RattanIndia Power Limited was formerly incorporated in the name of 'Sophia Power Company Limited' on October 8, 2007. On July 2009, the Company name was changed from Sophia Power Company Limited to Indiabulls Power Limited and further changed from Indiabulls Power Limited to RattanIndia Power Limited effective from October 30, 2014.
RattanIndia Power is one of India's largest private power generation company, with installed capacity of 2,700 MW thermal power plants at Amravati and Nashik (1,350 MW at each location) in Maharashtra, India with investments of Rs. 18,615 Crores (US $2.5 Billion). The power plants are spread over an area of 2,400 acres. The Company counts marquee funds like Goldman Sachs and VardePartners, USA as investors in the business. The Group has created a world class power generation assets with its deep focus on execution using best in class equipment and technology.
The Company is a unit of Indiabulls Real Estate Ltd. The Company is principally engaged in the business of dealing in power generation, distribution, trading and transmission and other ancillary and incidental activities. It has s installed capacity of five units of 270 MW each at Amravati, Maharashtra to augment the power supply in the state of Maharashtra. The Company sells the power generated from 1350 MW power project under long term Power Purchase Agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL). Also, Company on merchant basis is engaged in trading of electricity in open market.
Apart from these, it participate in various coal based thermal, hydro, and renewable energy projects, as well as in coal mining opportunities. These projects include, Amravati Phase-I, Amravati Phase-II, Nasik in Maharashtra; and Bhaiyathan Thermal Power Project and Chhattisgarh Power Project in Chhattisgarh. It is also developing four medium sized hydro-power projects aggregating to 167 megawatts in Arunachal Pradesh.
On October 25, 2007, the Government of Arunachal Pradesh entered into a memorandum of agreement with Indiabulls Real Estate Ltd for the execution of the 30 MW Tharang Warang Hydro Electric Project, 31 MW Pichang Hydro Electric Project, 46 MW Sepla Hydro Electric Project and 60 MW Phangchung Hydro Electric Project. In December 17, 2007, the company received the letter of support from Government of Maharashtra for the Amravati Phase I Power Project.
In April 2, 2008, the company received the letter of intent from Chhattisgarh State Electricity Board for the proposal and bid in relation to the Bhaiyathan Power Project. In June 6, 2008, the company signed an MoU with the Government of Jharkhand with regard to the establishment of 1,320 MW coal fired thermal power project in Jharkhand. In July 30, 2008, they signed an MoU with the Government of Madhya Pradesh for the establishment of a 2,640 MW coal fired thermal power project in Chhindwara, Madhya Pradesh.
In October 13, 2008, Indiabulls CSEB Bhaiyathan Power Ltd. a subsidiary company entered into a long term power purchase agreement with Chhattisgarh State Electricity Board in terms of which 65% of the installed capacity of the Bhaiyathan Power Project to be sold to Chhattisgarh State Electricity Board. In November 3, 2008, the company received the letter of support from Government of Maharashtra for the Nashik Power Project. In December 2008, as per the scheme of arrangement, Indiabulls Power Service Ltd was amalgamated with the company with effect from April 1, 2008.
In April 29, 2009, the company signed an MoU with Maharashtra State Electricity Distribution Company Ltd for procuring generation capacity and for the purchase of electricity on a long term basis. The company is developing the Stage I of the 1,320 MW of the 2640 MW Amravati Thermal Power Plant and has offered generation capacity in aggregate of 1000 MW as well as sale and supply of electricity in bulk there from to Maharashtra State Electricity Distribution Company Ltd for a term of 25 years.
In June 5, 2009, the company entered into a power purchase agreement with Tata Power Trading Company Ltd for sale of upto 1,000 MW of power to Tata Power Trading Company Ltd from their Amravati Phase I Power Project.
Composite Scheme of Arrangement by and among the Company, Indiabulls Infrastructure Development Limited (IIDL) and their respective shareholders and creditors, for amalgamation of IIDL with the Company, was approved by shareholders and creditors of the Company on March 03, 2012 and subsequently by the Hon'ble High Court of Delhi, vide its order dated May 24, 2012. The Scheme came into effect on June 2, 2012, w.e.f. April 1, 2012 (The Appointed date for the Scheme), bringing about the Amalgamation of IIDL with the Company, thereby enhancing its net worth by approximately 1045 crores.
