OPG Power Ventures Plc Annual Report and Accounts 2011
A platform
for growth
OPG Power Ventures Plc
Annual Report and Accounts 2011 
www.opgpower .com
OPG Power Ventures Plc
117 Sir P S Sivasamy Salai
St Ebba’s Avenue
Mylapore
Chennai 600 004
India
T: +91(0) 44 42911214/42911222
F: +91(0) 44 42911209
E: info@opgpower.org
Registered office
Ioma House
Hope Street
Douglas
Isle of Man 
IM1 1AP OPG Power Ventures Plc is 
developing and operating power 
plants in India. The company is 
committed to building shareholder 
value and to being the first choice 
provider of reliable, uninterrupted 
power at competitive rates to its 
customers. OPG is listed on the 
Alternative Investment Market (AIM).
Overview
01 Highlights
02 Our Markets
04 Our Operations and Projects
06 Our Strategy and KPIs
08 Capacity Growth Profile
10 Chairman’s Statement
Business Review
12 Principal Risks
14 Chief Executive’s Statement
16 Operational Review
20  Financial Review
22 Responsible Growth
24 Board of Directors
Corporate Governance 
26 Corporate Governance 
30 Directors’ Remuneration Report
34  Directors’ Report
36  Statement of Directors’ Responsibilities  
in Respect of the Accounts
Financial Statements
37  Independent Auditors’ Report to the 
Members of OPG Power Ventures Plc
38  Consolidated and Company Statement  
of Comprehensive Income
39  Consolidated and Company Statement  
of Financial Position
40  Consolidated Statement of changes  
in Equity
42 Company Statement of changes in Equity
44  Consolidated and Company Statement of 
Cash Flows
45  Notes to the Consolidated and Company 
Financial Statements
67 Corporate Directory
68 Definitions and Glossary
Certain statements included in this Annual Report and Accounts contain forward-looking information concerning the Group’s 
strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, 
sectors or markets in which the Group operates. By their nature, forward-looking statements involve uncertainty because they 
depend on future circumstances, and relate to events, not all of which are within the Group’s control or can be predicted by 
the Group. Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, 
no assurance can be given that such expectations will prove to have been correct. Actual results could differ materially from 
those set out in the forward-looking statements. For a detailed analysis of the factors that may affect our business, financial 
performance or results of operations, please refer to the Principal Risks and Uncertainties included in this Annual Report and 
Accounts. No part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in the 
Group or any other entity, and must not be relied upon in any way in connection with any investment decision. The Group 
undertakes no obligation to update any forward-looking statements.
Cover: Covered coal shed at Chennai with 40,000t capacity 09
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OPG Power Ventures Plc Annual Report and Accounts 2011_01 
Overview
Business Review
Corporate Governance
Financial Statements
Highlights
Revenue £m
EBITDA £m
Operational capacity MW
EPS pence
Financial highlights
Revenue up 188% to £33. 15m
EBITDA up 124% to £15.54m
EPS up 559% to 2. 129 pence per share
Over-subscribed c.£60m equity placing in February 201 1
Cash and cash equivalents of £79.95m  
(including available-for-sale investments amounting to £8.85m)
Long-term borrowings of £45.25m
 
Operational highlights
1 13 MW of capacity now fully operational
629 MW of fully funded growth projects 
77 MW Chennai I stabilised in August 2010 with average load 
factors above 85%
77 MW Chennai II commissioning on track for 2012
160 MW single unit Chennai III being developed on track
80 MW additional Chennai expansion at the existing site
MoU with Government of Gujarat for development of 
5,400 MW
No coal supply shortages experienced by OPG Target Achieved Decit %
Xth
plan
2007–
08
2008–
09
2009–
10
2010–
11
2011–
12e
IXth
plan
VIIIth
plan
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India Brazil China South
Africa
Russia UK France Germany Australia US
Peak demand Peak supply
10/11 09/10 08/09 07/08 06/07 05/06 04/05 03/04 02/03
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02_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Trends and conditions
Our Markets
Demand for power in India is expected to grow at 
10% every year and with capacity addition lagging 
behind targets, the power deficit across the country 
is expected to continue in the future.
In the last five years peak deficit has 
remained above the 10% levels, while at the 
same time increasing in absolute terms from 
10.2 GW to 12.0 GW
Target vs achieved capacity additions
Electricity consumption per capita (KWh)
Peak deficit (MW)
Market opportunity
India’s GDP forecast to continue to grow   –
at 8%
Demand for power expected to continue  –
to grow at 10–12% pa to 2020
Per capita consumption is a fraction of  –
China, the rest of Asia and Western 
Europe
Power deficit continues, ranges between  –
9% and 13%
Trend of capacity additions 40–50% below  –
planned capacity
Coal based generation over 50% of total  –
installed capacity
Coal based generation expected to  –
continue to be the biggest constituent and 
Indian coal mining activities being 
expanded
Investment rationale
Highly profitable, cash generative  –
operations
Leading returns in sector due to group  –
captive model
Industry leading group captive, brownfield,  –
projects portfolio of 629 MW fully-funded 
and on track for 2013
Pricing independent of tariff set by State  –
Electricity Boards
Flexibility to use local or imported coal  –
Experienced Management team –
Strong partners include debt providers,  –
equipment suppliers, engineering and 
operating companies and shareholders
Source: CEA, Ministry of Power
Source: CIA World Book 2010
1999–2000
 Coal 61%
 Gas 10%
 Oil 1%
 Hydro 24%
 Nuclear 3%
 Renewable 1%
2010–11
 Coal 55%
 Gas 10%
 Oil 1%
 Hydro (Renewable) 21%
 Nuclear 3%
 RES (MNRE) 10%
High latent demand – India still has very low 
per capita consumption compared to other 
developing countries
Power generation by fuel
Source: CEA, Ministry of Power
Source: CEA, Ministry of Power
Annual capacity addition has been much  
less than the planned targets for the sector 
resulting in power deficits
Thermal power forms a major portion of the 
installed capacity in India, accounting for 
over two thirds of the total installed capacity OPG Power Ventures Plc Annual Report and Accounts 2011_03 
Overview
Business Review
Corporate Governance
Financial Statements
Group captive model
OPG’s business model
OPG is one of the pioneers of the Group  –
captive power plant model
It supplies to broad base industrial and  –
commercial customers
In addition, flexibility is retained to supply   –
to State Electricity Board (“SEB”)
OPG retains the option to supply as a  –
Group Captive Plant or as a merchant 
plant
The model provides leading industry  –
returns
Particulars
Regulated  
PPA Based* Competitive Bidding Merchant Group Captive 
Concession type Long-term PPA 
(25 years)
Long-term PPA 
(25 years)
No long-term PPA. 
Rolling PSA with traders/
direct sale
Bilateral arrangements  
with consumers/traders/
utilities
Tariff determination Regulated cost plus 
basis – 15.5% RoE
Competitive bidding based 
on minimal pass through
PSA with trader/spot price Discount to prevailing 
industrial tariffs 
Opportunities Limited. Policy thrust 
towards competitive 
biding 
Multiple bids announced by 
state 
Small to medium sized 
plants (less than 500 MW) 
Small to medium sized 
plants (less than 500 MW) 
Risk sharing No market risk. No cost 
risk. Fuel cost – pass 
through
Cost risk on developer. Fuel 
cost not on pass through. 
Restricted indexation
Off take risk and price risk 
borne by the developer
Off take risk and price risk 
borne by the developer
Risk return Low risk – fixed return Varying risk profiles for 
different projects. High risk 
for imported coal projects. 
Lower risk for captive mine 
projects 
Fuel security key to reduce 
risks. High returns
Fuel Security key to reduce 
risks. High returns
Equity returns Assured 15.5% Variable depending upon the  
risk profile
Equity returns linked to tariff Equity returns linked to tariff 
may be 30% plus
* Government of India has discontinued policy of awarding regulated PPA’s.
Flexibility to determine pricing 
Supply assured power to corporate and  –
industrial customers at tariffs mutually 
agreed, without approval of the regulators.
Tariffs are set at a discount to the industrial  –
tariff set by the SEB 
Balance power (49%) may be sold to a  –
distribution utility or trading licensee or to 
any other consumer
Electricity act 2003 and captive power 
plants (“CPP”)
Legislation allowing captive power plants  –
to be set up to generate electricity 
Captive consumers to take up 51% of  –
aggregate electricity generated annually
Compulsory access to grid allowed –
Allows power to be sold on a pan-India  –
basis 04_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Development
Our Operations and Projects
Operating
Our main plants are located in the states of Tamil 
Nadu and Gujarat, amongst the most industrialised 
states of India.
Current operations
The current operations comprise  
the 77 MW Chennai I plant, 25.4 MW 
Mayavaram natural gas plant and  
the 10 MW waste heat plant. 
Development projects
The Group has 629 MW of projects 
under construction which are fully 
funded and are expected to be 
commissioned by 2013. 
11 3 MW 629 MW
1. 77 MW Chennai I
Thermal coal plant –
Commissioned in April 2010 –
Commercial generation from  –
August 2010
Located 55km from Chennai –
In close proximity to Ennore and  –
Chennai port
O&M contract awarded to Tata Power  –
Company
Plant operating smoothly at output levels  –
of 85%
2. 25.4 MW Mayavaram
Natural gas plant in Tamil Nadu –
6 MW expansion commissioned –
Registered for Carbon Credit  –
Certification
Output levels at c.80% of capacity –
O&M contract with Wärtsilä –
ISO 14001 certified –
3. 10 MW waste heat
Waste heat plant in Chennai –
Waste heat from sponge iron plant, coal  –
and dolochar used
Plant performing at c.63% capacity level –
Carbon Credit Registration in progress –
4. 77 MW Chennai II
Land and environment approvals in place –
Project fully funded –
Infrastructure shared with Chennai I –
Coal linkage obtained from Coal India Ltd –
Civil works complete and main  –
equipment construction underway
Completion expected in 2012 –
5. 160 MW Chennai III
Revised configuration of 160 MW from  –
2 x 80 MW
Single unit expected to improve  –
fuel efficiency
Land and environmental permits in place –
Project fully funded –
Completion expected in 2013 –
Chennai I Air Cooled Condenser
Mayavaram
Chennai Bellary
OPG Power Ventures Plc Annual Report and Accounts 2011_05 
Overview
Business Review
Corporate Governance
Financial Statements
Pipeline Development
Projects in the pipeline
The Group’s aim is to have a portfolio  
of power plants of 1,250 MW by 2015.  
In addition, it has a MoU with the Gujarat 
state to install 5,400 MW. 
