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Electrical Machinery
For updated information, please visit www.ibef.org
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Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: BHEL, L&T
Opportunities
Useful information
For updated information, please visit www.ibef.org
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33For updated information, please visit www.ibef.org ADVANTAGE INDIA
Advantage India
Advantage
India
Power demand is estimated to reach 3 lakhMW by 2021
Government programmes aimed at providingelectricity to over one lakh rural areas and22.6 million households below poverty line
will also boost demand for power
Planned power capacity addition ofaround 1 lakh MW by 2017 willprovide significant opportunities
Replacement or brownfieldexpansion could provide significant
opportunities as well
The sector has witnessed increasingentry of global players through the JV
route
Existing players are planning hugecapacity expansion over the next fewyears
Electrical machinery sector isdelicensed; 100 per cent FDI ispermitted
Significant number of SEZs havebeen approved for the sector
Due to policy support, cumulativeFDI of USD3.1 billion (1.7 per centof total FDI inflows) has flown intothe country between April 2000 toNovember 2012
BTG
manufacturing
capacity: 36 GW
2013E
BTG
manufacturing
capacity: 19 GW
2011
Source:Edelweiss estimates, Ministry of Power, Aranca Research
Notes: BTG - Boiler, Turbine & Generator, GW - Giga Watt
E - Estimate, FDI - Foreign Direct Investment, JV - Joint Venture, SEZ - Special Economic Zone
Growing demand Opportunities
Increasing investments
Policy support
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Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: BHEL, L&T
Opportunities
Useful information
For updated information, please visit www.ibef.org
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Electrical machinery has three major
segments
Electrical machinery
Generation
machinery
Transmission
machinery
Distribution
machinery
Boilers
Turbines
Generators
Transformers Switch gears
Control gears
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The generation equipment segment garnered revenues of USD7.6 billion in FY12
The market expanded at a CAGR of 28.4 per cent over FY08-12
Market size of generation machinery (USD billion)
Source: Department of Heavy Industry Annual
report 2011-12, Aranca Research
MARKET OVERVIEW AND TRENDS
Note: CAGR - Compound Annual Growth Rate
2.83.4
4.2
5.5
7.6
FY08 FY09 FY10 FY11 FY12
CAGR
28.4%
Electrical Machinery
BTG market is experiencing strong growth
in the country (1/2)
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Boilers is the major segment, accounting for 67.9 per cent of the total revenues in
FY12
Turbines accounted for 21.3 per cent, while generators accounted for the remaining
10.8 per cent
Generation machinery market breakup (FY12)
Source: Department of Heavy Industry Annual report
2011-12, Aranca Research
Notes: DHI - Department of Heavy Industries,
BTG - Boiler, Turbine & Generator
MARKET OVERVIEW AND TRENDS
Electrical Machinery
67.9%
21.3%
10.8%
Boilers
Turbines
Generators
BTG market is experiencing strong growth
in the country (2/2)
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Production of transformers rise at a CAGR of 9.6 per cent during FY08-11
By Feb FY12, production of transformers stood at 105.4 million KVA
Domestic transformer industry has the capability to manufacture the whole range of
power and distribution transformers including transformers used for HVDCtransmission upto 500 KV
Production of transformers (million KVA)
Source: Department of Heavy Industry Annual
report 2011-12, SIA, Aranca Research
Note: * - Data for FY12 is up to Feb 2012
MARKET OVERVIEW AND TRENDS
Electrical Machinery
Notes : HVDC - High Voltage Direct Current
KVA - Kilo Volt Ampere
73.371.9
85.2
96.6
105.4
FY08 FY09 FY10 FY11 FY12*
CAGR 9.6%
Other major segments - transmission and
distribution machinery (1/2)
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The production of switch and control gears has expanded at a CAGR of 6.9 per cent
during FY08-11
The switch gear industry in India manufactures entire voltage range from 240 KV to
800 KV
Significant advances have been made in control gears due to major developments in
the field of technology
Production of switch & control gears (million units)
