HPL Electric & Power Limited was incorporated as HPL-Socomec Private Limited' on May 28, 1992 as a Private Limited Company with the Registrar of Companies, at New Delhi. The name of the Company was changed to HPL Electric & Power Private Limited by the RoC on March 10, 2010. Further, the Company got converted to a Public Limited, the name changed to HPL Electric & Power Limited' and a fresh Certificate of Incorporation upon change of name on conversion to Public Company was issued on December 14, 2015.
The Company is one of the leading players and India's fastest growing electrical and power distribution equipment manufacturer with products ranging from Industrial and Domestic Circuit Protection Switchgears, Cables, Energy Saving Meters, CFL & LED Lamps and Luminaries for Domestic, Commercial and Industrial applications, Modular Switches covering the entire range of household, commercial and industrial electrical needs. The Company's manufacturing facilities are located at 6 locations, 2 units at Gurgaon, 1 unit at Village Bastara, Tehsil Gharaunda, Karnal, 1 Unit at Village Bhigan, Ganauar, Sonipat, 1 Unit at Kundli in Haryana and 1 Unit at Village Shavela, Jabli in Himachal Pradesh.
Approved by the Department of Scientific & Industrial Research and Ministry of Science & Technology, the company also has two state-of-the-art Research and Development (R&D) centres located at Kundli and Gurgaon.
In September 2016, the Company raised money from public through IPO aggregating to Rs 361 Crore and by issuing 17,871,287 Equity Shares.
In 2016, Himachal Energy Private Limited was holding 56,25,000 equity shares in the Company. As per the Scheme of Arrangement (before IPO of the Company), the investment held by Himachal Energy Private Limited in the Company was vested with another group company-HPL Projects Portfolio Private Limited. Though the said 56,25,000 Equity Shares of the Company had been acquired and vested with HPL Projects Portfolio Private Limited pursuant to the Scheme of Arrangement before IPO.
During the financial year ended 31 March 2017, HPL Electric & Power's investment in the Debentures subscribed in Himachal Energy Private Limited was converted into equity shares. Post conversion of 1,50,00,000 debentures held by the company in Himachal Energy Private Limited, the company now hold 97.15% of the total equity share capital of Himachal Energy Private Limited. Accordingly, Himachal Energy Private Limited became subsidiary of the company on May 9, 2016.
During the financial year ended 31 March 2018, the company developed two new products, viz. Automatic Transfer Switch (40~125A) & Double Break type MCCB (up to 250A). ATS (40~125A) was successfully developed and commercialized too during the FY 2017-18.
The Company completed the project of installation of smart lighting solutions in Bhopal in accordance with the Smart Cities initiative undertaken by the Government in 2018. LED products were launched in 2019.
In 2019-20, the Company launched Four products in the Meters category, 15+ products in Switchgear, 14 products in Lighting. It developed a complete range of solar solutions across meters, switchgears, lighting and wires and cables. It provided turnkey 'Retail Lighting Solutions' to major retail chains including 'CCD, CD Essentials & Dmart covering more than 100 stores.
In FY 2021-22, the Company launched 4G/5G compatible NB-IoT technology smart metering and thereafter, launched new narrow band internet of things (NB-IoT) based smart meters from leading private distribution company for its implementation in parts of Delhi. The Company launched 11 new products in the Meters category, 7 new products in Switchgear, 21 new products in Lighting.
In 2022-23, the Company launched 10 new products in Switchgear Segment including the industrial and domestic range along with new products in solar category; 24 new products in Lighting Segment.