6. 80 MW Chennai IV
Land, equity and environment approvals  –
in place
Equity funding from internal resources –
Shares infrastructure with Chennai I & II –
Equipment delivery commenced –
Civil works in progress –
Coal linkage obtained from CIL –
Completion expected in 2013 –
7. 12 MW Bellary
Acquired part completed plant in 2011 –
120 acre brownfield site well located in  –
industrial heartland of Karnataka state
Completion of 12 MW expected in 2013 –
Potential to develop 250 MW plant –
8. 300 MW Gujarat
Land, debt and equity in place –
2 x 150 MW modular plants –
7,000 tonnes of equipment ready for  –
delivery with BHEL
Engineering by TATA Consulting –
Civil construction by Gannon Dunkerley –
Completion expected in 2013 –
9. MoU with Gujarat State Government
MoU signed with Gujarat State to  –
develop 5,400 MW of generating 
capacity by 2018
4,000 MW thermal coal and 1,400 MW  –
gas plants
Government of Gujarat to facilitate  –
approvals
Awarded to OPG owing to strength of  –
team and project execution capabilities
10. 508 MW pipeline expansion
Plans to develop c.508 MW capacity –
Increasing capacity to 1,250 MW by 2015 –
Chennai ll Boiler under construction Chennai ll Power House under construction
Chennai
Gujarat 06_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Our Strategy
Maximising performance of generation assets
Customers
Maximise plant availability and output –
Assured reliable and uninterrupted supply –
Ability to supply power direct to customers, not via state utilities –
Pricing competitive compared with utility tariffs and negotiated  –
directly with customers
Profitability
Secure best available tariff through flexibility of supplying power  –
either under Group captive model or as a merchant operator
Maintain ability to use domestic, imported and blended fuel  –
sources of a broad range of specifications 
Implement optimisation of generation assets and work with  –
development partners to incorporate performance improvement 
measures in subsequent projects
Minimise exposure to complex logistics  –
De-risking our projects
Responsible 
growth
Seek to identify and maximise any brownfield development  –
opportunities
Evaluate and work with long-term, top tier financing, technical  –
and consulting partners
Ensure all environmental norms are met or exceeded –
Take cognisance of the needs of local communities –
Financing
Maximise cash generation to provide liquidity support and  –
potential project equity
Maintain liquidity and manageable gearing levels –
Regular, open dialogue with shareholders and financing partners –
Team
Promote a safe working environment –
Continually enhance development skills through internal mobility  –
of senior employees with project development experience
Evolve reward structures to align with value creation –
The Company aims to build shareholder value  
by being the first choice provider of reliable and 
uninterrupted power at competitive rates to its 
customers. Our strategy is to maximise the 
performance of existing generation assets and  
to continually de-risk our project portfolio.   10
11
–30% –20% –10% 0% 10% 20%
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11
10
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0% 20% 40% 60% 80% 100%
25.4 MW Mayavaram
77 MW Chennai
10 MW waste heat
10
11
0 0.5 1 1.5 2 2.5
10
11
0% 20% 40% 60% 80% 100%
10
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0 5 10
OPG Power Ventures Plc Annual Report and Accounts 2011_07 
Overview
Business Review
Corporate Governance
Financial Statements
Key Performance Indicators
Gearing
Gearing is a measure of net debt to 
shareholders equity plus net debt. The Group 
has net cash of £29.64m (2010: net debt 
£10.18m) and negative gearing of 24% (2010: 
positive gearing of 10%). As development of 
projects proceeds the gearing turns positive.
EBITDA £m
Earnings Before Interest, Taxes, Depreciation 
and Amortisation is a factor of volumes, prices 
and cost of production. This measure is 
calculated by adjusting non operational and 
exceptional items  and, depreciation and net 
finance cost. It is a measure of the company’s 
operating profitability. EBITDA for the year 
was £15.54m, up 124%. 
Plant Load Factor
Plant load factor measures the output of a 
power plant compared to the maximum  
output it could produce. A higher load factor 
represents a more efficient plant and means 
fixed costs are spread over more KWh of 
output resulting in a lower price per unit of 
electricity. Operationally, all plants performed 
well with average PLF of the 77MW Chennai 
plant at 75%. 
EPS pence
This represents net profit after tax attributable 
to equity shareholders. EPS growth also 
demonstrates the management of our capital 
structure. Earnings per share of 2.129 pence in 
2011 represents an increase of 559% over 
2010 on account of higher net earnings 
attributable to shareholders from Chennai I  
in which the Group has an economic interest  
of 99%.
CAGR
It measures the compound average year on 
year growth rate of the plant operating 
capacity of the Group. The Group has added 
the 77 MW Chennai I in this year and hence 
the CAGR of Capacity in 2011 is 94%.
Average tariff realisation Rs/KWh
This is the average price realised per unit of 
power sold. Revenue for the Company is 
calculated by multiplying number of units sold 
by the average price realised. The average 
tariff achieved for 2011 was Rs 4.95/KWh, 
amongst the highest in the sector due to the 
Group Captive model. 08_OPG Power Ventures Plc Annual Report 2011
 
Capacity Growth Profile
0
Calendar 
year
500
1,000
1,500
2,000
2,500
 Capacity Added   Existing Capacity
2008
MW
2009
2010
2011
30
107
11 3
The Company lists on 
AIM with 20 MW 
operational capacity  
In September 2008, 
10 MW waste heat plant 
in Chennai is 
commissioned
The Group announces  
plans to extend 
development capacity 
by 600 MW to 1,250 MW 
by 2015
77 MW Chennai I is 
commissioned in April 
2010 increasing total 
operational capacity to 
107 MW
6 MW expansion at 
Mayavaram gas plant  
in 2011 bringing total 
capacity to 113 MW
The Company raises 
£60m equity for its 
development pipeline OPG Power Ventures Plc Annual Report 2011_09 
Overview
Business Review
Corporate Governance
Financial Statements
0
Calendar 
year
500
1,000
1,500
2,000
2,500
MW
2012
2013
2014
2015
190
742
1,250
552 MW of projects 
expected to commission 
multiplying current 
capacity 5 times to 
742 MW
77 MW Chennai II is 
expected to commission 
increasing operational 
capacity to 190 MW
508 MW of pipeline 
capacity to be 
commissioned achieving 
the target of 1,250 MW 10_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Chairman’s Statement
I am pleased to report on a landmark 
year for your Company that witnessed the 
commissioning and optimisation of our 
first major project, the 77 MW Chennai I. 
Revenue of £33.15m compared with 
£11.52m in 2010 whilst earnings per 
share grew by over 500% in line with the 
dramatic change in our generation capacity 
from 30 MW in 2010 to 113 MW in 2011. 
Notably, for a company that focuses on 
building shareholder value, our margins 
have been amongst the highest in our 
Indian peer group of independent electricity 
generators despite the highly publicised 
inflationary pressures affecting our industry. 
Consequently the Company’s cash position 
of £79.95m has enabled us to maintain 
gearing levels at just -24% and to look forward 
with confidence to investing in growth. 
We progressed the development of all our 
projects during the year and have recently 
announced an acceleration of Chennai II 
as well as the addition of another replica 
80 MW unit at Chennai such that we now 
have 317 MW of brownfield projects under 
development at Chennai out of a total of 629 
MW Company-wide projects under full-swing 
development for commissioning by 2013. 
On this basis, we continue to maintain our 
targeted capacity of 1,250 MW by 2015. 
The Company continues to benefit from 
a structural shortage in supply of reliable 
power in India. With the planned additional 
supply likely to fall acutely short of the 
300–315 GW by 2017 required in the next 
five years, we believe this dynamic will 
prevail and prices will remain firm.
The demand outlook for power in India has 
its foundation in the Government’s projected 
economic growth for the country of c8% 
pa. India emerged from the 2008–2009 
global financial crisis with a strong domestic 
economy and rapidly accelerating industrial 
production. As a result, demand or more 
realistically, the need, for infrastructure 
development has been and we expect shall 
continue to be a key area of policy focus. 
This development needs to weather 
the compounding challenges of raw 
material inflation, consumer price 
inflation leading to the tightening of 
monetary policy and the accumulated 
losses of State electricity boards. 
Chennai Plant Switch Yard
Overview of the 10 MW waste 
heat plant in Chennai
With this backdrop, our strategy needs 
to continue unabated with a focus on 
optimising the performance of our generation 
assets, migrating the learning experience 
from building these assets in upcoming 
developments and to continually de-risk 
and deliver our largely brownfield growth 
portfolio. One important aspect of this is 
the need to retain our ability to be flexible 
with regard to fuel procurement rather than 
to be greatly exposed to a small number 
of possible fuel sources. We embrace the 
challenges of developing projects in such 
a fast-growth economy as we believe our 
model of operating flexible, high-margin, 
standalone units positions us well in doing so. 
The Board wishes to record its thanks to the 
Company’s shareholders for their support 
during our over-subscribed £60m equity 
raising earlier this calendar year as well 
as to its financing and technical partners 
and customers for their vital contribution 
to the Company’s continued progress. 
I’d like to make a special mention of the 
dedication and hard work of our team 
since our IPO in May 2008. We are now 
beginning to taste the fruit of all this effort. 
As I’ve no doubt such commitment will 
continue I am able to conclude that the 
Company’s profitability and cash generation 
now provide an excellent platform for our 
long-term growth. I remain confident of 
the Company’s continued success. 
M C Gupta
12 August 2011
Mr Munish Gupta
Non-executive Chairman OPG Power Ventures Plc Annual Report 2011_11 
Overview
Business Review
Corporate Governance
Financial Statements
Overview
Business Review
Corporate Governance
Financial Statements 12_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Principal Risks
The Group faces a number of risks to its business and strategy. Management 
of these risks is an integral part of the management of the Group. The Group  
has in place a process for identifying and managing risks.
The list of principal risks and uncertainties facing the Group’s business set out below cannot be  
exhaustive because of the very nature of risk. New risks emerge and the severity and probability 
associated with these change over time.
Sector-related risks
Risk Potential impact Monitoring and mitigation
Power sale in 
the group 
captive model 
The Group’s power plants derive their revenue from the Group 
captive model selling power to captive consumers and partly from 
sale on short-term, medium-term, or long-term sale basis and 
would, for this purpose, enter into power purchase agreements with 
counterparties such as captive consumers, power trading 
companies and State utilities. 
Contracts with customers may impose restrictions on the 
Company’s ability to, amongst other things, increase prices at short 
notice and undertake expansion initiatives with other customers. 
This could affect the revenue in the short to medium term.
Review contracts periodically to obtain best   –
possible tariffs 
Flexibility to sell to captive consumers or in the   –
open market 
Benchmarking captive consumer prices to State   –
utility prices to benefit from any price increases
Availability of 
fuel supply and 
costs
The Group has coal linkages with domestic companies and 
agreements for imported coal. 
The dependence on third parties for coal exposes the Group’s 
power plants to vulnerabilities such as non-supply, price increases 
in the international market, foreign exchange fluctuations and 
increases in shipping costs. This could impact the operations and 
profitability of the Group. 
Seeking long-term supplies  –
Maintaining adequate storage facility to keep appropriate  –
levels of surplus stocks 
Maintaining relationship with suppliers and mitigating   –
any potential disruption 
Developing different sources for fuel supply especially in  –
the imports market 
Timely 
execution of 
projects 
The length of the construction period and the cost to complete  
any given project is dependent on third party suppliers and  
EPC contractors. 
Factors such as disputes with contractors, price increases, and 
shortages of construction materials, delays in supply from various 
contractors, accidents, unforeseen difficulties, changes in 
government policies and delays in receipt of necessary approvals 
can lead to cost over-runs and delays impacting the timely 
completion and ultimately the profitability of projects. 
Close monitoring of projects by the project team and  –
addressing issues causing delays 
Ordering key equipment and long lead items ahead of  –
schedule
Including liquidated damages clauses in its contracts in  –
relation to such matters as delays and inferior 
workmanship
Funding of 
projects 
The development of power plants is a capital intensive business 
and the Group’s projects require access to both equity and 
debt markets. 
Delay in raising finance or the terms of debt funding could affect the 
timely completion and cost of its projects and servicing of debt. 
Assessing financial viability of projects  –
Financing projects with an optimum mix of debt and  –
equity including internal accruals
Obtaining in-principle project finance from banks before  –
commencement of projects
Monitoring cashflows to ensure repayment of debt and  –
interest in line with schedule
Health,  
safety and 
environmental 
and local 
stakeholder 
management 
The Group’s plants are located in different states and in areas 
where there is adequate land to set up projects, water availability 
and connectivity to ports. Setting up power projects in such areas 
may affect the environment and health and safety.
Changes in legislation and standards, the Group’s failure to control 
adequately environmental and health and safety risks or activism by 
local groups could have an adverse impact the operations of 
the Company.
The Group has management systems to monitor the  –
health, safety and environmental aspects of business. 
