Corporate Overview
We are a diversified, integrated and forward-thinking conglomerate engaged in sugar, cogeneration, alcohol (ethanol, Indian Made Indian Liquor and Indian Made Foreign Liquor), power transmission, and water business.
Management Statements
Each of our businesses is today among the leading players in its respective segment, with large and growing capacities. This insulates us from sectoral volatility and macro headwinds, resulting in sustained, resilient performance and value creation.
Management Discussion and Analysis
Our journey of building businesses that stand the test of time is a testament to our focus on value creation.
THE TRIVENI JOURNEY
Milestones that shaped us
Ours has been a journey of thoughtful choices, ongoing evolution, and strategic bets. From entering new businesses and making prudent capital allocation, each chapter reflects our focus on sustainable value creation and maximising stakeholder outcomes. Continuing this legacy, we are now undertaking decisive corporate restructuring to unlock new opportunities, sharpen our business focus, and accelerate value creation.
How Triveni was built, one step at a time
Phase 1 (1932-1976)
Started as a standalone sugar business
Sugar business
- 1932: Commenced operations as a pure-play sugar company – The Ganga Sugar Corporation Limited (GSCL).
- 1952: Acquired Khatauli Sugar Plant.
- 1970: Merged The Ramkola Sugar Mills Company Ltd. with GSCL and acquired the sugar unit at Ramkola.
Phase 2 (1976-2010)
Expansion + Diversification
Sugar & Distillery business
- 1978: Started sugarcane development programme in 31 villages in collaboration with the Uttar Pradesh (UP) Government.
- 2006-2007: Commissioned four new sugar mills in western UP taking total to seven – Sabitgarh (7,000 TCD), Chandanpur (6,000 TCD), Rani Nangal (5,500 TCD) and Milak Narayanpur (6,000 TCD).
- 2007: Commissioned 160 KLPD distillery in Muzaffarnagar.
Engineering business
- 1973: Turbine manufacturing unit setup in Bangalore.
- 1974: Despatched first steam turbine from new Bangalore facility.
- 1976: Set up a gear unit in Mysuru to cater to captive consumption.
- 1978: Received major order from M/s Hindustan Aeronautics Ltd., Bangalore, resulting in workshop expansion and new machines installation at the Gear Unit.
- 1980: Expanded Gear Unit to serve external customers and delivered the first gearbox to an OEM.
- 1980: Delivered first-ever order to the Indian Navy for steam turbines made in India for their warships.
- 1982: Commenced operations in Industrial Water & Wastewater Treatment space.
- 1998: First 6 MW gas turbine gearbox exported to the USA.
- 2002: Made first API Gearboxes export to Singapore.
- 2004: Started first co-generation plant in Deoband, with a capacity of 22 MW.
Phase 3 (2010-present)
Consolidation + Value Creation
Sugar & Distillery business
- 2019: Commissioned 160 KLPD distillery at Sabitgarh.
- 2020: Forward integration into the alcoholic beverages vertical, part of distillery operations, with IMIL bottling facility.
- 2021: Re-launched Shagun with new packaging and planned to launch additional brand as Triveni Sugar; also expanded private label business with new customers, becoming North India’s No. 1 sugar contract manufacturer.
- 2022: Commenced dual feed distellery at Milak Narayanpur with capacity of 200 KLPD and 60 KLPD Grain based distillary at Muzaffarnagar.
- 2024: Commenced dual feed distellery at Rani Nangal with capacity of 200 KLPD.
- 2024: Acquired Sir Shadi Lal Enterprises to strengthen scale and regional synergies.
- 2024: Commenced marketing and selling its own IMFL brands as a forward integration of the distillery operations.
Engineering business
- 2011: Turbine business demerged into a separate company - Triveni Turbine Limited (TTL) with TEIL retaining stake.
- 2016: Gear unit won the CII EXIM Bank Award for the third time for Business Excellence.
- 2017: Defence foray as indigenous supplier of propulsion gearboxes for Indian Navy and Coast Guard.
- 2021: Signed a 10-year global manufacturing agreement with GE Aerospace Technology USA.
- 2023: Completed and handed over water and sewerage infrastructure on four Maldivian islands, including RO treatment systems, pipeline networks, household connections, and disposal line terminating into sea.
Maximising value through prudent capital allocation
Maintaining a healthy mix of growth investments in business and shareholders’ returns
₹ 4,202 CRORE
Cash Generation (FY 2020-25)
- Dividends & Buybacks (incl. taxes)
- Funds Retained for Working Capital
- Capital Expenditure*
*Capital Expenditure: Purchase of property, plant and equipment and intangible assets, net of term loans availed/paid
Strategic divestment to unlock value
Rationale for divestment
- Unbundling of businesses for focussed management and sharper growth.
- Timely monetisation of non-core assets.
- Succession planning for long-term sustainability.
Divested
21.85%
stake in Triveni Turbines Limited in FY 23
₹ 1,593 Crore
Net consideration
Utilising proceeds judiciously
- For growth and business expansion.
- Rewarding the shareholders.
The tangible value that we delivered to our stakeholders
Employees
Vendors
Customers
Communities
Shareholder