Source: Department of Heavy Industry Annual
report 2011-12, Aranca Research
MARKET OVERVIEW AND TRENDS
Electrical Machinery
18.9
17.8 18.1
23.1
FY08 FY09 FY10 FY11
Other major segments - transmission and
distribution machinery (2/2)
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Exports of electrical machinery increased to USD2.4 billion in FY11 from USD2.0
billion in FY08
Transformers and generators were the primary drivers of the increase in exports
Exports of electrical machinery (USD billion)
Source: Ministry of Commerce, Aranca Research
Notes: * - FY12 data is from April - September 2011
MARKET OVERVIEW AND TRENDS
Electrical Machinery
2.0
2.6
2.3
2.4
1.2
0
0.5
1
1.5
2
2.5
3
FY08 FY09 FY10 FY11 FY12*
Electrical machinery exports on a
rise (1/2)
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According to EEPC, exports of electrical machinery and related items stood at
USD4.5billion in FY11
Exports of electrical power equipment & parts, valued at USD3.9 billion in FY11,
constituted the largest share
Break-up of exports of electrical machinery and related
items by segment (FY11)
Source: Engineering Exports Promotion
Council ( EEPC), India, Aranca Research
MARKET OVERVIEW AND TRENDS
Electrical Machinery
86%
11%3%
Electric powerequipment & parts
Boilers & Parts
Transmission line
towers & parts
Electrical machinery exports on a
rise (2/2)
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Upgrading technology Industry players are upgrading their transmission capacities to the next higher voltage
system of 765 kilovolts (KV), and are gearing up to supply transformers and related
equipment of this class
Increasing R&D
expenditure
Indian manufacturers are becoming more competitive with respect to their product designs,
manufacturing and testing facilities
Investments in research & development (R&D) in the electrical machinery industry are
amongst the largest in Indias corporate sector
Diversifying product
portfolio
Increasing competitiveness in the industry and changing consumer demands have led to
new versions of products being launched in the market
Players are entering into strategic alliances and tie-ups with technology suppliers to
upgrade capabilities
Source: Department of Heavy Industries Annual Report 2008-09, Aranca Research
MARKET OVERVIEW AND TRENDS
Electrical Machinery
Adoption of super
critical technology
Government of India is encouraging the adoption of super critical technology for thermal
power plants due to its efficiency and reduced emissions
During the 12th Five Year Plan, 60 per cent of the total additional power is expected to be
generated by supercritical technology
Notable trends in the electrical machinery
sector
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Source: Company Annual Reports, Aranca Research
MARKET OVERVIEW AND TRENDS
Electrical Machinery
Company Revenues (FY12) Products
Larsen & Toubro USD11.1 billionEngineering & Construction, Cement, Electrical
& Electronics
Bharat Heavy ElectricalsLtd
USD10.4 billion Power Generation, Transmission, Transportation
Siemens India Ltd USD2.5 billion
Power Generation and Distribution equipment,
Transportation Systems, Communication and
Healthcare Products
ABB Ltd USD1.6 billionTransformers, Switch gears, Control gears
Crompton Greaves Ltd USD2.3 billion Power Generation and Transmission Equipment
Key players
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Source:Aranca Research
Major Electrical Manufacturing Plant
SOUTH: Tamil Nadu and
Karnataka are hubs for
electrical manufacturing in
South India
NORTH: Delhi, Uttarakhand
and Haryana are the main hubs
for electrical manufacturing in
North India
Central: Madhya Pradesh hosts
manufacturing units for
Crompton Greaves and BHEL
WEST: Maharashtra and
Gujarat host manufacturing
units for major players
Electrical Machinery
Key electrical manufacturing plants across
India
For updated information, please visit www.ibef.org MARKET OVERVIEW AND TRENDS
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Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: BHEL, L&T
Opportunities
Useful information
For updated information, please visit www.ibef.org
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1616For updated information, please visit www.ibef.org GROWTH DRIVERS
Growth
drivers
Demand-side
drivers
InvestmentPolicy
Delicensing
Reduction in Tariff and Customs
Hike in duty on foreign products
Entry of global majors