These are communicated to the relevant businesses  
and employees with training provided on a regular basis
Setting up a formal committee responsible for heath,  –
safety and environmental issues at Board level is under 
consideration
The Group proactively engages with local stakeholders  –
prior to and during project commissioning to address 
concerns 
Working with local communities and implementing  –
sustainable programs to aid the development of these 
communities OPG Power Ventures Plc Annual Report and Accounts 2011_13 
Overview
Business Review
Corporate Governance
Financial Statements
India-specific risks
Risk Potential impact Monitoring and mitigation
Government 
policy and 
regulatory
The power industry is heavily regulated with permits and licences 
issued by the Indian Government. Further, the regulatory 
environment is continuously changing. Obtaining these licences is 
critical to the Group’s development plans. 
Failure or delays in receiving permits or approvals could have an 
adverse impact on projects and affect the profitability of the Group.
The Group monitors and reviews changes in the  –
regulatory environment and its commitments under 
licenses previously granted
It continually ensures compliance with the conditions  –
contained within individual licenses and is mindful of the 
importance of complying with national and local 
legislation and standards
The Group maintains an open and proactive relationship  –
with the Indian Government and its various agencies
Ability to retain 
fiscal and tax 
incentives
The Group’s existing and planned power plants are based on the 
various fiscal and tax benefits that will be available to the Company 
by the Federal and State government.
 
A change in government policy to withdraw these incentives can 
have an adverse impact on the profitability of the Group.
The Group continues to monitor changes and  –
developments in respect of incentives provided by the 
Indian Federal and State authorities
Project investment returns are evaluated based on the  –
expected incentives available to the Company and are 
revised based on the most up to date guidance available
Exchange Rate 
Fluctuations
As a consequence of the international nature of its business, the 
Company is exposed to risks associated with changes in foreign 
currency exchange rates. The Group’s operations are based in 
India and its functional currency is the Indian Rupee although the 
presentational currency is Great Britain Pound Sterling. 
The Group’s financial results may be affected by appreciation or 
depreciation of the value of the foreign exchange rates relative to 
the Indian Rupee.
Putting in place, where appropriate, forward contracts or  –
hedging mechanisms
Monitoring our risk on a regular basis where no hedging  –
mechanism is in place and taking steps to minimise 
potential losses
Global financial 
instability
The Indian market and Indian economy are influenced by global 
economic and market conditions, particularly emerging market 
countries in Asia. Financial instability in recent years has inevitably 
affected the Indian economy. 
Continuing uncertainty and concerns about contagion in the wake 
of the financial crises could have a negative impact on the 
availability of funding. 
The Group continues to monitor changes and  –
developments in the global markets to assess the 
impact on its financing plans 14_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Chief Executive’s 
Statement
Milestone year provides solid 
platform for growth
The year ended 31 March 2011 was a 
landmark year for OPG, with the successful 
commissioning of the Group’s first major 
project of 77 MW. The Chennai I plant is 
now operating consistently at load factors 
of around 90%, providing strong cash flow 
to the Group and underpinning our track 
record of successful project delivery.
The over-subscribed equity raising of c.£60m 
(gross of transaction fees) in February 2011 
demonstrated support from the Company’s 
stakeholders and provides capital to fund 
a 629 MW pipeline of projects under 
construction and development. Combined 
with the 113 MW of existing operational 
capacity, this total pipeline has increased 
substantially from the initial 377 MW that 
we committed to at our IPO in May 2008. 
We remain on track to deliver our target 
of 1,250 MW of capacity by 2015.
Profitable operations and 
strong cash generation
Output levels and operations at Chennai I 
were successfully stabilised in August 2010 
and the plant’s operational performance 
has been in line with expectations. In the six 
months to June this year, the plant performed 
at an average monthly output level of c.85%.
Profit before tax was up 105% to £11.16m, 
benefiting from a partial contribution 
from Chennai I which began commercial 
operations in August 2010. OPG’s strong 
results for the year ended March 2011 are 
reflective of the Group captive/open market 
sales strategy and the profit from continuing 
operations at 39% of Revenue is among 
the highest in the industry. Average price 
realised for the year was Rs 4.95/KWh.
In line with our stated strategy, we intend 
to continue to utilise cash generated from 
operations principally to fund growth 
and optimisation opportunities.
Projects remain on-track 
despite local challenges
The Group’s current total capacity stands 
at 113 MW (inclusive of the additional 6 MW 
of capacity recently added to the gas fired 
power station at Mayavaram), a significant 
increase from the 19.4 MW of operating 
capacity at the time of the IPO in May 
2008. The Chennai development projects 
are progressing well; the accelerated 
commissioning of the second 77 MW unit 
(Chennai II) for 2012 is set to increase the 
Group’s total operating capacity to 190 
MW and further progressive increases are 
expected thereafter to achieve 742 MW by 
2013. Some local objections faced in the 
wake of environmental clearances for the 300 
MW Kutch project are now under resolution 
and we are awaiting formal approval from 
the Ministry of Environment and Forests, 
New Delhi. The project, which is fully funded, 
remains on track for commissioning in 2013.
Also during the year, OPG signed an MoU 
with the Government of Gujarat to build 5,400 
MW of capacity by 2018. Details of specific 
projects and an implementation schedule are 
currently in development and we look forward 
to reporting on further progress in due course.
During the year and since then, the Group 
continues to operate in an environment 
of elevated coal prices, administrative 
challenges in obtaining key approvals and 
higher interest costs. However, relative to 
our peer group we believe our margins and 
our continued growth demonstrate that the 
Group is well positioned to deal with such 
challenges through our local relationships and 
the flexibility incorporated into our business 
model and plant configurations. We have 
also incorporated key lessons from previous 
developments into subsequent projects 
and as a result we continue to be confident 
that the Company can deliver a profitable 
growth pipeline on time and within budget.
Mr Arvind Gupta
Managing Director and CEO
Project commissioning schedule (MW)
Calendar Year Total MW 2012 2013 2014 2015
Operations
Mayavaram 26
Waste heat 10
Chennai I 77
Development
Chennai II 77 77
Chennai III 160 160
Chennai IV 80 80
Bellary 12 12
Gujarat 300 300
Pipeline
Pipeline 508 508
Cumulative capacity 1,250 190 742 742 1,250 OPG Power Ventures Plc Annual Report and Accounts 2011_15 
Overview
Business Review
Corporate Governance
Financial Statements
Indian power market remains in deficit
Despite volatility elsewhere in the global 
economy, India’s GDP is expected to continue 
to grow at around 8% in the coming years, 
resulting in annual power demand growth of 
10%. India’s total planned capacity additions 
as at 31 March 2011 were only 52% of the 
targeted 78,000 MW and there remains an 
expected shortfall of 30–35% versus the target 
by March 2012. This trend points towards 
continuing and increasing power production 
deficits which currently run at about 10%.
With the planned additional supply likely 
to fall acutely short of the 300–315 GW 
required over the next five years and 
given the imperative for a correction in 
pricing by state utilities, we believe this 
supply constrained environment will prevail 
and power prices will remain firm.
OPG maintains flexibility in 
its procurement of coal
70% of OPG’s projects under development 
have committed supplies of Indian coal, with 
the remaining 30% utilising imported coal. 
This balance of supply has enabled OPG to 
establish close working relationships with 
both domestic and imported coal suppliers, 
thereby mitigating the threat of coal not 
being available from any one source.
Summary
OPG has made significant progress in the 
year, successfully commissioning the 77 
MW Chennai I facility, producing significant 
increases in both revenue and profits. In the 
current year we expect to benefit from its full 
year contribution albeit in an environment 
of high coal prices and borrowing costs. 
We expect our operating model to provide 
flexibility with regards to these challenges. 
Most importantly we believe the profitable 
operation of Chennai I in 2011 creates a 
firm platform for the Company’s long-term 
growth. Accordingly, we feel confident about 
the delivery of our 2015 target of 1,250 MW.
Arvind Gupta
12 August 2011
With coal in relatively short supply, the 
Indian power sector has unsurprisingly 
experienced upward price pressure for this 
key input to the power business. Most Indian 
power producers, unlike OPG, are reliant on 
obtaining coal either from the development 
of coal blocks or entirely on imported coal. In 
addition, the design of OPG’s boilers allows 
the use of both high moisture imported and 
higher ash domestic grades of coal either 
exclusively or in a blended fuel source. 
We expect coal prices to remain firm in 
the short term given the current economic 
growth rates in Asia, although prices should 
eventually stabilise in the medium term 
as coal supplies and demand fall more 
into line. The Company continues to look 
for additional opportunities to enhance 
profitability by optimising its fuel procurement.
Team
Our priority is to provide a safe, healthy 
working environment for employees 
and be responsible towards the 
communities in which we operate.
Our talented team is central to achieving the 
objectives of the Company. Over the last 
year the team has built upon its significant 
experience and knowledge in developing and 
operating power plants as evidenced by the 
high load factors being achieved at Chennai I 
and the continued progression and expansion 
of the Company’s growth pipeline. We value 
their commitment and contribution and would 
like to thank them for their continued efforts. 16_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Asset Generation (MWh) Availability % Plant load factor %
2011 2010 2011 2010 2011 2010
Chennai I (77 MW)
1
329.3 N/A 83.8 – 75.3 –
Waste heat (10 MW) 55.6 63.9 88.8 93.9 63.4 72.9
Mayavaram (25.4 MW)
2
128.1 104.6 91.5 94 81.3 66.4
Total 513 168.5
1 OPG Power Generation – Chennai (77 MW) commenced commercial operations in August 2010.
2 OPG Energy – Mayavaram (25.4 MW) has increased capacity by 6 MW.
Operational Review
Production and output levels
2011 saw the commencement of generation from the  
77 MW Chennai I plant. Across the Group, total power 
generation capacity was more than triple the previous year.
77 MW Chennai I
In April 2010, the first unit of the Chennai 
power project was synchronised with the 
grid. Following stabilisation, commercial 
operation started in August 2010. The plant 
was used for testing in December 2010 to 
optimise performance and to ensure high 
performance levels of the boiler for Chennai II.
During the year, the Chennai I plant achieved 
an average output level of 75.3%. In the first 
six months of 2011 calendar year, average 
output levels were higher at 88%. Chennai I 
is sustaining these high levels of performance 
and on this basis, we are confident of 
maintaining an average performance of 
over 85% for the financial year 2012.
10 MW waste heat
The 10 MW waste heat fired plant near 
Chennai, which will shortly be completing 
three years since commissioning, also 
performed satisfactorily with output levels 
during the year averaging 63.4% of capacity 
(2010: 73%). The lower output level was 
on account of extended maintenance 
closure of the waste heat furnaces of the 
sponge iron unit and we expect improved 
output levels in the current year.
25.4 MW Mayavaram
The 19.4 MW gas fired plant in Mayavaram, 
now in its eighth year of operation, delivered 
a satisfactory performance. Capacity was 
enhanced to 25.4 MW in June 2011. Gas 
flow levels were restored from August 
2010 to the levels of 2008 following the 
connection of additional productive wells. 
Consequently the plant load factor or 
output level during the year was 81% 
compared to 66% in the previous year. A 
significant increase in the gas prices was 
absorbed and the operation remained 
profitable. The project has been registered 
under the UNFCCC for carbon credit 
and is awaiting validation and verification; 
CERs (‘Certified Emission Reductions’) 
will be available for trading thereafter.
Power output from all three operational 
plants was sold principally in the short-
term market, achieving amongst 
the highest tariffs available.
