER
EPC in
India
Construct Automatic loss of
immediately allocation
No Financial Closure following Financial
Objective-3
Closure When
Rapid In-Principle leads to
Allocation Process but not constructed in a
Automatic Loss of reasonable
Allocation Site Clearance if the timeframe
project is not
completed.
Recommen
dation-5
BENEFITS TO Mahindra EPC
Appendix
Source: NREL Website
[8]
[8]
31
Team Iguanas, IIM Ranchi
32. Executive Summary
About NSM
Big Data
Short Term
EPC in
India
Off grid and On grid
Objective-3
‘C’onsulting EPC
Med- Term
Backward Integration
Recommen
dation-5
Long Term Solar Parks
Appendix
[8]
[8]
32
Team Iguanas, IIM Ranchi
33. Thank you for your time and attention!
Team Iguanas, IIM Ranchi
Cleantech (MEPC)
34. Recommen
[8]
[8]
EPC in
About NSM Objective Appendix
India dation
34
Appendix
Team Iguanas, IIM Ranchi
35. Opportunity Assessment
About NSM
Grid RPO-
EPC in
India
Parity REC
Objectives
Case
Telecom
Land
Sector
Recommen
dations
Appendix
Source: Bridge to India, as in [8]
October 2012
35
Team Iguanas, IIM Ranchi
36. About NSM
Targets For Solar Energy Production Under JNNSM
Target Fixed and Achievements Made for Development of Solar Energy under Jawaharlal Nehru
National Solar Mission
EPC in
India
Application PhaseI (2010- Achievement Achievement Phase II (2013- Phase III (2017-
Segment 13E) (2010-11) (2011-12) 17E) 21E)
On-Grid 1,100 MW 802 MW 1,152 MW 4,000 - 10,000 MW
20,000 MW
Objectives
Off-Grid 200 MW 41 MW 118 MW 1,000 MW 2,000 MW
Case
Solar Collectors 7 mm m2 4.5 mm m2 5.5 mm m2 15 mm m2 20 mm m2
Targets For Solar Energy Production Under JNSM
12 Conventional Tariff (base) Solar Power cost
Recommen
dations
10
8
INR/Unit
6 Grid Parity
4 expected by
2018-19
Appendix
2
0
2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20
[8]
[8]
36
Source: Bridge to India, as in October 2012 Iguanas, IIM Ranchi
Team
37. Diversification In Emerging Markets: Why The Conventional
About NSM
Definition And Strategy May Not Be Applicable
Diversification in Diversification is justified if
Developed Markets • The company is the best owner of the business
In developed markets, unrelated • There is a synergy between existing and new
EPC in
India
diversification is thought to be businesses
value destroying
Diversification is justified because
Diversification In Emerging • Large conglomerates typically have the resources and
Objective
relationships needed to navigate the maze of
Markets
government regulations
Emerging markets have different • Large conglomerates are more attractive to potential
dynamics as compared to managers because they offer greater career
developed markets and thus development opportunities
Recommen
diversification and synergy have • Large conglomerates have economic benefits that don’t
dation
different connotations exist in the developed world, especially in infra sector
The diversification decision should not be based on the synergies only. Mahindra
Appendix
EPC can diversify based on the opportunities available
[8]
[8]
37
Source: McKinsey on Finance Number 42, Winter 2012 Team Iguanas, IIM Ranchi
38. About NSM
Further reduction in bid prices is not sustainable at current interest rates
Sensitivity analysis of project IRR with Tariff and Interest Rates
Interest Rate
EPC in
India
13% 12% 11% 10% 9% 8%
7.5 9.20% 9.70% 10.30% 10.90% 11.50% 12.10%
7.75 10.00% 10.60% 11.20% 11.70% 12.30% 13.00%
Objective
8 10.80% 11.40% 12.00% 12.60% 13.20% 13.90%
Tariff (Rs/unit)
8.25 11.60% 12.20% 12.80% 13.40% 14.10% 14.80%
8.5 12.40% 13.00% 13.60% 14.30% 15.00% 15.70%
Recommen
8.75 13.30% 13.90% 14.50% 15.20% 15.90% 16.60%
dation
9 14.60% 15.00% 15.70% 16.40% 17.20% 17.90%
9.25 14.90% 15.50% 16.20% 17.00% 17.70% 18.50%
9.5 15.70% 16.40% 17.10% 17.90% 18.70% 19.50%
Appendix
[8]
[8]
38
Source: Crisil Research Team Iguanas, IIM Ranchi
39. CEPC for Renewable Energy Certificates
About NSM
A picture of the portal which is used to trade REC’s :
EPC in
India
Objective
Recommen
dation
Appendix
[8]
[8]
39
Team Iguanas, IIM Ranchi
40. About NSM
Current State
Power Deficit
Magnifies the
EPC in
India
role Of Solar
Farms in This
Regard
Objective
Recommen
dation
Appendix
[8]
[8]
40
Source: IndiaStat.com, electrical power datasheet’2011
Team Iguanas, IIM Ranchi
41. Gujarat Case Study
About NSM
Lost Opportunity:
• 963MW of solar PPAs had been executed but only 175 MW could meet the deadline of Dec
31, 2011 for achieving COD
EPC in
India
• 128 MW awaiting transmission connectivity – no deemed generation in PPAs
• Also failed to forecast volatility of solar panel prices
Objective
Risks that were ignored or not
appreciated: EPC Risks identified:
• Failure to achieve financial closure • Land aggregation
Recommen
• Logistics issues were not appreciated - • R&R and local community sensitivities
dation
land aggregation and transmission • Land registration and conversion
• Completely overlooked the significant • Financing
financial impact on retail tariffs
• Technology and Execution risks were minimal
Appendix
[8]
[8]
41
Team Iguanas, IIM Ranchi
42. DCR : A Proven Model
About NSM
EPC in
India
Objective
Recommen
dation
Appendix
[8]
[8]
42
Team Iguanas, IIM Ranchi
44. Cost Efficiency
About NSM
EPC in
India
BOS Cost Reduction
Objective
Recommen
dation
Operation Cost Reduction
Appendix
[8]
[8]
44
Team Iguanas, IIM Ranchi
45. Other Recommendations
About NSM
• Mahindra EPC can tie up with foreign companies to acquire new technologies and
build competencies in the domestic market
EPC in
India
• Mahindra EPC can experiment with new BoS in initial years. Role of BoS can be a
crucial one for plant efficiency
• Mahindra EPC can also look for EPC opportunities abroad to develop a comprehensive
Objective
domestic strategy with learnings from foreign exposure.
• Mahindra EPC can experiment with the best EPC models prevailing globally –
LSTK, BoS-EPC, etc. – to finalize upon the best EPC model for India.
Recommen
dation
Appendix
[8]
[8]
45
Team Iguanas, IIM Ranchi