At firms linked to Deepak Kochhar, loans rose and revenue fell in FY15-17


At firms linked to Deepak Kochhar, loans rose and revenue fell in FY15-17

The rising share of renewables in India’s total energy consumption does not appear to have significantly benefitted companies floated by Deepak Kochhar, who has a sizeable interest in the sector. An ET Intelligence Group analysis of the documents filed with the Ministry of Corporate Affairs (MCA) shows that companies in which Deepak Kochhar is either a managing director or a director reported a substantial increase in borrowings between FY15 and FY17, amid falling revenue.

The combined debt of NuPower Technologies, NuPower Renewables, NuPower Wind Farm, and Echanda Urja increased 22.5 per cent to Rs 1,008.6 crore in FY17, from Rs 823 crore in FY15. Their revenue dropped by 17 per cent to Rs 206 crore, from Rs 249 crore, in the same period despite the companies controlling operational renewable energy assets of nearly 700 megawatts (MW). Read More

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