204%
increase in generation in FY 2011
Chennai I Control Room Coal Shed Chennai I
Chennai I – View of Boiler OPG Power Ventures Plc Annual Report 2011_17 
Overview
Business Review
Corporate Governance
Financial Statements 18_OPG Power Ventures Plc Annual Report 2011
  OPG Power Ventures Plc Annual Report and Accounts 2011_19 
Overview
Business Review
Corporate Governance
Financial Statements
Development projects
We are currently developing total capacity 
at the Chennai site of 317 MW (previously 
237 MW) through the following projects:
Chennai II 
Planning permissions and financial closure 
are complete for second phase of expansion 
of 77 MW at the Chennai site and the 
unit is now under active construction. 
The civil works for Chennai II have been 
completed and the construction of main 
equipment has already commenced and 
is on course for commissioning by 2012.
Chennai III
A 160 MW facility, in place of the earlier  
2 x 80 MW unit, is under development.  
This revised configuration will result in  
savings in coal consumption given the lower  
turbine/boiler heat rate for a 160 MW unit.  
At the same time, the reduced footprint  
of a 160 MW unit makes available space  
on site for the newly committed Chennai IV. 
The targeted commissioning date for  
Chennai III remains 2013. Debt financing  
is in place, equipment orders are 
being finalised and equity is available 
from existing resources. Planning 
permissions have been obtained and 
construction will commence shortly.
Chennai IV
An additional 80 MW unit will be added at 
the present site taking the total expansion 
of capacity at this location to 317 MW as 
against 237 MW initially envisaged. The equity 
component of the required capital expenditure 
is to be financed from the Group’s internal 
resources. Planning permission for the 
development has been obtained and 
equipment delivery has commenced. The 
civil works for Chennai IV are in progress. The 
Company is targeting commissioning in 2013.
Gujarat
The Gujarat 2 x 150 MW project has received 
environmental clearance and construction 
is to commence once additional clearance 
from the Ministry of Environment and Forests, 
New Delhi is received for sea water intake and 
outfall. The proposal has been cleared by the 
Expert Committee constituted by the Ministry 
and the Company is awaiting formal approval 
shortly. In the meantime, the Company has 
undertaken the required preparation to ensure 
this project moves into construction promptly, 
given its targeted commissioning in 2013.
Bellary
During the year OPG acquired a partially 
constructed 12 MW thermal power 
plant in the industrial area of Bellary, 
Karnataka. The plant is on a 120-acre 
site and has the potential to expand/build 
up to 250 MW of capacity. The 12 MW 
is expected to commission in 2013.
Operational Review continued
Turbine of Chennai I Coal conveyor belt for Chennai l
Construction of Chennai II and III underway 20_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Financial Review
Profitable operations and strong cashflow
Mr V Narayan Swami
Finance Director
Income statement summary
Year ended 31 March 2011 2010 Change
£m £m %
Revenue 33.15 11.52 188%
EBITDA 15.54 6.95 124%
Net finance costs 1.32 (1.51) –187%
Income from continuing operations (before tax, 
non-operational and/or exceptional items) 13.01 7.83 66%
Pre-operative expenditure on projects 
under construction 0.40 1.17 –66%
ESOP charge 1.45 1.21 20%
Profit before tax 11.16 5.45 105%
Taxation 2.41 1.43 69%
Profit after tax 8.75 4.02 118%
Revenue
OPG’s revenue increased to £33.15m, 188% growth year on year, primarily due to the 
commencement of commercial operations at Chennai I (77 MW) in August 2010.
Gross profit
Gross profit increased to £14.4m in 2011 (2010: £7 .3m). Gross profit was also driven by the 
contribution of Chennai I since August 2010 and offset by the increase in gas prices and the 
difference in average exchange rate used in the income statement (1 GBP = Rs 70.96 (2011) 
and Rs 76.19 (2010)).
Particulars £m
Gross profit in 2011 14.48
Gross profit in 2010 7.35
Increase in gross profit 7.12
EBITDA
EBITDA
3
 for the year was £15.54m, up 124%, and reconciled with profit after tax as follows:
Year ended 31 March 2011 2010 Change
£m £m %
Profit after tax 8.75 4.02 118%
Tax 2.41 1.43 69%
Depreciation 1.21 0.63 92%
ESOP expenses 1.45 1.21 20%
Pre-operating expense 0.40 1.17 –66%
Net finance cost 1.32 (1.51) –187%
Total 15.54 6.95 124%
3  Excludes exceptional or non-operational items such as the annual charge for stock options which is a non-cash item 
or expenses relating to projects under construction.
Taxation
The income tax charge of £2.41m in 2011 
(2010: £1.43m) comprises current tax of 
£2.11m (2010: £1.41m) and deferred tax of 
£0.30m (2010: £0.02m). The current tax 
charge has increased by £1m primarily due to 
the increase in profits which are subject to 
corporate income tax or Minimum Alternate 
Tax (‘MAT’) as appropriate. The majority of 
profits derived from OPG’s operations in India 
are subject to MAT. MAT is charged on book 
profits in India at a rate of 19.93% but is 
available as a credit against corporate income 
tax in the following 10 years. The deferred tax 
charge of £0.30m (2010: £0.02m) in 2011 is 
mainly on account of property, plant and 
equipment and the impact of depreciation 
unabsorbed due to timing differences as 
between book and tax depreciation. The 
Groups’ 2011 effective tax rate for the year 
was 22% (2010: 26%).
Non-operational items
Pre-operating expenses represent expenses 
pertaining to projects under construction 
charged to the income statement. These 
expenses in 2010–11 were lower at £0.40m 
in 2011 (2010: £1.17m) as one major project 
commenced commercial operation during 
the year.
Employee stock option charges are linked to 
share-based payments to certain Directors 
and are non-cash in nature.
Profits after tax
Profits after tax increased by £4.73m 
representing 118% year on year growth, from 
£4.02m in 2010 to £8.75m in 2011, as a result 
of the contribution from the 77 MW Chennai I.
Earnings per share
EPS of 2.129p in 2011 represents an increase 
of 559% over 2010 on account of higher net 
earnings attributable to shareholders from 
Chennai I in which the Group has an 
economic interest of 99%. OPG Power Ventures Plc Annual Report and Accounts 2011_21 
Overview
Business Review
Corporate Governance
Financial Statements
Property, plant and equipment
Property, plant and equipment increased 
during the period by £11.36m, an 18% year 
on year growth, mainly reflecting the increase 
in capital work in progress on account of 
additional power plants in Chennai and 
Gujarat. Total property, plant and equipment 
at £73.99m (2010: £62.63m) includes assets 
under construction amounting to £18.42m 
(2010: £47 .46m) and property, plant and 
equipment (net of depreciation) amounting to 
£55.57m (2010: £15.17m). During the year an 
amount of £40.30m has been capitalised in 
the Chennai I 77 MW plant.
Current assets
Current assets have increased by £68.81m to 
£132.13m year on year primarily as a result of:
a. An increase of £57m in cash and cash 
equivalent following the equity placement 
in February 2011.
b. An increase of £8.9m in inventories and 
trade and other receivables due to the 
commencement of operations in the 
77 MW power plant.
c. An increase of £2.91m net in investments 
and other current assets.
Current liabilities
Current liabilities have increased by £5.43m 
primarily due to the commencement of 
operations in the 77 MW power plant.
Other non-current liabilities
Other non-current liabilities have increased by 
£13.7m primarily on account of an increase in 
bank borrowing to meet the capital project 
expenses.
Cash flow
Cash flow 2011 2010
£m £m
Operating cash 15.15 5.77
Tax paid (1.97) (1.06)
Change in working capital assets and liabilities (9.43) 7.16
Purchase of property, plant and equipment (net of disposals) (19.76) (29.02)
Other investments 1.41 (10.32)
Net cash used in investing activities (18.35) (39.34)
Net interest paid (2.65) (0.61)
Free cash flow (17.25) (28.07)
Equity issued (net) 57.38 –
Total cash change before net borrowings 40.14 (28.07)
Operating cash flow increased from £5.77m in 2010 to £15.15m in 2011, an increase of £9.38m, 
or 162%. The increase is primarily driven by an increase in operational activity. Net proceeds of 
£57 .4m were from the equity raising February 2011.
Debt and liquidity
2011 2010
£m £m
Gross debt (50.31) (37.33)
Cash and cash equivalent 71.10 14.17
Investments and other financial assets 8.85 12.98
Net cash/(debt) 29.64 (10.18)
Total equity 151.03 88.59
Gearing % (net debt/(net debt + total equity)) (24%) 10%
The Group has net cash of £29.64m (2010: net debt £10.18m) and negative gearing of  
24% (2010: positive gearing of 10%). As development of projects proceeds it is expected that 
the gearing may turn positive. The borrowings are in respect of the construction of power 
stations. The Group is in a position to raise borrowings for its power station developments.  
All of the Group’s debt is denominated in Indian Rupees being the functional currency of its 
Indian operations. 22_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Responsible Growth
Health and safety
The Board is committed to ensuring that the 
Group’s activities do not result in injury or 
illness to any employee, contractor or member 
of the public and strives hard to prevent 
work-related incidents, illnesses and injuries.
All operating units must comply with our 
health and safety policies in addition to 
meeting requirements relevant to their 
businesses. Specifically, the Group aims 
to obtain OHSAS 18001 certification for 
the Chennai plant in the near future. The 
Board is committed to ensuring that these 
principles are articulated to all employees 
and that they are effectively implemented.
Safety policy is implemented at all project 
sites and operating plants by identifying 
potential risk areas and taking appropriate 
steps to mitigate them. These measures 
include a programme of training for staff 
and contractors, regular safety meetings 
and a process to encourage employees to 
raise their concerns and make suggestions 
for improving workplace safety.
Environment
The Group’s operations strive to achieve 
continuous improvements in environmental 
performance and seek to prevent, mitigate, 
reduce or offset the environmental impact 
of our activities. The Group continues 
to monitor the level of environmental 
incidents and workplace accidents.
The following environmental initiatives have 
either been completed during the year or 
currently being implemented or under review:
1. Fossil fuel in the form of coal or gas is the 
key natural resource used to generate 
power at our plants. We constantly strive 
to improve the efficiency of our power 
stations by minimising the amount of 
fuel used for each unit of electricity 
generated. For example, a 160 MW facility 
currently under construction in Chennai 
will result in savings of up to 11% in coal 
consumption. Recycling of waste materials 
is another important focus. The Chennai 
plant has achieved 100% utilisation of fly 
ash and bottom ash by disposing these 
to cement and brick manufacturers;
2. The Chennai Plant and Kutch Plants 
are located in areas where fresh 
water resources are limited and 
therefore dry cooling and sea water 
systems respectively have been 
installed which dramatically reduce 
the quantity of fresh water utilised, 
hence saving scarce resources;
3. Green initiatives are being implemented 
at the Chennai plant with an emphasis 
on harvesting rain water, recharging 
ground water and energy conservation 
in the non-process area. This process is 
anticipated to take between 12 and 18 
months after which the Group expects 
that the plant will be certified by the 
Indian Green Building Council; and
4. The Maruthur plant has received ISO 
14001 certification (environmental 
management standards) and 
the Chennai plant is currently 
undertaking the same process.
We understand that our approach to tackling 
global warming and reducing carbon 
emissions is important to future business 
competitiveness. With this in mind, we 
have registered under the United Nations 
Framework Convention on Climate Change 
and are awaiting the validation and verification 
of the Carbon Emissions Reduction 
registration for the Mayavaram gas plant 
and the Voluntary Emissions Reductions 
registration for the 10 MW waste heat plant.
Employees
The Group is committed to investing in the 
training and development of our people 
in order to attract and retain staff with the 
necessary talent to help the business achieve 
its growth potential and competitive edge.
Effective internal communication is 
essential to ensure employees receive 
accurate information on the Group’s 
strategy, major initiatives, corporate 
developments and industry-specific issues.
