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V. Radhakrishnan, Country Head, Aggreko India

15 May 2014

Aggreko plc is a leading global supplier of temporary power and temperature control solutions. The company is listed on the London Stock Exchange and is headquartered in Scotland. V. Radhakrishnan, Country Head, Aggreko India, talks about the company’s operations in India and its growth plans. Excerpts:

Tell us about the temporary power and temperature control solutions. What is the volume of trade this industry is generating globally?

Aggreko has been providing temporary power and temperature control (TC) solutions for over half a century, and globally is the uncontested in its sector. We provide turnkey solutions to customers who need them either very quickly or for specific periods of time, and move our fleet across locations that span borders, ensuring that no matter where you are, power or TC can always be made available to you. We are in international company who serve customers in over 100 countries and have presence in 202 locations around the world. What is unique about Aggreko amongst large equipment rental companies is that we design and build most of our fleet at our state-of-the-art manufacturing facility located in Scotland, UK. The main value to our customers is that our equipment is built with the highest specifications for optimal use. With so many retail (smaller family run) power and cooling equipment rental companies in certain markets, India being one of them, the true volume of this industry is difficult to obtain. However, if we consider our direct competitors as large rental companies, what we can share is that by our estimate, our power fleet is around five times larger than our nearest competitor and our TC offering the largest in its category. To give you an idea, our power fleet has a total 9,500 MW generation capacity – enough to light up two cities like Delhi.

Is this model successful in India, and explain about the volume of business this segment has generated in India. What is the response of the market to this vertical of trade?

As one of the fastest Developing Economic Superpowers, India’s energy needs have exploded in recent history, and while the country is serious about the development of its energy market, having been the first country in the world to set up a ministry of non-conventional energy resources, there is still a need to provide temporary measures to ensure the economy remains buoyant. We entered the market here with the acquisition of Cummins India Ltd back in 2008 and since have established a good presence. The fact that there are so many family run equipment rental companies who are successfully providing solutions, especially in the temporary power sphere, reflects the existing need of businesses in India. While these businesses are worthy in that they fill a need, what they may lack is the ability to provide customers with the additional value of having reliable solutions delivered through equipment built specifically for rental purposes. We manufacture all our own equipment, we don’t buy it ready made, and we build it for rental purpose, where heavy equipment will likely be picked up and put down as well as moved (be it by truck, ship or aircraft), countless times. In addition to the mobility consideration, our equipment is built to function without fault regardless of the environment, be that +50°C in the Saudi Arabian desert or a few weeks later a -40°C in Siberia. When we build our fleet, mobility and environment are a key consideration as our commitment is to provide customers with flexible solutions that are reliable and perform impeccably time and time again. For TC rentals (mainly cooling in this market) this is still a rather nascent segment in India, but one where we see great opportunities. Many of our customers are inclined to purchase equipment outright. Problems arise overtime, when equipment may suffer a breakdown due to general maintenance issues, presenting an unwelcome cost challenge, both in the potential production loss as well as the possible option of purchasing expensive new equipment in the event that the broken down one will take long to repair.

How does this business move about? Explain about the various segments in the business vertical.

Our solutions are applicable to a whole range of sectors. What is key for many of our customers wherever they are based is experience and track record for excellent service delivery. Whether O&G, mining, utilities, events or manufacturing to name but a few, Aggreko has the experience and equipment to design the required package. For over 50 years we have specialised in only power and TC, and our fleet consists of the full range of equipment and accessories needed for any particular job. Whether you’re an O&G customer needing a heat exchanger for a processing plant or an owner of a dairy factory needing coolers for storage facilities, Aggreko has likely managed a similar need if not in India, then certainly somewhere in the world. A great testament to any provider’s worth and value is its portfolio of repeat customers. Bringing to the fore some of our more visible and prolific customers, Aggreko has provided solutions to nine Summer and Winter Olympic Games, five FIFA World Cups (inclusive of Brazil 2014) and several

Do you manufacture unique solutions for respective countries and what is the range of energy efficient solutions and productsyou have to offer to the Indian market? Kindly explain.

Being committed and long-term players in the rental market, it is important that our solutions are built for optimal use, wherever, whenever. What makes us so unique is our ability to provide optimal solutions in Nairobi one day, and ship the equipment over to Singapore for use there the next notwithstanding time of transport course! We have invested significant amounts adapting the design of our large generator engines to deliver better performance and new capability. We were the first company in the world to develop and manufacture in volume, 1 MW gas generators in 20 foot stackable containers, allowing for easier transportation and customer space constrictions. Also, last year we launched our G3+ engines, the result of a three year development plan that increased the power output of diesel generators by 15% whilst improving fuel consumption by 4%. These engines can also run efficiently on HFO – another unique offering to our customers. In terms of range, our power offering ranges from a single 125 kVA generating set to multi megawatt packages at any voltage level needed. We supply the entire power package including transformers, switch gear, cables and other accessories. On the temperature control front we offer packaged air conditions, chillers, air handling units and the requisite accessories. We recently launched cooling towers in India which are unique to this market and offer significant benefits to users. Every solution to our customer is unique to the project based on their requirements. What we do is use our standard fleet and incorporate our specific designs to create the solution needed. Formula One races. While repeat business is certainly something we are proud of, our reputation would not be where it is today were it not for our stringent adherence to the highest international quality, health, safety and environment (QHSE) standards. As a global company we encounter numerous local interpretations of QHSE standards, yet our customers are always impressed to see that that strict standards we follow in Pune will be the same as those we follow in London.