through Joint Venture
Increasing FDI inflow
Capacity addition for
power generation
Source: Aranca Research
Electrical Machinery
Growth drivers of electrical machinery
sector
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Indias energy requirement expanded at a CAGR of 6.8 per cent over FY06-12 to
937.2 billion units
The rising demand for energy has led to increasing capacity addition for power
generation
Energy requirement (billion units)
Source: CEA Annual report 2011-12,
Aranca Research
Note: CEA - Central Electrical Authority
Electrical Machinery
GROWTH DRIVERS
631.8
690.6 739.3777.0
830.6861.6
937.2
FY06 FY07 FY08 FY09 FY10 FY11 FY12
CAGR: 6.8 %
Increasing power demand leading to
capacity augmentation
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Source: Ministry of Power Annual report 2011-12,
Aranca Research, Central Electricity Authority
Note: FY12* - Figures from April 2011 - November 2011
Electrical Machinery
GROWTH DRIVERS
Capacity addition for power generation in the recent
Five Year Plans (000 MW)
Increasing investments in capacity has resulted in rising demand for power
generation and transmission equipment
The increase in capacity during the 11 th Five Year Plan (FY07-12) stood at 44.8
thousand MW by the end of 11th Five Year Plan
The figure is more than five times the corresponding one in 1990 (8.1 MW)
8.112.1
17.1
22.3
44.8
FY90 FY97 FY02 FY07 FY12*
Capacity augmentation resulting in increasing
demand for electrical machinery
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Electrical Machinery
Delicensing The electrical machinery industry has been delicensed; 100 per cent FDI is allowed in the
sector
This facilitated the entry of global majors into the electrical machinery industry in India
Tariffs & custom duties
Government has removed tariff protection on capital goods Government has lowered custom duties on a range of equipments
Initiatives to increase
power generation
The government has an ambitious mission of Power for all by 2012 and a planned
capacity addition of 120 GW in the 12th Five Year Plan
Through the Accelerated Power Development Reform Programme, the government plans to
provide reliable, affordable and quality power
Source: Ministry of power Annual report 2010-11, Aranca Research
Notes: SEZ - Special Economic Zone, FDI - Foreign Direct Investment
SEZ
The government has cleared significant number of SEZs for the engineering sector across
the country; electrical machinery is a part of the sector
Delhi Mumbai Industrial Corridor being developed across seven states could boost
engineering sector
GROWTH DRIVERS
Favourable policies have aided the sector
MARCH
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Electrical Machinery
Source: SEZ India, Aranca Research
Developer Location Product
M/s Essar Hazira SEZ Hazira, Gujarat Engineering
Gujarat Industrial Development Corporation Ltd (GIDC) Gandhinagar, Gujarat Electronic products
N.G. Realty Pvt Ltd Ahmedabad, Gujarat Engineering
E. Complex Pvt Ltd Amreli, Gujarat Engineering
Dishman Infrastructure Ltd Ahmedabad, Gujarat Engineering
Ansal Properties and Infrastructure Ltd Sonepat, Haryana Engineering
Raheja Haryana SEZ Developers Pvt Ltd Gurgaon, Haryana Engineering
Ansal Kamdhenu Engineering SEZ Ltd Sonepat, Haryana Engineering
Karnataka Industrial Areas Development Board Shimoga, Karnataka Engineering
Suzlon Infrastructure Ltd Mangalore, KarnatakaPort-based for high-tech
engineering products
Maharashtra Industrial Development Corporation (MIDC) Satara, Maharashtra Engineering
Township Developers India Pvt Ltd Pune, Maharashtra Engineering
Vividha Infrastructure Pvt Ltd Patiala, Punjab Engineering
New Chennai Township Pvt Ltd Kanchipuram, Tamil Nadu Engineering
Perundurai Engineering SEZ by SIPCOT Erode, Tamil Nadu Engineering
Uttar Pradesh State Industrial Development Corporation (UPSIDC) Kanpur, Uttar Pradesh Engineering
Special Economic Zones (SEZs) will
promote exports
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1.1
1.5
2.2
2.4
3.03.1
FY08 FY09 FY10 FY11 FY12 H1FY13
For updated information, please visit www.ibef.org
Cumulative FDI inflows from Apr 2000 (USD billion)
Electrical Machinery
GROWTH DRIVERS
Cumulative FDI inflows over FY00 - 1H FY13 stood at USD3.1 billion
FDI inflows more than doubled over FY08-12 and expanded at a CAGR of almost
28.5 per cent
Source: Department of Industrial Policy & Promotion,
Aranca Research