Our people priorities include building the 
Group’s reputation as an “Employer of 
Choice”. This involves establishing a clear 
link between performance and rewards, 
helping employees achieve their desired 
level of work/life balance and continuing 
to invest time and effort in building strong 
relations with employees at all levels.
Community
The Group recognises the importance of 
engaging with the communities in which 
we operate. As the case study opposite 
illustrates, it encourages operating 
units to develop their own corporate 
social involvement plans in consultation 
with stakeholders in order to identify 
programmes with tangible and sustainable 
community benefits in line with our 
corporate social involvement policy. 
We recognise that we owe a duty of care 
towards the environment and society. 
We have a responsibility to conduct 
our business with sensitivity for the 
environment, specifically where our business 
has a direct impact. We follow fair and 
ethical principles to govern the way we 
manage and conduct our business.
The Company takes seriously its responsibilities to  
the environment and the communities in which it 
operates. We believe that these responsibilities can 
have a positive impact on shareholder returns as well 
as on our reputation and growth prospects. OPG Power Ventures Plc Annual Report and Accounts 2011_23 
Overview
Business Review
Corporate Governance
Financial Statements
OPG Outreach, in 
collaboration with the 
Bhadreshwar local 
council and Welspun 
Company, launched an 
initiative to empower 
women and contribute  
to the sustainable 
development of the area. 
The main purpose of the program, ‘Shree 
Sakhi Swarnim Talim Kendra’ is two-fold. 
First, to provide women with vocational 
training and ensure that they have self-
employment opportunities. After training, 
they will be provided with employment and 
the programme will monitor the quality 
of the goods they produce. Second, the 
programme will be responsible for fair 
marketing of the goods produced, ensuring 
that the income generated has a significant 
impact on livelihood of the women’s families.
Launch of OPG Outreach
OPG has provided the entire infrastructure 
for the training centres along with all the 
required equipment, utilities and supplies.  
In the short time since commencement of 
the programme, 32 women have completed 
their training at our centre and have started 
producing goods. Presently, 210 women  
are enrolled at the centre and we expect  
that, going forward, the centre will be a 
strong advocate for the socio-economic 
development of the surrounding  
community and families. 24_OPG Power Ventures Plc Annual Report and Accounts 2011
 
Board of Directors
Mr V Narayan Swami (6) Mr P Michael Grasby (4) Mr Arvind Gupta (2) Mr Ravi Gupta (5) Mr Martin Gatto (3) Mr Munish C Gupta (1) OPG Power Ventures Plc Annual Report and Accounts 2011_25 
Overview
Business Review
Corporate Governance
Financial Statements
1. Mr Munish C Gupta
Non-executive Chairman
 
 
Mr Munish C Gupta is a retired senior civil 
servant of the Indian Administrative Service, 
the premier civil service of India. During his 
service, Mr Gupta held a number of senior 
appointments, notably those of Secretary, 
Ministry of Industry, Government of India 
and Chief Secretary to the Government 
of Haryana State. As Secretary to the 
Ministry of Industry, Mr Gupta was one 
of the civil service officers responsible for 
initiating and implementing the process of 
economic reforms which began in the 1990s 
in India and which continue to this day. 
Mr Gupta serves on the boards of a 
number of public companies in India 
including Bhansali Engineering Polymers 
Ltd and Lumax Industries Ltd as an 
independent director. Mr Gupta is not 
related to either Arvind or Ravi Gupta.
3. Mr Martin Gatto
Senior Independent  
Non-executive Director 
Mr Martin Gatto has considerable experience 
as a senior financial professional and has 
worked at a number of large UK quoted 
public companies . During his career, Mr 
Gatto gained international experience at 
Hilton International Company where he 
was responsible for business development 
and property. Later, as Chief Financial 
Officer of British Energy plc, Midlands 
Electricity plc and Somerfield plc, he was 
responsible for the successful execution 
of turnaround strategies. Until recently, Mr 
Gatto was Non-Executive Chairman of 
Neutrahealth plc, an AIM-listed company. 
He is a graduate of Brunel University and  
is a Fellow of the Chartered Institute of 
Management Accountants.
2. Mr Arvind Gupta
Managing Director and  
Chief Executive Officer  
Mr Arvind Gupta graduated with a degree 
in Commerce at the University of Madras 
and joined the OPG family business, OPG 
Enterprises, in 1979. Mr Gupta gained 
experience in various divisions of the business 
including flour milling, steel production and 
logistics, becoming President of Kanishk 
Steel, listed on the Bombay Stock Exchange. 
Having identified the opportunities in 
power generation, Mr Gupta developed 
this division within Kanishk Steel with 
initial projects in wind power generation 
in 1994. He was the pioneer of the Group 
Captive power producer concept in Tamil 
Nadu State and developed the 18MW gas 
fired plant of OPG Energy, a Group entity, 
through to successful operation in 2004.
Since then, Mr Gupta has been responsible 
for the construction and development of the 
power plants of the OPG Group as well as 
its overall strategy, growth and direction.
4. Mr P Michael Grasby
Independent Non-executive Director 
Mr P Michael Grasby is a Chartered 
Engineer and has been associated with 
the UK and international power industry for 
many years. He was manager of the Drax 
Power Station between 1991 and 1995 and 
Director of Operations for National Power, 
with responsibilities for over 16,000 MW of 
generating capacity, until 1998. Following 
the demerger of National Power in 1999, he 
joined International Power as Senior Vice-
President for global operations and retired in 
2002.  
Mr Grasby has held power company 
directorships in the Czech Republic, Portugal, 
Turkey and Pakistan. Mr Grasby was formerly 
a Non-executive Director of Drax plc until 
April 2011 where he chaired the Health and 
Safety Committee and sat on the Audit, 
Remuneration and Nominations Committees. 
5. Mr Ravi Gupta
Non-executive Director
 
Mr Ravi Gupta is the brother of Mr Arvind 
Gupta and throughout his career has been 
involved with family businesses. He is one 
of the founders of Kanishk Steel and is 
Chairman of that company. Mr Gupta has 
also been associated with the flour milling 
industry, setting up a new flour mill in 1988 
in Tamil Nadu State, Salem Food Products 
Limited, where he is Managing Director.
6. Mr V Narayan Swami
Finance Director 
Mr V Narayan Swami has over 30 years’ 
experience of finance and management. 
Mr Swami started his career with the State 
Bank of India before moving to Ashok 
Leyland Limited in 1976. For ten years until 
1992, he held a variety of positions within 
Standard Chartered Bank including as Senior 
Manager, Corporate Division for Southern 
India. Later Mr Swami joined Essar Global, 
subsequently becoming CFO of Essar 
Telecom Group where he played a key role 
in the entry and planned exit of Swisscom 
from the venture along with the simultaneous 
investment by Hutchinson Whampoa.
Mr Swami was group CFO of Best & 
Crompton Engineering, listed on the 
Bombay Stock Exchange, before joining 
the Group in 2007 as Finance Director.  26_OPG Power Ventures Plc Annual Report and Accounts 2011
Corporate Governance
Introduction
The Board is committed to good corporate governance practices. The 
Company was admitted to trading on AIM in May 2008. Accordingly, 
compliance with the governance framework contained in the UK 
Corporate Governance Code published by the Financial Reporting 
Council (the ‘Code’) is not mandatory. Nevertheless, the Company 
remains committed to high standards of corporate governance and 
seeks to comply with the Code the extent practicable for a public 
company of its size.
This report describes how the Company has applied, or how it intends 
to apply, the principles set out in the Code.
Statement of compliance
Since admission to AIM, the Board has taken a number of steps to 
comply with the Code with the longer term objective of achieving full 
compliance in all material respects. The Board continues to make 
progress in this regard and is, during the current financial year, 
considering the following initiatives:
1. Schedule of Matters Reserved (A.1.1)
The Board has agreed to establish a formal schedule of matters 
specifically reserved to it for decision which will set out those matters 
requiring Board approval.
2. Non-executive Directors (A.4.2)
The Board is currently considering the requirements that the Chairman 
holds formal meetings with the Non-executive Directors without the 
executives present and the Non-executive Directors meet without the 
Chairman to appraise the Chairman’s performance.
3. Nominations Committee (B.1)
The Board, at an appropriate time, will establish a Nominations 
Committee, which will meet as and when required, its primary function 
being to provide a formal and transparent procedure for the 
appointment of new directors to the Board and to advise generally on 
issues relating to Board composition and balance. In appropriate 
cases, recruitment consultants may be used to assist in the process.
4. Development and evaluation (B.4/B.6)
Upon the establishment of a Nominations Committee there will be a 
formal process by which directors receive a full, formal and tailored 
induction on joining the Board. A full evaluation of the Board, its 
committees and the individual directors will take place during the 
current financial year.
5. Audit and Remuneration Committees: independence  
(C.3.1 and D.2.1)
The Code states that audit and remuneration committees should 
comprise at least three or, in the case of smaller companies, two 
independent non-executive directors. Munish Gupta, Michael Grasby 
and Martin Gatto are considered to be independent under the Code. 
However, Ravi Gupta does not meet the independence criteria set 
down in the Code. Mr Gupta is the brother of Arvind Gupta, Managing 
Director and CEO. Nevertheless, the Board considers him to be of an 
independent cast of mind and, as a founder and chairman of Kanishk 
Steel (listed on the Bombay Stock Exchange since 1991), his industry 
experience to be of particular relevance and value to the deliberations 
of the Board and its committees.
Operation of the Board
Board of Directors
The Board comprises the following individuals:
Executive
1. Arvind Gupta (Managing Director and Chief Executive Officer); and
2. V Narayan Swami (Finance Director).
Non-executive
1. Munish Gupta (Non-executive Chairman);
2. Martin Gatto (Senior Independent Director);
3. Michael Grasby; and
4. Ravi Gupta.
The Board considers that, as at the date of this report, it complies with 
Code provision B.1.2, which requires that, in the case of smaller 
companies, there should be a minimum of two independent non-
executive directors. The Chairman, Michael Grasby and Martin Gatto 
are considered to be independent under the Code.
Biographical details of all the Directors at the date of this report are set 
out on page 25. The Board is responsible for setting the Company’s 
objectives and policies, and providing effective leadership and the 
controls required for a publicly listed company. Directors receive 
reports on the Group’s operations to ensure that they remain briefed 
on the latest developments and are able to make fully informed 
decisions. The Board met four times during the year under review. 
Board meetings were held in the Isle of Man, Chennai and Sri Lanka. OPG Power Ventures Plc Annual Report and Accounts 2011_27
Overview
Business Review
Corporate Governance
Financial Statements
All Directors have access to the advice and services of the Company 
Secretary, who is responsible for ensuring that Board procedures are 
followed and that applicable rules and regulations are complied with.
Directors have the right to request that any concerns they have are 
recorded in the appropriate committee or Board minutes.
The Company maintains Directors’ and Officers’ Liability Insurance 
and indemnity cover, the level of which is reviewed annually.
Chairman and Chief Executive Officer
The roles of the Chairman and Chief Executive Officer are held by 
different individuals and there is a clear separation of roles. The 
Chairman’s key responsibilities are the effective running of the Board, 
ensuring that the Board plays a full and constructive part in the 
development and determination of the Group’s strategy, and 
overseeing the Board’s decision-making process. The Chairman’s 
other current responsibilities are set out in the biographical notes on 
page 25. The key responsibilities of the Chief Executive Officer are 
managing the Group’s business, proposing and developing the 
Group’s strategy and overall commercial objectives in consultation 
with the Board and, as leader of the executive team, implementing the 
decisions of the Board and its Committees.