Indiabulls Infrastructure Development Limited (IIDL) was merged with Company and their respective shareholders and creditors, on May 24, 2012 by the High Court of Delhi, which became effective on June 2, 2012, through Composite Scheme of Arrangement, thereby enhancing its net worth by approximately Rs 1045 crores.
The Boiler & ESP foundations for Unit 1 to 5 was completed with erection work in full swing. More than 20,000 MT Boiler & 11,150 MT ESP materials were erected. The milestone activities of Boiler Drum lifting of Unit 1 to 5 and Hydraulic test of Unit 1 & 2 was completed. On TG front, TG Decks for all the 5 Units got completed and erection of Turbine Generator & Auxiliaries progressed as per schedule. The civil works of Twin Flue Chimney 1 and Triple Flue Chimney 2 was completed; The Boiler and ESP foundations was completed and approx. 16,170 MT Boiler & 7,540 MT ESP material was erected. The Boiler Drums of all 5 Units were lifted and Hydraulic test of Unit 1 also got completed.
The Company is engaged in the execution of various Civil Engineering infrastructure Projects like Roads and Highways (Construction,BOT,O&M) , Buidling, Housing & Urban Infrastructure, Railways/Metro and other infrastructure. In addition, the Company provides integrated Engineering, Procurement and Construction (EPC) services for Civil Construction and Infrastructure sector projects.
During the year 2012-13, Suratgarh Bikaner Toll Road Company Private Limited was incorporated on 25 March, 2013; MBL (MP) Road Nirman Company Limited was incorporated on 7 March, 2013 and MBL Projects Limited was incorporated on 12 December 2012. In 2012-13, the Company executed and commenced a number of praiseworthy projects in the States of Andhra Pradesh, Assam, Bihar, Delhi, Haryana, Karnataka, Madhya Pradesh, Maharashtra, Orissa, Rajasthan, Uttar Pradesh, Uttarakhand and West Bengal. It completed the execution of the BOT project of 114 kms Seoni- Balaghat- Gondia State Highway in the State of Madhya Pradesh. It completed Housing Project at Rajiv Gandhi Thermal Power Project, Khedar-Hissar, Haryana. It completed two Railway Under Bridge (RUB) projects at Narela, Delhi and Badli, Delhi.
During year 2014-15, Fama Power Company Ltd ceased to be the Subsidiary of the Company. The Company set a new benchmark in power plant construction and errection by commissioning 3 units. The Amravati plant was fully commissioned with capacity 1350 MW (5X270MW). It commissioned the transmission system for evacuation of power from Amravati Power Plant, including 104 km 400 KV D/C Quad Moose Line from Amravati Project to Akola Substation and 7 km long LILO 400 kV single circuit line connecting to Koradi -Akola line. The Company completed 25 km long railway line between Walgaon and Amravati power plant. Unit I of the 1350 MW Phase I Nashik Project was commissioned.
During the year 2015-16, fifteen subsidiaries of the Company namely Albina Power Limited, Apesh Power Limited, Mariana Power Limited, Devona Power Projects Development Limited, Devona Electric Limited, Hecate Power Solutions Limited, Sentia Electric Power Limited, Sentia Electric Energy Limited, Fornax Power Limited, Zeus Energy Limited, Serida Power Limited, Varali Power Limited, Lenus Power Limited, Chloris Power Limited and Ashkit Power Limited ceased to be the subsidiaries of the Company.
Phase 1 of Nasik Thermal Power Plant (Nashik TPP) with generation capacity of 1350 MW was fully commissioned and operational in June, 2017 and all 5 units, each having a generation capacity of 270MW, were commissioned in 2017. During the year 2016-17, ten subsidiaries of the Company namely Mabon Power Limited, Poena Power Company Limited, Devona Power Systems Limited, Devona Power Management Limited, Devona Power Supply Limited, Devona Power Solutions Limited, Albina Powergen Limited, Albina Power Utility Limited, Hecate Hydro Electric Power Limited and Hecate Power Company Limited ceased to be the subsidiaries of the Company.
Sinnar Thermal Power Plant (Sinnar TPP) was commissioned in June, 2017. Sinnar Power Transmission Company Limited ceased to be a subsidiary of the Company effective on March 31, 2022.
The Company commissioned 2700 MW capacity at Amravati and Nasik in 2023.