Note: FY08 - Cumulative from April 2000 to March 2008
and so on
CAGR 28.5%
Foreign investments flowing in; rise in
M&A activity (1/2)
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Foreign investments flowing in; rise in
M&A activity (2/2)
Legrand has acquired the switch gear business of Indo Asian Fusegear at a price of
USD127.6 millionM&A deals
Source: Grant Thornton, Aranca Research
Electrical Machinery
Target Acquirer Type Year
ZIV Group Crompton Greaves Acquisition 2012
Schneider Electric
Infra ltd
Energy Grid
Automation Ltd.Acquisition 2012
Alstom T&D India
LtdGrid Equipments Ltd Acquisition 2012
Indian Hume Pipe
Co LtdECE Industries Ltd. Acquisition 2012
Esab India Ltd Colfax Corporation Acquisition 2012
GROWTH DRIVERS
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Electrical Machinery
Source: Edelweiss Research, Aranca Research
Notes: JV - Joint Venture, MHI - Mitsubishi Heavy Industries
Global majors entering through JV
Joint Venture Indian Partner Foreign Partner
L&T - MHI 51% 49%
BGR - Hitachi 70/74% 30/26%
Thermax - Babcock 51% 49%
Bharat Forge - Alstom 51% 49%
Toshiba - JSW 25% 75%
GB Engineering - Ansaldo 15% 85%
Boiler capacities planned through JV
Companies in JV Capacity (MW)
L&T - MHI 4,000
BGR - Hitachi 4,000
Thermax - Babcock 3,000
Bharat Forge - Alstom 2,000
Turbine capacities planned through JV
Companies in JV Capacity (MW)
Toshiba - JSW 5,000
GB Engineering Ansaldo 3,000
L&T - MHI 4,000
BGR - Hitachi 4,000
Bright prospects lure global majors
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Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: BHEL, L&T
Opportunities
Useful information
For updated information, please visit www.ibef.org
Electrical Machinery MARCH2013
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3.94.5
5.8
7.1
9.0
10.4
3.95
FY07 FY08 FY09 FY10 FY11 FY12 H1FY13
For updated information, please visit www.ibef.org SUCCESS STORIES: BHEL, L&T
Net sales (USD billion)Salient features
One of the largest engineering and manufacturing companies
with Navratna status
One of the major integrated power plant equipment (IPPE)
manufacturers in the world
Profit-making company since 1971-72
Installed base of more than 115,000 MW
15 manufacturing units, two subsidiaries and seven joint ventures
Accounted for over 59 per cent of India's total installed
generating capacity in FY12
Net sales increased by more than 2.5 x over FY07-12; this
amounted to a CAGR of 21.7 per cent
During H1FY13, net sales stood at USD3.95 billion against
USD3.68 billion in H1FY12
CAGR: 21.7%
Source: Company reports, Aranca Research
Note: Navratna is the title given to nine Public Sector
Enterprises by the Government of India having
comparative advantages
Electrical Machinery
BHEL - Mainstay of the electrical
machinery industry (1/2)
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Electrical Machinery
Notes: PLF - Plant Load Factor, Navratna is one of the designationsgiven to public sector enterprises based on their profitability and there by
granted certain autonomy
Boiler efficiency
Lower auxiliary
power consumption
Lower life cycle
cost
Lower design heat
rate
Better PLF
Key success
factors
BHEL - Mainstay of the electrical
machinery industry (2/2)
Recent Awards and Recognitions
Golden Peacock Award 2011 for Occupational Health and
Safety (2011)
SCOPE Meritorious Award 2010-11 for Best Practices in
Human Resource Management
Intellectual Property Award from the Government of India
(2011)
Essar Steel Infrastructure Excellence Award (2011)
DSIJ Gentle Giant Award from the Government of India (2011)
CII - Thompson Reuters Innovation Award (2010)
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3.7
5.2
7.0 7.6
9.1
11.1
5.2
FY07 FY08 FY09 FY10 FY11 FY12 H1FY13
For updated information, please visit www.ibef.org SUCCESS STORIES: BHEL, L&T
Electrical Machinery
Net sales (USD billion)
Source: Company Reports, Aranca Research
CAGR: 24.6%
Notes: E&C - Engineering & Construction
L&T - One of Indias leading players in the
sector (1/2)
Salient features
Indias largest E&C company, with interests in projects,
infrastructure development, manufacturing, IT & financial
services
Enjoys AAA rating with stable outlook from CRISIL and LAAA
from ICRA
Turnover increased by three-fold over FY07-12, thereby
registering a CAGR of 24.6 per cent
In H1FY13, net sales increased to USD5.2 billion as against
USD4.3 billion in F1HY12
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Electrical Machinery