Re-election of Directors
At every AGM, one-third of the Directors for the time being (excluding 
any Director appointed since the previous AGM) or, if their number is 
not three or a multiple of three, the number nearest to one-third, shall 
retire from office by rotation. On this basis, Ravi Gupta and Munish 
Gupta will offer themselves for re-election at the AGM on Tuesday 27 
September 2011.
Information and professional development
Preliminary to the Company’s admission to AIM in May 2008, all 
Directors received a briefing from the Company’s nominated advisor of 
their duties, responsibilities and liabilities as a director of an AIM 
company. Directors are encouraged to keep abreast of developments 
and attend training courses to assist them with their duties.
In addition to the formal meetings of the Board, the Chairman 
maintains contact with the other Non-executive Directors to discuss 
any issues of concern they may have relating to the Group or as 
regards their area of responsibility and to keep them fully briefed on 
ongoing matters relating to the Group’s operations.
The Company Secretary, in consultation with the Chairman and Chief 
Executive Officer will in due course develop an induction process for 
each new director tailored to their individual knowledge and 
experience.
Board performance
Since the Company’s admission to AIM in May 2008, the Board has 
had an opportunity to develop a working relationship to the extent that 
a meaningful evaluation of the Board, its committees and the individual 
directors can now take place. Accordingly, the Board has agreed to 
establish a procedure for evaluating the performance of the Board, its 
committees and the individual directors and the results of the 
appraisal, together with any recommendations for improving 
effectiveness, to be presented by the Chairman to the whole Board for 
discussion. 28_OPG Power Ventures Plc Annual Report and Accounts 2011
Corporate Governance continued
Meetings of the Board and its Committees
The following table sets out the number of meetings of the Board and 
its Committees during the year under review and individual attendance 
by the relevant members at these meetings:
Board meetings Board committee meetings
Audit Remuneration
Number Attended Number Attended Number Attended
Arvind Gupta 4 4 – – – –
Narayan Swami 4 4 – – – –
Munish Gupta 4 4 2 2 – –
Martin Gatto 4 4 2 2 – –
Michael Grasby 4 3 2 1 – –
Ravi Gupta 4 4 2 1 – –
Number of 
meetings held 
during the year 4 2 0
Board committees
Audit Committee
The members of the Audit Committee are Munish Gupta, Martin 
Gatto, Michael Grasby and Ravi Gupta. Martin Gatto is considered to 
have recent, relevant financial experience. The Chief Executive and 
Finance Director and a representative of the auditors are normally 
invited to attend meetings of the Committee.
The primary duty of the Audit Committee is to oversee the accounting 
and financial reporting process of the Group, the external audit 
arrangements, the internal accounting standards and practice, the 
independence of the external auditor, the integrity of the Group’s 
external financial reports and the effectiveness of the Group’s risk 
management and internal control system. At least once a year the 
Audit Committee will also meet the Group’s external auditors without 
management present.
The Audit Committee has considered the following matters during the 
year under review:
the appointment of Grant Thornton as auditors to the Company; and –
reviewing the integrity of the Group’s preliminary and interim results  –
announcements and any other formal announcement relating to its 
financial performance.
The terms of reference of the Audit Committee are available on the 
Company’s website, www.opgpower.com.
Remuneration Committee
The members of the Remuneration Committee are Munish Gupta, 
Martin Gatto, Michael Grasby and Ravi Gupta.
The primary duty of the Remuneration Committee is to determine and 
agree with the Board the framework or broad policy for the 
remuneration of the Executive Directors, senior managers and such 
other members of the executive management team of the Group as is 
deemed appropriate. The remuneration of the Non-executive Directors 
is a matter for the Chairman and the executive members of the Board. 
No Director may be involved in any decisions as to their own 
remuneration. The Remuneration Committee did not meet during the 
year under review.
Full details of the role and composition of the Remuneration 
Committee, the remuneration policy of the Company and its 
compliance with the Code Provisions relating to remuneration are set 
out in the Directors’ Remuneration Report on pages 30 to 33.
The terms of reference of the Remuneration Committee may be found 
on the Company’s website, www.opgpower.com.
Accountability and audit
Risk management and internal control
The Board has overall responsibility for the Group’s system of internal 
control which includes risk management. The Board and Audit 
Committee are responsible for reviewing the effectiveness of its 
internal control systems. The Audit Committee will review these 
systems, authorisation of expenditure, fraud and the internal audit 
plan, on an annual basis.
The system of internal control is designed to manage, rather than 
eliminate, the risk of failure to achieve business objectives and can only 
provide reasonable and not absolute assurance against material 
misstatement or loss.
The Board plans to establish a formal process for identifying, 
evaluating and managing the significant risks the Group faces since 
admission to AIM and which is in accordance with the current 
guidance on internal control. The Audit Committee will assist the 
Board in discharging its review responsibilities. A summary of the key 
risks facing the Group and mitigating actions is described on pages 
12 and 13. OPG Power Ventures Plc Annual Report and Accounts 2011_29
Overview
Business Review
Corporate Governance
Financial Statements
Assurance
With Grant Thornton only having been appointed during the year, the 
Committee considered it too early to review their independence and 
effectiveness but will do so during the current financial year. The 
Committee considers that, at this early stage in the Group’s 
development, it is more efficient to use a single audit firm to provide 
certain non-audit services for transactions and tax matters. However, 
to regulate the position, the Committee will establish a policy on the 
provision of non-audit services by the external auditor. 
Going concern
The Group closely monitors and manages its liquidity risk. In assessing 
the Group’s going concern status, the Directors have taken account of 
financial position of the Group, anticipated future trading performance, 
its bank and other facilities, its capital investment plans and forecast 
gross operating margins.
The Group requires funds both for short-term operational needs as 
well as for long-term investment programmes mainly in growth 
projects. The Group generates sufficient cash flows from its current 
operations which, together with the available cash and cash 
equivalents and liquid financial asset investments, provide liquidity 
both in the short-term as well as in the long-term. The IPO in 2008 and 
our recent equity raising of c.£60 million in February 2011 have further 
strengthened the Group’s financial position and, are expected to be 
sufficient to meet the ongoing capital investment programme and 
liquidity requirement of the Group in the foreseeable future ability to 
meet its financial obligations as they fall due.
On this basis, after making appropriate enquiries, the Directors 
consider that the Group has adequate resources to continue in 
operational existence for the foreseeable future. Accordingly, they 
continue to adopt the going concern basis in preparing the 2011 
accounts.
Shareholder relations and the AGM
The Chief Executive and Finance Director met with a number of key 
investors during the year, accompanied by Non-executive Directors as 
appropriate.
The Chairman will be primarily responsible for ensuring the effective 
communication of shareholders’ views to the Board as a whole and 
will update the Board accordingly. Board members will continue to 
keep in touch with shareholder opinion.
The AGM of the Company will be an opportunity to communicate with 
shareholders and the Board welcomes their participation. The 
chairmen of the Remuneration and Audit Committees will be present 
at the Annual General Meeting to answer questions. The voting results 
will be made available on the Company’s website following 
the meeting.
Corporate information including the Annual Report and other financial 
information and announcements will be made available on the 
Company’s website at www.opgpower.com. 30_OPG Power Ventures Plc Annual Report and Accounts 2011
Directors’ Remuneration Report 
Introduction
This report sets out information about the remuneration of the 
Directors of the Company for the year ended 31 March 2011. This 
report has been substantially prepared in accordance with Schedule 8 
of the Large and Medium-sized Companies and Groups (Accounts 
and Reports) Regulations 2008 (the ‘Regulations’) in line with the 
relevant requirements of the Financial Services Authority’s Listing 
Rules. Part II of this report has been audited by Grant Thornton in 
accordance with the Regulations.
Part 1 – unaudited information
Remuneration Committee
The members of the Remuneration Committee are Martin Gatto 
(Chairman), Munish Gupta, Ravi Gupta and Michael Grasby who, with 
the exception of Ravi Gupta, are all independent Non-executive 
Directors.
Terms of reference have been approved for the Remuneration 
Committee and its primary duty is to determine and agree with the 
Board the framework or broad policy for the remuneration of the 
Executive Directors, senior managers and such other members of the 
executive management team of the Group as is deemed appropriate. 
The remuneration of the Non-executive Directors is a matter for the 
Chairman and the executive members of the Board.
The main responsibilities of the Committee are to:
assess and set compensation levels for Executive Directors and  –
senior managers;
review the ongoing appropriateness and relevance of the  –
remuneration policy to ensure that members of the executive team 
are provided with incentives that encourage enhanced 
performance;
approve the design of, and determine targets for, any performance- –
related pay schemes operated by the Group and to approve the 
amounts paid annually under such schemes;
review the design of share incentive plans for the approval of the  –
Board and shareholders;
determine the policy for, and scope of, pension arrangements for  –
each Executive Director and senior manager; and
ensure that contractual terms on termination are such that failure is  –
not rewarded and that the duty to mitigate losses is fully recognised 
in the drafting of directors’ service agreements and letters of 
appointment.
In fulfilling these duties, the Committee shall be cognisant of 
remuneration trends across the Group and within the sector in which 
the Group operates.
The Chairman of the Board and the Chief Executive Officer and 
external advisors may be invited to attend meetings of the 
Remuneration Committee but do not take part in the decision making.
The terms of reference of the Remuneration Committee are available 
on the Company’s website, www.opgpower.com.
Advisors
The Remuneration Committee has not, to date, appointed any 
advisors to assist it in formulating the Group’s remuneration policy.
Remuneration policy
The Remuneration Committee has agreed a remuneration policy to 
ensure that the Company is able to attract, retain, and motivate its 
Executive Directors and senior management.
The retention of key management and the alignment of management 
incentives with the creation of shareholder value are key objectives of 
this policy.
The Group operates in a highly competitive environment. For the 
Group to continue to compete successfully, it is essential that the level 
of remuneration and benefits offered achieve the objectives of 
attracting, retaining, motivating and rewarding the necessary high 
calibre of individuals at all levels across the Group.
The Group therefore sets out to provide competitive remuneration to 
all its employees, appropriate to the business environment in the 
market in which it operates. To achieve this, the remuneration package 
is based upon the following principles:
total rewards should be set to provide a fair and attractive  –
remuneration package;
appropriate elements of the remuneration package should be  –
designed to reinforce the link between performance and reward; and
Executive Directors’ incentives should be aligned with the interests  –
of shareholders.
The remuneration strategy is designed to be in line with the Group’s 
fundamental values of fairness, competitiveness and equity and also 
to support the Group’s corporate strategy. A cohesive reward 
structure consistently applied and with links to corporate performance, 
is seen as critical in ensuring attainment of the Group’s strategic goals.
The Group also seeks to align the interests of shareholders with those 
of Executive Directors and senior employees by giving the latter 
opportunities and encouragement to build up a shareholding interest 
in the Company through the stock option plan approved by the Board 
on 16 July 2009 (the ‘Stock Option Plan’). OPG Power Ventures Plc Annual Report and Accounts 2011_31
Overview
Business Review
Corporate Governance
Financial Statements
Long-Term Incentives
The Remuneration Committee believes that it is appropriate to operate share incentive schemes to encourage Executive Directors and senior 
employees to meet the Group’s long-term strategic and financial objectives set by the Board.
Stock Option Plan
The Executive Directors, excluding the Chairman and other senior management, may be granted awards under the stock option plan approved 
by the Board on 16 July 2009. Options granted must be exercised within 10 years of the date of grant and vesting depends on achievement of 
the following performance conditions:
1. The power plant at Kutch in the state of Gujarat must have been in commercial operation for three months; and
2. The closing share price must be at least £1 for three consecutive business days.
Annual bonus
No bonuses were paid during the year.
