"DELAYS IN PROJECT EXECUTION COULD SLOW DOWN INDIA'S ENERGY TRANSITION"

SIMARPREET SINGH, Executive Director & CEO, Hartek Group, in an exclusive conversation with BW Businessworld's Arjun Yadav, outlines the company's razor sharp focus on project execution, ambitious topline growth targets and more. Excerpts

- IMARPREET SINGH, Executive Director & CEO, Hartek Group, in an exclusive conversation with BW Businessworld’s Arjun Yadav, outlines the company’s razor sharp focus on project execution, ambitious topline growth targets and more. Excerpts

What key lessons have you learnt from India’s energy transition over the past year, and how do you plan to apply these insights in 2025?

At Hartek, we've built India’s first solar plant and completed 10 GW of projects, creating a strong industry legacy. However, I'm increasingly apprehensive. In 2013-14, India’s infrastructure boom saw large companies with Rs 5,000-10,000 crore order books go bankrupt. Today, EPC firms are winning projects, often underbidding by 10 per cent, but execution is being neglected.

Delays beyond six to eight months make projects unviable, and service companies failing to maintain a 10-20 per cent margin risk financial trouble. Timely completion ensures client trust, and as one of India’s top five EPC firms, our responsibility extends beyond developers—to the nation. These projects are crucial for India’s energy transition and backed by national funding. In 2025, execution will be our top priority.

Delays in projects’ execution could slow down India’s energy transition, and we are committed to delivering every project with unwavering focus.

Since solar EPC is a key focus area for your business, could you provide an update on recent developments? What does your current order book look like, what projects are in the pipeline, and how much do you see materialising in the coming year?

We operate three core businesses. First, power systems, where we manufacture grid infrastructure up to 765kV, ranking among India’s top 10.