Pratibha Industries Limited (PIL), the flagship company of the Pratibha Group, was established in 1982, by a dynamic young entrepreneur Ajit B Kulkarni. The firm started its foray with manufacturing of SFRC manhole covers & frames, which were designed & introduced as a replacement to the conventional cast iron manholes cover & frames. Substantial saving on costs and elimination of theft vis-à-vis the conventional cast iron product ensured huge acceptability with practically all government clients throughout the country.
Till the early 90s the firm was focusing only on pre-cast products. In 1992, the firm decided to extend its presence in the civil construction industry and started participating in bids invited for such projects by government / semi- government departments. In-depth technical knowledge and sound management ethics ensured that the company received its first major mass-housing project (Rs125 million) from CIDCO of Maharashtra Limited in the same year.
In 1994, the company realized that water supply projects hold great potential. However, it did not possess any established expertise in execution of such projects. Inorganic route through formation of a joint venture with a competent fellow contractor was the only way out and therefore, the first strategic alliance with Coromandal Prescrete (P). Limited, a Hyderabad based Contractor was inked. The joint venture successfully bid and was awarded one package from the prestigious Hitawne Water Supply Scheme. Thus, started the journey of Pratibha in water supply projects, a segment from which the company derives more than 70% of its revenues.
The company took over Teknoworks (India), a Mumbai based firm engaged in manufacture of mechanical equipments and structures, in 1995. The company has a turnover of nearly INR 1000 million and derives 30% of its revenues from exports.
Till 2001, the operations of PIL were restricted to the state of Maharashtra alone. The next challenge for Pratibha was to consolidate and strengthen its engineering department to make its presence felt in more complex & integrated Water Supply projects, as also to form alliances with fellow contractors of repute to ensure fulfillment of this goal. The company started working towards this by establishing a design department and bidding for projects of complex nature, which also involved designing, in Joint Venture with reputed contractors like Petron Civil Engineering (P). Limited and Unity Infra-projects Limited. The efforts bore fruits in 2003, when the company was awarded multi-million projects by Mumbai Municipal Corporation, Gujarat Water Supply & Sewerage Board, and Delhi Jal Board, along with other Governmental Agencies. It was during this period that the company also expanded the segments of operation by entering and receiving work orders for intra-city road projects. Though, it saw opportunity in NHAI, it consciously decided to abstain from bidding in view of the heavy capital intensive nature of these projects. It maintained its presence in mass-housing & allied construction activities by building modern age railway stations, plant buildings and residential complexes on pure contractual basis.
By 2005, the company had established an inherent expertise in design, construction, operation & maintenance of reasonably sized complex water supply projects, water treatment plants and distribution systems, as also in the other segments in which it was operating. It was realized that there was shift in the government mindset and certain other project implementing agencies and there was determined focus to promote projects on PPP (Public Private Partnership) basis. Though the company was executing mid sized projects on annuity & deferred payment models, the then net-worth and accessibility to debt funds was limited and could prove to be detrimental to the Company’s future growth. There were two paths available – either to maintain the then existing status and subsequently to act as a sub-contractor to bigger contractors or to strengthen its financial position in quest for a place amongst the top construction companies. The Management of the company opted for the latter. It was decided to approach the capital market to raise requisite funds through dilution of 30% of the company’s existing equity base. The company’s maiden issue hit the market in the first quarter of 2006 and received overwhelming response and was subscribed by over 24 times. The funds raised from the IPO were to be deployed for long term working capital requirements, equity funding for BOOT / PPP projects and setting up of an API accredited spiral pipe manufacturing plant. The company’s initial and established success in the water segment, due to the availability of proper back up, strengthened the belief that back up of an API accredited pipe manufacturing unit would add as a fillip to its future plans of foray into the lucrative oil and gas pipe transmission EPC projects.
In 2007 & 2008 Pratibha Industries strengthened its Buildings Division and bagged many unique and the best Buildings in India. Building Divison has been working with the top most clients and the most renowned Architects and Consultants. Today Pratibha Group has specialised themselves with methodology and the concept of Tall buildings. As on date Pratibha Industries are constructing more than 6 skyscrapers in Mumbai and one of them being the tallest Structural steel commercial building in India with a height more than 195 Mts.
In 2009 the company has set up its PPP Division (Public Private Partnership). “The Public-Private Partnership (PPP) Project would be a project based on contract or concession agreement between a Government or statutory entity on the one side and a private sector company on the other side, for delivering an infrastructure service on payment of user charges.”
The company is dedicated and committed to providing the society at large with quality infrastructure in its field of expertise which currently include design, engineering and execution/construction of complex & integrated water transmission & distribution projects, water treatment plants, elevated and underground reservoirs, mass housing projects, commercial complexes, pre-cast design & construction, road construction and real estate.
Business area of the company includes:
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Future plans The company over the next few years (2010-2011) on standalone basis or through Joint Ventures, strategic alliances & acquisitions (if a suitable opportunity arises) proposes to have strong presence in road, retail, urban, oil and gas transmission and power segments of the infrastructure sector, apart from water supply segment. It also proposes to be global player in pipe segment and market spill over capacities after accounting for in-house consumption. The said projects will be executed on both, EPC & PPP basis.