Gujarat Industrial Power

What Gujarat Industrial Power does

Gujarat Industries Power Company Limited (GIPCL) is a publicly listed Indian power generation company (BSE: 517300, NSE: GIPCL), incorporated in 1985 under the auspices of the Government of Gujarat and promoted by state enterprises GUVNL, GACL, and GSFC. The company operates a diversified generation portfolio totaling 1,184.4 MW installed capacity, comprising gas-based power plants in Vadodara, the 4x125 MW Surat Lignite Power Plant (SLPP), wind assets, and a growing solar portfolio. GIPCL operates integrated captive mining — including the Vastan and Mangrol Valia Lignite Mines (combined ~5.4 MTPA approved capacity) and the Vastan Limestone Mine — providing fuel security and SO2 emission control for thermal operations. The company holds ISO 9001, 14001, 45001, and 50001 certifications for SLPP and a CARE AA-/A1+ credit rating, with five consecutive National Safety Awards for the Vastan Lignite Mine.

GIPCL is executing a major strategic transition from thermal toward renewable energy, anchored by its 2,375 MW Renewable Energy Park at Khavda in Kutch district. The flagship 600 MW Khavda Solar Power Project was fully commissioned in December 2025 — the company's highest-ever capacity addition — along with a 1,200 MW GIS Pooling Sub-Station and the 75 MW Vastan Captive Solar Project (June 2025). A new 750 MW (3x250 MW) Lignite Power Project is in the tendering phase, and the company is entering battery energy storage with a 20 MW/120 MWh BESS project.

The business model relies on long-dated Power Purchase Agreements: the company sells bulk power primarily to state utility GUVNL under 25-year PPAs (notably for the 600 MW Khavda solar output) and supplies captive solar power to promoter companies GACL and GSFC. Pricing is set through competitive bidding in government auctions. Revenue is therefore highly recurring and contracted, but concentrated among a small set of government and related-party offtakers. The company also operates an e-tender procurement system and runs CSR activities through the DEEP Trust and SVADES, supporting community development around plant locations.

Name

Gujarat Industrial Power

Legal name

Gujarat Industries Power Company Limited

Website

https://gipcl.com

Company type

Public

Founded year

1985

Operating status

Operating

Headcount range

11–50 employees

Short description

Gujarat Industries Power Company Limited (GIPCL) is a Gujarat state-promoted public power utility operating 1,184.4 MW of diversified thermal, lignite, solar, and wind capacity with captive mining. It supplies power primarily to state utility GUVNL and promoter companies under long-term PPAs.

Ownership category

akta.pro rank

Product category

Power Generation

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Fossil Fuel Electric Power Generation (221112), Solar Electric Power Generation (221114)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Utility-Scale Combined-Cycle Gas Turbine (CCGT) Generation (EUACABAA)

akta.pro secondary industries

Renewable Grid Interconnection & Collector Systems (Solar/Wind) (IMAFAHAD), Substations, Transformers & Grid Step-Up Facilities (EHV Substations, GSU Transformers) (EUAMAFAE), Captive & Embedded Gas-Fired Power Generation (Industrial/Commercial CHP) (EUALALAB)

Keywords

• Thermal power generation
• Solar power generation
• Wind power generation
• Captive lignite mining
• Renewable energy utility

Headquarters

HQ city

Vadodara

HQ country

India

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Infrastructure, Personnel, Operations, Others

Revenue model

1. Power Sales to GUVNL: GIPCL supplies solar energy to GUVNL (Gujarat Urja Vikas Nigam Ltd) under 25-year Power Purchase Agreements (PPAs). Revenue is generated from long-term contracted power sales at rates established through competitive bidding processes.
2. Captive Power Supply: Power from the 75 MW Vastan Group Captive Solar Project is supplied to promoter companies GACL (Gujarat Alkalies and Chemicals Ltd) and GSFC (Gujarat Fertilizers and Chemicals Ltd). This represents captive power arrangements with group companies.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Gujarat Industries Power Company Limited (GIPCL) is a diversified power generation utility that produces electricity through gas-based, lignite-fired, solar, and wind power plants with an installed capacity of 1,184.4 MW. The company also operates integrated captive mining operations for lignite and limestone to support its thermal power generation. Power is supplied primarily to state utility GUVNL under 25-year Power Purchase Agreements and to promoter companies GACL and GSFC through captive power arrangements.

Product overview

Gujarat Industries Power Company Limited (GIPCL) operates as a diversified power generation company with 1184.4 MW installed capacity spanning Thermal (Gas and Lignite), Wind, and Solar generation assets. The company's thermal portfolio includes Gas Based Power Plants at Vadodara and the Surat Lignite Power Plant (4X125 MW) supported by captive lignite and limestone mining operations at Vastan and Mangrol Valia. GIPCL is aggressively transitioning to renewables with its flagship 2375 MW Khavda Renewable Energy Park, which houses solar projects including the fully commissioned 600 MW Khavda Solar Project and upcoming battery energy storage systems. The company also operates the 75 MW Vastan Group Captive Solar Project and maintains shareholder services for its BSE/NSE listed equity shares. Supporting operations include Corporate Social Responsibility through the DEEP Trust and an E-Tender procurement system.