Notes: CRISIL - Credit Rating and Information Services of India Ltd
ICRA - Investment information and credit rating agency of India
CSR - Corporate Social Responsibility
L&T - One of Indias leading players in the
sector (2/2)
Orderinflow
Sales
Order book
EBITDA(E&C)
Recurring
PAT
12%
11%
21%
100
bps
20%
* FY 12 performance
Recent Awards and Recognitions
CNBC TV18 Infrastructure Leader of the Year Award
(2012)
CNBC TV18 Infrastructure Excellence Award (2012)
National Award for Export Excellence (2012)
ICC Corporate Governance and Sustainability Vision Award
2012 (2012)
Green Business Leadership Award (2011)
Thought Leader Brands in India (2011)
Golden Peacock Award for CSR (2011)
Indias Most Respected Company in Infrastructure (2011)
India Shining Star CSR Award (Wockhardt Foundation,
2011
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Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: BHEL, L&T
Opportunities
Useful information
For updated information, please visit www.ibef.org
Electrical Machinery MARCH2013
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3030For updated information, please visit www.ibef.org OPPORTUNITIES
Source: Aranca Research
Notes: KV - Kilo Volts
Nuclear power
generation
India currently operates 19 atomic reactors which produce 4,780 MW of electricity and has setan ambitious target of generating 63,000 MW nuclear power by 2032
With many bilateral nuclear agreements in place, India is expected to become a major hub formanufacturing nuclear reactors and associated components
The Indian Government proposes to add 3,380 MW of nuclear power capacity by 2012 as partof its capacity addition programme in the 11th Five-Year Plan
Power capacity addition
Market-oriented reforms (such as the target of Power for all by 2012 and plans to add 78GW of capacity by 2012 and another 92 GW by 2017) provide high incentives for capacityaddition in power generation, which would increase the demand for electrical machinery
Foreign participation in the development and financing of generation and transmission assets,engineering services, equipment supply and technology collaboration in nuclear and clean coaltechnologies is expected to increase
High-voltage technology
Power transmission in India, which is currently carried out largely in the 220 KV and 400 KVrange, is expected to move up to a higher range of 765 KV and high-voltage direct current
This presents a significant opportunity to manufacturers with capabilities in high-voltage (HV)to develop technology that can handle the need of such high voltages in the country
Electrical Machinery
Growth opportunities in electrical machinery
industry
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Contents
Advantage India
Market overview and trends
Growth drivers
Success stories: BHEL, L&T
Opportunities
Useful information
For updated information, please visit www.ibef.org
Electrical Machinery MARCH2013
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3232For updated information, please visit www.ibef.org USEFUL INFORMATION
Industry associations
Indian Electrical & ElectronicsManufacturers Association ( IEEMA)501, Kakad Chambers, 132,
Dr Annie Besant Road,
Worli, Mumbai - 400018.
Tel: +91-22-2493 0532, +91-22-2493 0532 / 6528 / 6529
Fax: +91-22-2493 [email protected]
Engineering Export Promotion Council (EEPC)Vanijya Bhawan, 1st FloorInternational Trade Facilitation Centre,
1/1, Wood Street,
Kolkata, West Bengal - 700016.
Phone: 91-33-22890651, 22890652
Fax: 91-33-22890654
E-mail: [email protected]
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Glossary
BTG: Boilers, Turbines, Generators BHEL: Bharat Heavy Electricals Limited CAGR: Compounded Annual Growth Rate CEA: Central Electrical Authority DHI: Department of Heavy Industries E&C: Engineering & Construction EEPC: Engineering Export Promotion Council FDI:Foreign Direct Investment FY: Indian financial year (April to March) GW: Giga Watt HVDC: High Voltage Direct Current KV:Kilo Volts KVA: Kilo Volt Ampere L&T: Larsen and Toubro MHI: Mitsubishi Heavy Industries PLF:Plant Load Factor SEZ:Special Economic Zone USD: US Dollar; Conversion rate used: USD1= INR 48 Wherever applicable, numbers have been rounded off to one decimal
USEFUL INFORMATION
Electrical Machinery2013
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Electrical Machinery2013
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