About GE Power India Limited (GEPIL)

GE Power India Limited (GEPIL) is one of India’s leading power generation equipment companies, with Steam Power forming the core of its business. The Company’s portfolio encompasses boilers, mills, services, automation and control systems, and air quality control systems, while it historically also managed Hydro and Gas projects.

Incorporated in 1992 and listed on both BSE and NSE, GEPIL has its registered office in Mumbai and corporate office in Noida, Uttar Pradesh. Its manufacturing units are located in Durgapur (West Bengal) and Noida (Uttar Pradesh), supported by sales offices, workshops, and service centres across India. The Company continues to focus on emissions control technologies, efficiency improvement solutions, and lifecycle services, contributing to sustainable, affordable, and reliable power generation.

GEPIL serves customers across all 28 States and 8 Union Territories of India, with exports to 20 international markets, accounting for 3.5% of turnover in FY 2024–25. As of March 31, 2025, the Company had one subsidiary (non-material and unlisted).

Business Overview

GEPIL operates within two primary verticals:

• Construction and Maintenance of Power Plants (Thermal Services and Emissions Control Systems): 78% of turnover.
• Manufacture of Steam Generators (Boiler and Auxiliary Components): 22% of turnover.
• Geographic Mix: 96.5% domestic revenue and 3.5% exports.

The Company’s execution capabilities include supercritical and ultra-supercritical boiler design and manufacturing from its Noida execution hub and Durgapur manufacturing facility. GEPIL continues to work on some of India’s largest and most complex thermal and emissions projects.

GE Power India Limited Key Milestones

During FY 2024–25, GEPIL achieved progress across several key projects under its BHEL–GEPIL partnership, including:

• Completion of trial runs for commercial operation at 1×660 MW Bhusawal and 1×660 MW Panki.
• Performance Guarantee Tests (PGTs) completed or advanced at 3×660 MW North Karanpura, 2×800 MW Telangana, 2×660 MW Suratgarh, and 2×800 MW Darlipali.
• Synchronisation achieved at 3×800 MW Patratu (Unit 1).

These achievements underscore the Company’s engineering capabilities and execution reliability in India’s large-scale thermal power projects.

GE Power India Limited Key Management

• Mahesh Shrikrishna Palashikar – Chairman & Non-Executive Director
• Puneet Bhatla – Managing Director
• Aashish Ghai – Whole-time Director & Chief Financial Officer
• Kamna Tiwari – Company Secretary & Compliance Officer

Latest Updates on GE Power India Limited

• Strategic Portfolio Actions:
  On July 10, 2024, the Board approved the sale and transfer of the Hydro and Gas Power business undertakings on a going-concern basis through a slump sale. The Hydro Business Transfer Agreement was executed on July 15, 2024, transferring the undertaking to a related entity within GE Vernova. These undertakings were treated as discontinued operations, and the Company recognised an exceptional gain on the sale during the year.
• Group Structure:
  Effective April 2, 2024, the ultimate holding company changed from General Electric Company to GE Vernova Inc.. The immediate holding company, GE Steam Power International B.V., confirmed on July 25, 2024, that it will continue as the promoter and has withdrawn its plan to exit and de-promoterise.
• Operational Focus:
  GEPIL’s strategy remains centred on high-margin, cash-accretive projects with faster cash conversion. The Company continues to de-risk EPC exposure while focusing on Engineering & Procurement (EP) models and expanding its core services business across OEM and non-OEM fleets.
• Major Order Wins and Execution Highlights:
  • Refurbishment at Birsinghpur and supply of steam turbine spares for NTPC Rihand.
  • Generator rotor rewinding at Birsinghpur (210 MW) and steam turbine upgrade at Vindhyachal.
  • Components supplied to Danieli Corus (SAIL) and mill spares for CENAL ELEKTRIK (Turkey).
  • Exports underway for the JSW Mingo project (USA).
  • In emissions control, GEPIL achieved WFGD milestones at:
    • NTPC Sipat: 720-hour trials for three units completed.
    • NTPC Simhadri: Facility milestones achieved for two units.
    • NTPC Unchahar: Trials completed.
    • APCPL Jhajjar: Facility milestones achieved and a 10-year O&M order received.
    • NTPC Solapur: Performance Guarantee Tests (PGTs) successfully demonstrated.
• Joint Venture Performance:
  NTPC GE Power Services Private Limited (NGSL)—a 50:50 joint venture—recorded its best-ever financial year with ICRA ratings of Long-Term A+ and Short-Term A1. NGSL secured new orders for comprehensive O&M from Vedanta and R&M contracts from NTPC and GSECL.

Regulatory and Legal Status:
The Company confirmed that no significant or material orders were passed by courts or regulatory authorities during FY 2024–25 that impacted its going concern or future operations.

Note: The information above is drawn exclusively from GE Power India Limited’s Annual Report 2024–25, including the Directors’ Report, Management Discussion and Analysis, and Statutory Disclosures.