Service agreements, notice periods and termination payments
The service agreements for the Executive Directors are for no fixed term and may in normal circumstances be terminated on the notice periods 
set out in the table below. The Company reserves the right and discretion to pay the Executive Directors in lieu of notice. If the Company 
terminates the employment of an Executive Director by exercising its right to pay in lieu of notice, the Company is required to make a payment 
equal to the aggregate of basic salary and the cost to the Company of providing other contractual benefits for the unexpired portion of the 
duration of any entitlement to notice.
The key terms of the Executive Directors’ service agreements are as follows:
Name Position Date of contract Current salary (p.a.) £
Arvind Gupta Managing Director and Chief Executive Officer 23 May 2008 169,109
V Narayan Swami Finance Director 23 May 2008 50,734
Benefits-in-kind
Under their service agreements, Mr Gupta and Mr Swami are entitled to medical, travel and related insurance and accommodation allowances 
in connection with work activities.
Pensions
The Group does not operate a pension scheme. In the event, that the Group establishes a scheme, it will be matter for the Committee to 
determine the level of contribution payable by the executives and Group respectively based on actuarial advice.
Chairman and Non-executive Directors
The remuneration of the Chairman of the Company and the Non-executive Directors consists of fees that are paid monthly in arrears. The 
Chairman and Non-executive Directors do not participate in any long-term incentive or annual bonus schemes, nor do they accrue any pension 
entitlement. Neither the Chairman nor any of the Non-executive Directors has a contract of employment with the Company. Each has instead 
entered into a contract for services with the Company.
Non-executive Directors’ contracts for services
Non-executive Directors were appointed for an initial term of 12 months. Munish Gupta, Martin Gatto, Michael Grasby and Ravi Gupta have each 
signed a contract for services with the Company. They were each appointed for an initial period of 12 months and, under the terms of their 
contracts for services, their appointments were renewable for a further period by mutual agreement, subject to re-election, when appropriate, by 
the Company in general meeting. Following a formal process for evaluating the performance of the Board as noted in the report on corporate 
governance, its committees and the individual directors, this will be addressed during the current year. 32_OPG Power Ventures Plc Annual Report and Accounts 2011
Directors’ Remuneration Report 
continued
The Non-executive Directors’ fees have been set at a level to reflect the time commitment and level of involvement that they are required to make 
in the activities of the Board and its committees.
The key terms of the Non-executive Directors’ letters of appointment are as follows:
Director Date of appointment Fees p.a. £
Munish Gupta Non-executive Chairman 6 May 2008 25,000
Martin Gatto Non-executive Director 6 May 2008 25,000
Michael Grasby Non-executive Director 6 May 2008 25,000
Ravi Gupta Non-executive Director 12 May 2008 25,000
The remuneration of the Non-executive Directors consists of fees that are paid quarterly. The Non-executive Directors do not participate in the 
Employee Share Plan nor do they accumulate any pension entitlements.
External appointments
It is the Board’s policy to allow the Executive Directors to accept directorships of other companies provided that they have obtained the consent 
of the Board. Any such directorships must be formally notified to the Board.
Directors’ interests in ordinary shares
The interests of Directors in the ordinary share capital of the Company during the year were as follows:
31 March  
2011
1 April  
2010
Gita Investments Limited* 153,061,225 153,061,225
Gita Power Inc* 17,006,802 1 7,006,802
Sri Hari Vallabha Enterprises & Investments Private Limited* 3,401,361 3,401,361
Dhanvarsha Enterprise & Investments Private Limited* 2,551,020 2,551,020
Goodfaith Vinimay Private Limited* 2,551,020 2,551,020
Michael Grasby 5,000 5,000
Martin Gatto 50,000 50,000
Total 178,626,428 178,626,428
Note:
* Beneficial interest in these shareholdings vests with Arvind Gupta.
There were no changes to Directors’ interests between 31 March 2011 and the date of this report.
No Director had any interest in any contract of significance with the Group during the year ended 31 March 2011 other than their service contracts. OPG Power Ventures Plc Annual Report and Accounts 2011_33
Overview
Business Review
Corporate Governance
Financial Statements
Part II – audited information
Directors’ remuneration for the period 1 April 2010 to 31 March 2011:
Salary, annual bonus and benefits
£ Salary/fees Benefits-in-kind Annual bonus Total 2011 Total 2010
Non-executive Chairman
Munish Gupta 25,000 – – 25,000 25,000
Executive Directors
Arvind Gupta 169,109 – – 169,109 157,480
V Narayan Swami 50,734 – – 50,734 47,244
Non-executive Directors
Martin Gatto 25,000 – – 25,000 25,000
Michael Grasby 25,000 – – 25,000 25,000
Ravi Gupta 25,000 – – 25,000 25,000
Total 319,843 – – 319,843 304,724
Note:
No consideration was paid or received by third parties for making available the services of any Executive or Non-executive Director.
Directors’ Share Options
Directors’ Share Options – Options Outstanding
Movements during the period
Option granted
Option price  
£
Options as at 
1 April 2010 Lapsed Exercised
Options as at 
31 March 2011 Latest exercise date
Gita Investments Limited 16 July 2009 0.60 21,524,234 Nil Nil 21,524,234 By 15 July 2019
Martin Gatto 16 July 2009 0.60 1,000,000 Nil Nil 1,000,000 By 15 July 2019
At 31 March 2011 the closing mid-market price of the Company’s shares was 94p. During the year under review, the Company’s closing share 
price ranged between a low of 58.25p and a high of 110p.
This Report has been approved by the Board of Directors of OPG Power Ventures Plc.
Signed on behalf of the Board.
M C Gupta
Chairman Remuneration Committee
12 August 2011 34_OPG Power Ventures Plc Annual Report and Accounts 2011
Directors’ Report
The Directors present their report, together with the audited financial 
statements of the Group, for the year ended 31 March 2011.
1 Incorporation
The Company is incorporated and domiciled in the Isle of Man.
2 Principal activities
The principal activities of the Group are developing, owning and 
operating power stations in India. Electricity generated from its plants 
is sold principally to captive consumers or in the open market in India 
and to the State Electricity Board.
The subsidiary and associated undertakings principally affecting the 
results or net assets of the Group in the year are listed in note 3.3 to 
the financial statements.
3 Business review
A review of the Company’s business, its principal activities and future 
development can be found in the pages listed below and are 
incorporated into this report by reference:
i. Key performance indicators on page 7;
ii. Chairman’s and CEOs’ statements on pages 10, 14 and 15;
iii. The Operational Review, including details of the main trends and 
factors likely to affect the future development, performance and 
position of the business, on pages 16 to 19; and
iv. The Responsible Growth Report on pages 22 and 23.
The Business Review has been prepared to provide the Company’s 
shareholders with a fair review of its business and a description of the 
principal risks and uncertainties facing it. It may not be relied upon by 
anyone, including the Company’s shareholders, for any other purpose.
Information about the use of financial instruments by the Group is 
given in note 25 to the consolidated financial statements.
Details of significant events since the year end date are contained in 
note 28 to the financial statements.
4 Dividends
The Financial Statements for the year ended 31 March 2011 are set 
out on pages 37 to 66. The Board does not recommend the payment 
of a final dividend, considering the need to conserve cash for the 
continuing expansion of the business. No dividend was paid for the 
half year to 30 September 2010 (no dividend was paid for the year 
ended 31 March 2010).
5 Directors
Details of changes to the Board during the period and of the directors 
offering themselves for re-election at the forthcoming AGM are set out 
in the Corporate Governance Report on page 27 .
Details of Directors’ service agreements are set out in the Directors’ 
Remuneration Report on pages 31 and 32.
The interests of the Directors in the shares of the Company are shown 
in the Directors’ Remuneration Report on page 32.
Biographies of all the Directors at the date of this report are set out on 
page 25.
6 Directors’ indemnities
As at the date of this report, indemnities are in force under which the 
Company has agreed to indemnify the Directors to the extent 
permitted by applicable law and the Company’s Articles of Association 
in respect of all losses arising out of, or in connection with, the 
execution of their powers, duties and responsibilities as Directors of 
the Company or any of its subsidiaries.
7 Supplier payment policy
The Group’s policy is to agree terms of payment with suppliers when 
agreeing the terms of each transaction and ensure that suppliers are 
made aware of, and abide by, the terms of payment. 
8 Fixed assets
In the opinion of the Directors, there is no material difference between 
the book value and the current open market value of the Group’s 
interests in land and buildings.
9 Substantial shareholdings
The Company has been notified of the following interests in 3% or 
more of the Company’s total voting rights at 31 March 2011:
Percentage of 
voting rights 
and issued 
share capital
Number of 
ordinary shares
Gita Investments Limited 50.80% 178,576,428
M&G Investment Management Limited 10.04% 35,286,469
Audley Capital Advisors LLP 8.66% 30,435,650
Legal & General Investment 
Management Limited 6.09% 21,411,465
FOUR Capital Partners Limited 4.18% 14,680,777 OPG Power Ventures Plc Annual Report and Accounts 2011_35
Overview
Business Review
Corporate Governance
Financial Statements
10 AGM
This year’s AGM will be held at our registered offices on Tuesday  
27 September 2011 at 11.30am. The notice convening the meeting, 
together with details of the special business to be considered is 
contained in a separate document sent to shareholders. It is also 
available on the Company’s website, www.opgpower.com, where  
a copy can be viewed and downloaded in a pdf format which may  
be printed or saved by following the link to the Investor Centre/
Shareholder Circulars.
11 Employees
The number of employees within the Group as at 31 March 201 1 were 122.
12 Audit information
Each Director serving at the date of approval of the financial 
statements confirms that:
1. to the best of their knowledge and belief, there is no information 
relevant to the preparation of their report of which the Company’s 
auditors are unaware; and
2. each Director has taken all the steps a director might reasonably be 
expected to have taken to be aware of relevant audit information 
and to establish that the Company’s auditors are aware of that 
information.
13 Auditors
Grant Thornton, have expressed their willingness to continue in office 
as auditors and a resolution proposing their re-appointment will be 
proposed at the forthcoming AGM.
14 Additional information
Articles of Association
The following narrative summarises information relating to certain 
provisions in the Company’s Articles and applicable Isle of Man law 
concerning companies (the Companies Act 2006 as amended by the 
Isle of Man Companies (Amendment) Act 2009 (the ‘Act’). This is a 
summary only and the relevant provisions of the Act or the Articles 
should be consulted if further information is required.
Share capital structure
Details of the issued share capital, together with fresh issued share 
capital are shown in note 16 to the consolidated financial statements.
The Company has one class of ordinary share which carries no right to 
fixed income. Each share carries the right to one vote at general 
meetings of the Company. Under its Articles, the Directors have 
authority to issue on a non-pre-emptive basis up to 15% of the 
Company’s share capital in each financial year.
There are no specific restrictions on the size of a holding nor on the 
transfer of shares, which are both governed by the general provisions 
of the Articles and prevailing legislation. The directors are not aware of 
any agreements between the holders of the Company’s shares that 
may result in restrictions on the transfer of securities or on voting 
rights. No person has any special rights of control over the Company’s 
share capital and all issued shares are fully paid.
The Company made no purchases of its own ordinary shares during 
the year.
A resolution will be proposed at the forthcoming AGM seeking 
shareholder approval to authorise the Company to make market 
purchases of its own shares. Such authority will be exercised having 
regard to applicable guidelines of the Investor Protection Committees.
Details of share schemes are set out in note 17 to the consolidated 
financial statements and in the Directors’ Remuneration Report on 
pages 31 and 33.
Powers of the directors
With regard to the appointment and replacement of directors, the 
Company is governed by its Articles, the Act and related legislation. 
The Articles themselves may be amended by special resolution of the 
shareholders. The powers of the directors are described in the 
Corporate Governance Report on page 26.
