Ujaas Energy Limited (formerly known as M and B Switchgears Ltd) is one of the leading solution providers in the Indian solar power sector focused on developing, operating, owning and maintaining a diversified portfolio of solar energy power plants under its flagship brand `UJAAS`. Ujaas Energy has three segments of business viz. Transformer, Solar Power Plant Operation and Manufacturing & Sale of Solar Power Systems. Further, the company`s solar business has three segments which are Solar Parks, EPC and Rooftop segment. In the EPC segment, the company leverages extensive 35 year experience it has in the solar and the power sector and effective and efficient EPC solutions to potential solar power generator. The company has its corporate headquarters in Indore (M.P.).
M and B Switchgears Ltd was incorporated on June 09, 1999 as a private limited company with the name M and B Switchgears Pvt Ltd. The company was established by converting partnership firm, M and B Switchgears. The company is promoted by Shyam Sunder Mundra, Vikalp Mundra and Anurag Mundra.
Initially one of the promoters, Shyam Sunder Mundra had started the transformer business in 1979 as a sole proprietorship concern in the name of M & B Switchgears. Thereafter the proprietorship concern was converted into a partnership concern in April 1, 1995 and further into a corporate entity under the name M and B Switchgears Pvt Ltd on June 9, 1999. Thus, the company was formally incorporated.
In June 1999, the company added new products namely Power Transformers and Core Coil Assembly. They increased the manufacturing capacity of Distribution Transformers from 250 KVA to 315 KVA. In July 2005, the company increased the manufacturing capacity from 10 KVA to 500 KVA of Distribution Transformers and 630 KVA to 5,000 KVA of Power Transformers with an annual quantitative capacity increased to 744 Distribution Transformers and 48 Power Transformers.
In August 2007, the company added new products namely Dry Type Transformer, Unitised substation/ Transportable substation and Flame Proof Tran switch unit with an annual quantitative capacity of 45 units each. They increased the manufacturing capacity to 10,000 KVA of Power Transformers with an annual quantitative capacity increased to 135 units. Also, they increased the annual quantitative capacity of Distribution Transformers to 1575 units.
In January 2010, the company received ISO-9001 2008 certification from Alberk QA International Technical Control and Certification Ltd for design, development, manufacturing, erection and commissioning of power and distribution of transformers.
In May 2010, the company increased the annual quantitative capacity of Distribution Transformers, Power Transformers, Dry Type Transformer, Unitised substation/ Transportable substation and Flame Proof Tran switch unit to 2,880, 240 and 48 units respectively. With this expansion our annual capacity increased to the current level of 5,109 numbers of transformers per annum and the same is in line with DIC certification.
The company added new products namely Booster Transformers and Furnace Transformers with qualitative capacity of 5 MVA and 25 MVA respectively and an annual quantitative capacity of 48 units each
In November 19, 2010, the company was converted into a public limited company and the name was changed to M and B Switchgears Ltd. In December 2010, the company received ISO 14001:2004 certification from QA Certification Services Private Limited for manufacturing, erection and commissioning of power and distribution of transformers
In August 23, 2001, the company incorporated a wholly owned subsidiary company namely Proximo Energy Concept Pvt Ltd, with the object to deal, manufacture, erect, generate, receive, produce, improve, buy, sell etc in all types of energy equipment and to carry on, manage, supervise and control the business of transmitting, manufacturing, supplying, generating, distributing, dealing and trading in energy, power, electricity and all forms of energy and power generated.
The company shifted its focus from transformer manufacturing to solar power generation in financial year 2010-11.
The company made its maiden public issue by way of issue of 50,00,000 (Fifty Lac) Equity Shares of Rs.10/- (Rupees Ten Only) each at a premium of Rs. 176/- as its Initial Public offer to the public during September-October 2011. The Equity Shares of the Company got listed on BSE Limited and the National Stock Exchange of India Limited with effect from 20 October, 2011.
Ujaas Energy was the first to generate & sell Solar Renewable Energy Certificate (REC) in the county from its solar power plant of 2 MW commissioned in March 2012 at Rajgarh, Madhya Pradesh, India.
During the year ended 31 March 2014, the company`s project got registered under Clean Development Mechanism (CDM) operated by the United Nations Framework Convention for Climate Change. The company can now claim for Certified Emission Reduction (CER) credit certificates for the electricity generated from 31 December 2012 to 30 December 2019. It will become another source of revenue to the company as these certificates are tradable in the international market.
Being the first company in Solar Power Project under REC Mechanism, till March 31, 2014 Ujaas Energy successfully commissioned, cumulative 105.18 MWp Solar Power Projects. During the year ended 31 March 2014, the company installed approx 1 MW roof top grid tied solar PV system under its vertical Ujaas My site.
The company has formed two foreign subsidiaries named `Ujaas Energy HK Limited` at Hongkong and `Eizooba Energy One Limited` at Uganda, incorporated as on 19 May, 2014 and 16 July, 2014 respectively in the process of enhancement of its business.
During the year ended 31 March 2016, the company successfully won bids of more than 20 MW of solar power and commissioned 9.9 MW.
During the year financial year ended 31 March 2017, Ujaas Energy accepted loans from its Whole Time Directors upto a tune of Rs. 27 crore with the approval of the Board of Directors in its meeting held on 27 February, 2017. The loan amount accepted was 10% of the consolidated turnover for the year ended 31 March, 2016. Hence, the transaction was approved by Audit Committee and Board of Directors. During the year under review, the company by passing a Board Resolution dated 29 March,2017 sold its entire stake in its wholly own subsidiary in Hongkong named as Ujaas Energy HK Limited at an agreed consideration of (1HKD) (equivalent to INR 8/-). Identifying the booming opportunity available, Ujaas Energy ventured into solar EPC business in FY17, while following the company`s motto of being asset-light. The company commissioned over 43 MW in FY17 through EPC.
During the financial year ended 31 March 2018, the company executed 17 MW of solar plants through EPC.