Hartek Group looks for Rs 100 crore funding to fuel growth

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Hartek Group, the Mohali-based Engineering, Procurement and Construction (EPC) player in power...

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Hartek Group, the Mohali-based Engineering, Procurement and Construction (EPC) player in power sector, is looking to raise Rs 100 crore from investors, including private equity players, as it looks to expand its business.

The Group, which helps set up power transmission and distribution networks, has also ventured into rooftop solar installations, and is looking to double its revenue to Rs 500 crore in the 2019-2020 financial year.

While the company had a revenue of Rs 267 crore in the FY18, it expects a drop in topline in the present financial year because of the challenges in the solar sector.

"Some of the bids in the solar segment have been postponed. But despite these challenges, our bottomline will continue to grow," said Founder and Group CMD Hartek Singh.

Singh founded the Group in 1991, beginning with trading of electrical products. While its foray into diesel generation sets didn't pan out as planned, Hartek Group's venture into the EPC business in 2006, bore fruit.

"We have now completed more than 150 projects in power EPC across India," said Singh.

The founder wants to use funds to build capabilities that will enable the Group to bid for bigger projects of high voltage and extra high voltage segments in the transmission and distribution sector.

In November last year, the company had bagged  an order from Power Grid Corporation (PGCIL) for augmenting high-voltage 400-KV substations in Uttar Pradesh, Haryana and Rajasthan.

The company is also focusing on the solar segment, having commissioned substations for 1,500 MW in five years.

"Our Group company Hartek Power is looking for more of these projects as the stage is now set for big solar parks," said Singh.

The Group also has a manufacturing arm, Hartek India, which makes transmission and distribution equipment including transformers and switchboards. "This helps us diversify within the power sector, and also have a backward integration model," said Singh.

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