Gruner Renewable Energy Eyes Rs 1,000 Cr Turnover In FY24
When Utkarsh Gupta, a chartered accountant by profession and a former corporate professional who had overseen branding and business for various firms, thought of starting a renewable energy company, driven by his passion for advancing sustainable solutions, he had several options staring at him.
While solar and wind energy, given the boom they were witnessing, was an obvious choice, Gupta decided to tread an unconventional path when, in January of 2023, he founded Gruner Renewable Energy, a Noida-based bioenergy firm.
"I believe there is a time for every industry. For solar, the sunrise period was 12-15 years ago. Today, that space is cluttered with many players. I wanted to do something different and went ahead with bioenergy, which is at a very nascent stage in India," Gupta says.
In his previous stint before founding Gruner, Gupta was associated with a company in the biogas space, which helped him understand the sector's complex problems.
"I saw EPC contractors in the space lacking transparency in their operations and not using the right components in the construction of plants," says Gupta, which prompted him to cash in the big opportunity in this nascent industry.
Guidance for FY24
Within five months of its operations, the company had crossed Rs 30 crore in turnover with 24 projects in its kitty. Gupta gives guidance of Rs 1,000 crore turnover and 100 biogas plants for FY24.
The massive spike in guidance for the rest of the fiscal comes from expanding clientele in the private and public sectors.
"We had been dealing with only individual clients, but lately we are getting enquiries from big Indian corporates. Secondly, with the government pushing the compressed biogas industry, it has now directed PSUs to set up their own biogas plants. So, we are in touch with both the public and private sector," says Gupta.
Partnership with BioEnergy Germany
A notable project expected to be completed in November 2023 is the Napier Grass Bio CNG plant in Lasanpur Village in Maharashtra's Wardha district.
Gruner has joined hands with German giant BioEnergy Germany for this plant and calls it "historic." For the first time, the company has collaborated with an Indian company to develop bioenergy plants by harnessing the potential of Napier Grass.
Speaking to BW Businessworld, Nils Rottmann, CEO, BioEnergy Germany, said that he appreciates Gruner's philosophy to not go with the cheapest solutions at the early stage of its business and has deep concern about safety and efficiency.
"We saw the Gupta's enthusiasm for this industry, and India is a huge market. So, it is a big opportunity for the country and especially the farmers to participate in the production of energy," Rottman said.
Gruner boasts its own research and development (R&D) team headed by former Ministry of New and Renewable Energy official Anil Dhussa. He has been serving in the biogas sector since 1978. Gupta says they have established a small lab setup where Gruner researches different feedstocks.
The Biogas industry is poised to get a significant impetus from the government in the coming years. Prime Minister Narendra Modi's launching of the Global Biofuels Alliance at the G20 Summit in September indicates the push that is on the cards for the sector and how efforts are being made to diversify India's energy mix.
Biofuel alliance can generate opportunities worth USD 500 billion in the next three years for G20 countries, according to the Indian Biogas Association (IBA).
Gupta says that Gruner's vision of developing 100 bio-CNG plants aligns with sustainability and circular economy principles.
"The development of these bio-CNG plants not only supports India's commitment to reducing its reliance on fossil fuel imports but also fosters job creation and sustainable rural development by promoting the cultivation of feedstock crops. It's a multifaceted approach that benefits the environment, economy, and energy security," said Gupta.
(BW Businessworld was hosted by Gruner Renewable Energy in Nagpur)