Differentiator

Problem solved

Functional benefit

Products and services

• Gas Based Power Plants Thermal power generation through gas-based power plants including Vadodara Station-I, providing stable baseload power generation capacity.
• Surat Lignite Power Plant Lignite-fired thermal power generation at Surat Lignite Power Plant (4x125 MW units), with captive mining operations providing fuel supply.
• Solar Power Generation

Quantifiable outcome

• 600 MW Khavda Solar Project fully commissioned on 25.12.2025 - highest ever single capacity addition
• +1 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core.

• GUVNL (Gujarat Urja Vikas Nigam Ltd)coreStrategic or Co-development Partner · 25 December 2025GIPCL supplies solar energy from its 600 MW Khavda project to GUVNL under a 25-year Power Purchase Agreement (PPA). This is the primary revenue relationship for the company's solar power business.
• GACL (Gujarat Alkalies and Chemicals Ltd)coreStrategic or Co-development Partner · 24 June 2025GACL is a promoter company and offtaker for the 75 MW Vastan Group Captive Solar Project. Power is supplied for GACL's manufacturing operations.
• GSFC (Gujarat Fertilizers and Chemicals Ltd)coreStrategic or Co-development Partner · 24 June 2025GSFC is a promoter company and offtaker for the 75 MW Vastan Group Captive Solar Project. Power is supplied for GSFC's fertilizer manufacturing operations.
• Gujarat Urja Vikas Nigam Ltd (GUVNL)coreStrategic or Co-development Partner · 1 January 1985GUVNL is one of the original promoters of GIPCL along with GACL and GSFC. Represents the Gujarat state government's interest in the power sector.
• Gujarat Fertilizers and Chemicals Ltd (GSFC)coreStrategic or Co-development Partner · 1 January 1985GSFC is one of the original promoters of GIPCL. GSFC, along with GUVNL and GACL, established GIPCL under the auspices of the Government of Gujarat.
• Gujarat Alkalies and Chemicals Ltd (GACL)coreStrategic or Co-development Partner · 1 January 1985GACL is one of the original promoters of GIPCL. GACL, along with GUVNL and GSFC, established GIPCL under the auspices of the Government of Gujarat.

Scale indicators15 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• NTPC Limited: India's largest state-owned power generator, with a diversified thermal, hydro, and renewable portfolio supplying state DISCOMs under long-term PPAs. Highly comparable to GIPCL on business model (PPAs, government offtake) and diversification, but materially larger in scale.
• Tata Power Company Limited: Vertically integrated Indian utility with thermal, solar, wind, and T&D operations serving state utilities and industrial customers. Comparable to GIPCL across the diversified generation-plus-captive customer mix and renewables transition, but at significantly larger scale and broader geography.
• Adani Power Limited: One of India's largest private-sector thermal and renewable power producers with PPAs supplying state utilities. Directly comparable to GIPCL's mix of thermal legacy and large-scale renewable build-out for grid sale, though Adani Power is operationally and geographically much larger.

Direct peers

• JSW Energy Limited: Indian IPP with a thermal, hydro, wind, and solar generation portfolio selling power to state DISCOMs and industrial customers under long-term PPAs. Closely comparable to GIPCL in diversified fuel mix and PPA-driven business model, with similar scale of renewable transition ambitions.
• Torrent Power Limited: India-based integrated power generator and distributor with thermal and renewable generation serving retail and state-utility customers. Comparable to GIPCL's mix of thermal generation, Gujarat focus, and active renewable expansion, with the addition of regulated distribution.
• NHPC Limited: Government of India hydropower generation company with a growing pumped-storage and renewable portfolio supplying SEBs and industrial buyers under long-term PPAs. Directly comparable to GIPCL's state-promoted structure, long-duration contracted revenue, and renewables expansion strategy.
• Reliance Power Limited: Indian IPP operating a portfolio of large thermal and hydro plants, with concentrated PPAs supplying state utilities. Comparable to GIPCL's thermal-heavy legacy, government-utility offtake model, and ongoing capacity expansion ambitions.
• SJVN Limited: Indian government-promoted power generator with hydro, solar, and wind assets selling to state utilities and open-access consumers. Comparable to GIPCL's state-enterprise promoter model, diversified generation mix, and renewed focus on solar/wind project addition.
• CESC Limited: Integrated Indian power utility with own thermal generation (coal) supplying its licensed distribution franchise in Kolkata and other areas under long-term arrangements. Comparable to GIPCL's vertical integration (own generation plus captive customers) and operational excellence awards profile.
• India Power Corporation Limited: Mid-sized Indian IPP with thermal and renewable generation serving state utilities and industrial/retail customers under long-term PPAs. Comparable in scale and operating model to GIPCL, with similar diversification between thermal legacy and renewable build-out.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/gujarat-industries-power-company-ltd---india

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gujarat Industrial Power