Fractured/Earth

Which power-generation company with operations in India delivered the best returns in a post-Lehman Brothers world? That distinction does not belong to sector heavyweights such as Tata Power, Reliance Power, NTPC or Suzlon Energy. A little-known, 260-crore company, operating primarily in the clean energy space, has left these powerhouses trailing on shareholder returns since January 2009, by being a contrarian in the hydel power space. As promoters of hydropower projects, facing different forms and degrees of distress, make a beeline for the exit, Greenko is keenly waiting for them there. Since 2006, this Hyderabad-based company has bought about 30 hydel projects, at various stages of clearances and completion, with a combined capacity of 725 mw.

that is the question. why is greenko buying up hydel projects at a time when everyone else is scrambling to get out? a story by my colleague c r sukumar and me.