Haryana's power distribution market is about to get a new private player. Eleven, a diversified group with interests spanning healthcare and energy, announced on Monday that it plans to pump in more than Rs 4,700 crore to set up a new renewable energy based electricity distribution network across the Gurugram and Nuh districts. The group is chaired by Medanta co-founder Sunil Sachdeva, and the company is billing this as one of the largest private investments proposed so far in Haryana's power sector.
Funding Locked In For Phase One
According to the company's statement, funding arrangements for the first phase have already been put in place, combining a mix of equity and debt. Interestingly, Nuh, one of Haryana's relatively underdeveloped districts, has been included right from this opening phase, even as Gurugram remains one of the state's established economic hubs. The plan is to build a distribution setup across both districts that runs entirely on renewable power sources.
Project Hinges On Regulatory Approval
The task of executing the plan has been handed to Eleven Power Private Limited, which has filed an application with Haryana's electricity regulator seeking a parallel distribution licence for the two districts. The project cannot move forward until the regulator grants that licence, meaning the entire plan currently rests on getting official clearance. Under a parallel licence arrangement, the existing power utility keeps its own network and customers intact, and only those consumers who actively opt for the new supplier get transferred to it. In practice, this means residents of Gurugram and Nuh will not be forced to switch, the choice stays with them.
Chairman On The Vision
Sunil Sachdeva, chairman of Eleven, said, "We want to build a future ready, world class power distribution system." He added that the network is being designed to serve the residents of Nuh and Gurugram well into the future. Eleven Power Private Limited has been set up specifically as the group's power distribution arm, and it is through this entity that more than Rs 4,700 crore will be channelled into building the renewable energy based distribution network in Gurugram and Nuh.