By order of the Board
Philip Scales
Company Secretary
OPG Power Ventures Plc
IOMA House
Hope Street
Douglas
Isle of Man
IM1 1AP
12 August 2011 36_OPG Power Ventures Plc Annual Report and Accounts 2011
Statement of Directors’ Responsibilities  
in Respect of the Accounts
The Directors are responsible for preparing the Annual Report, the 
Directors’ Remuneration Report and the Group and the Parent 
Company financial statements. The Directors are required to prepare 
financial statements for the Group in accordance with International 
Financial Reporting Standards (‘IFRS’) as adopted for use in the 
European Union and have also elected to prepare financial statements 
for the Company in accordance with IFRS as adopted for use in the 
European Union. Company law requires the Directors to prepare  
such financial statements in accordance with IFRS and the Companies 
Act 2006.
International Accounting Standard 1 requires that financial statements 
present fairly for each financial year the Group’s and Company’s 
financial position, financial performance and cash flows. This requires 
the fair presentation of the effects of transactions, other events and 
conditions in accordance with the definitions and recognition criteria 
for assets, liabilities, income and expenses set out in the International 
Accounting Standards Board’s ‘Framework for the Preparation and 
Presentation of Financial Statements’. In virtually all circumstances, a 
fair presentation will be achieved by compliance with all applicable 
International Financial Reporting Standards. Directors are also 
required to:
select suitable accounting policies and apply them consistently; –
make judgements and estimates that are reasonable and prudent; –
state whether applicable accounting standards have been followed,  –
subject to any material departures disclosed and explained in the 
financial statements;
present information, including accounting policies, in a manner that  –
provides relevant, reliable, comparable and understandable 
information; and
provide additional disclosures when compliance with specific  –
requirements in IFRS is insufficient to enable users to understand 
the impact of particular transactions, other events and conditions 
on the entity’s financial position and financial performance.
The Directors are responsible for keeping adequate accounting 
records which disclose with reasonable accuracy at any time the 
financial position of the Group and of the Company, for safeguarding 
the assets, for taking reasonable steps for the prevention and 
detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the 
Group website. Legislation in the United Kingdom governing the 
preparation and dissemination of the financial statements may differ 
from legislation in other jurisdictions. OPG Power Ventures Plc Annual Report and Accounts 2011_37
Overview
Business Review
Corporate Governance
Financial Statements
Independent Auditors’ Report to the 
Members of OPG Power Ventures Plc
We have audited the accompanying Group and Company financial statements of OPG Power Ventures Plc for the year ended 31 March 2011 
which comprise the Consolidated and Company Statement of Comprehensive Income, the Consolidated and Company Statement of Financial 
Position, the Consolidated and Company Statement of Changes in Equity, the Consolidated and Company Statements of Cash Flow and the 
related notes. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting 
Standards (IFRS) (as adopted by the European Union).
This report is made solely to the Company’s members, as a body, in accordance with our engagement with them. Our audit work has been 
undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no 
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the 
Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Respective responsibilities of directors and auditors
As explained more fully in the directors’ responsibilities statement (set out on page 36), the directors are responsible for the preparation of the 
financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the 
financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to 
comply with the Auditing Practices Board’s Ethical Standards for Auditors.
Scope of the audit
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that 
the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the 
accounting policies are appropriate to the Group’s and Company’s circumstances and have been consistently applied and adequately 
disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. 
In addition, we read all the non-financial information in the Business Review and Corporate Governance Statement to identify material 
inconsistencies with the audited financial statements. If we become aware of any apparent material misstatements or inconsistencies we 
consider the implications for our report.
Opinion on financial statements
In our opinion the financial statements give a true and fair view, in accordance with International Financial Reporting Standards (IFRS) (as 
adopted by the European Union), of the state of the Group’s and Company’s affairs as at 31 March 2011 and of their profit and loss for the year 
then ended.
Grant Thornton
Chartered Accountants
Third Floor
Exchange House
54/58 Athol Street
Douglas
ISLE OF MAN
IM1 1JD
12 August 2011 38_OPG Power Ventures Plc Annual Report and Accounts 2011
Consolidated and Company Statement of Comprehensive 
Income
For the year ended 31 March 2011 
(All amounts in £, unless otherwise stated)
Consolidated Company
Particulars Notes 2011 2010 2011 2010 
Revenue 33,147,184 11,515,409 – –
Cost of revenue 6 (18,669,898) (4,161,175) – –
Gross profit 14,477,286 7,354,234 – –
Other income 7 2,537,869 242,765 – –
Distribution cost (865,832) (501,021) – –
General and administrative expenses 6 (3,666,390) (3,153,982) (3,834,811) (4,286,092)
Operating profit 12,482,933 3,941,996 (3,834,811) (4,286,092)
Financial costs 8 (2,647,296) (608,209) (1,133) (1,230)
Financial income 9 1,326,695 2, 116,056 393,779 145,399
Profit/(loss) before tax 11,162,332 5,449,843 (3,442,165) (4,141,923)
Tax expense 10 (2,408,443) (1,432,338) – –
Profit/(loss) for the year attributable to: 8,753,889 4,01 7,505 (3,442,165) (4,141,923)
Owners of the parent 6,227,842 926,473 (3,442,165) (4,141,923)
Non-controlling interest 2,526,047 3,091,032 – –
Earnings per share 21
Basic earnings per share (in pence) 2.129 0.323 (1.177) (1.443)
Diluted earnings per share (in pence) 2.093 0.318 (1.157) (1.422)
Other comprehensive income
Available-for-sale financial assets
 – Reclassification to profit and loss 185,459 124,334 – –
 – Current year losses on remeasurement (255,542) (68,293) – –
Currency translation differences on translation of foreign 
operations (5,076,545) 6,497,808 – –
Other comprehensive income (5,146,628) 6,553,849 – –
Total comprehensive income for the year attributable to: 3,607,261 10,571,354 (3,442,165) (4,141,923)
Owners of the parent 1,627,114 6,750,867 (3,442,165) (4,141,923)
Non-controlling interest 1,980,147 3,820,487 – –
 3,607,261 10,571,354 (3,442,165) (4,141,923)
The financial statements were authorised for issue by the Board of Directors on 12 August 2011 and were signed on behalf by:
Arvind Gupta V Narayan Swami 
Chief Executive Officer Chief Financial Officer Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_39
Consolidated and Company Statement of Financial Position
As at 31 March 2011 
(All amounts in £, unless otherwise stated)
Consolidated Company
Notes 2011 2010 2011 2010
ASSETS 
Non-current 
Property, plant and equipment 11 73,995,296 62,629,258 – –
Investments and other financial assets 12 6,941,814 5,470,257 11,164 10,297
Deferred tax asset 10 155,512 51,505
Restricted cash 15 1,214,699 1,333,253 – –
Total non-current assets 82,307,321 69,484,273 11,164 10,297
Current 
Inventories 14 5,605,523 1,867,915 – –
Trade and other receivables 13 8,576,366 3,348,207 271,580 274,265
Cash and cash equivalents 15 71,104,280 14,168,453 64,598,301 7,072,048
Restricted cash 15 1,080,877 148,641 – –
Current tax assets 272,105 404,196 – –
Investments and other financial assets 12 45,486,243 43,379,680 59,043,372 61,145,096
Total current assets  132,125,394 63,31 7,092 123,913,253 68,491,409
Total assets  214,432,715  132,801,365 123,924,417 68,501,706
  
Equity and liabilities 
Equity 
Equity attributable to owners of the parent: 
Share capital 51,671 42,187 51,671 42,187
Share premium 124,316,524 66,943,323 124,316,524 66,943,323
Other components of equity 7,803,844 10,950,324 2,661,206 1,206,959
Retained earnings/(accumulated deficit) 9,050,027 2,822,186 (3,177,675) 264,490
Total 141,222,066 80,758,020 123,851,726 68,456,959
Non-controlling interest 9,807,809 7,827,662 – –
Total equity  151,029,876 88,585,682 123,851,726 68,456,959
Liabilities 
Non-current 
Borrowings 18 45,254,399 30,800,245 – –
Trade and other payables 19 1,231,509 2,261,141 – –
Deferred tax liability 10 849,446 514,235 – –
Total non-current liabilities 47,335,354 33,575,621 – –
Current 
Borrowings 18 5,064,797 6,531,797 – –
Trade and other payables 19 10,716,961 3,918,117 72,691 44,747
Other liabilities 241,113 190,000 – –
Current tax liabilities 44,615 148 – –
Total current liabilities 16,067,486 10,640,062 72,691 44,747
Total liabilities 63,402,840 44,215,683 72,691 44,747
Total equity and liabilities  214,432,715  132,801,365 123,924,417 68,501,706
The financial statements were authorised for issue by the Board of Directors on 12 August 2011 and were signed on behalf by:
Arvind Gupta V Narayan Swami 
Chief Executive Officer Chief Financial Officer 40_OPG Power Ventures Plc Annual Report and Accounts 2011
Consolidated Statement of Changes in Equity
For the year ended 31 March 201 1
(All amounts in £, unless otherwise stated)
Group
Issued capital 
(number of 
shares) Share capital Share premium Other reserves 
Foreign currency 
translation 
reserve Retained earnings 
Total of parent 
equity 
Non-controlling 
interest Total equity 
Balance as at 1 April 2010 286,989,795 42,187 66,943,323 3,228,892 7,721,432 2,822,186 80,758,020 7,827,662 88,585,682 
Issue of equity shares 64,515,000 9,484 57,373,201   57,382,685 – 57,382,685 
Employee share-based payment options   1,454,247   1,454,247 – 1,454,247 
Transactions with owners 351,504,795 51,671 124,316,524 4,683,139   139,594,952 7,827,662 147,422,614 
Profit for the year     6,227,842 6,227,842 2,526,048 8,753,889 
Currency translation differences     (4,531,791) (4,531,791) (544,754) (5,076,545)
Gains/(losses) on sale/re-measurement of available-for-sale financial assets    (68,936)   (68,936) (1,147) (70,083)
Total comprehensive income for the year – – – (68,936) 3,189,641 9,050,027 1,627, 1 14 1,980,147 3,607,262 
Balance as at 31 March 2011 351,504,795 51,671 124,316,524 4,614,203 3,189,641 9,050,027 141,222,066 9,807,809 151,029,876 
Balance as at 1 April 2009 as previously reported 286,989,795 42,187 66,943,323  (151,716) 2,667,855 3,309,434 72,811,084 3,996,285 76,807,369 
Restatement (refer note 26)   2,125,121  (722,289) (1,413,721) (10,890) 10,890  
Balance as at 1 April 2009 (as restated) 286,989,795 42,187 66,943,323 1,973,405 1,945,566 1,895,713 72,800,194 4,007, 1 75 76,807,369 
Employee share-based payment options   1,206,959   1,206,959  1,206,959 
Transactions with owners 286,989,795 42,187 66,943,323 3,180,364   74,007,153 4,007, 1 75 78,014,328 
Profit for the year     926,473 926,473 3,091,032 4,01 7,505 
Currency translation differences    5,775,866  5,775,866 721,942 6,497,808 
Gains/(losses) on sale/re-measurement of available-for-sale financial assets   48,528   48,528 7,513 56,041 
Total comprehensive income for the year – – – 48,528 7,721,432 2,822,186 6,750,867 3,820,487 10,571,354 
Balance as at 31 March 2010 286,989,795 42,187 66,943,323 3,228,892 7,721,432 2,822,186 80,758,020 7,827,662 88,585,682  Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_41
Group
Issued capital 
(number of 
shares) Share capital Share premium Other reserves 
Foreign currency 
translation 
reserve Retained earnings 
Total of parent 
equity 
Non-controlling 
interest Total equity 
Balance as at 1 April 2010 286,989,795 42,187 66,943,323 3,228,892 7,721,432 2,822,186 80,758,020 7,827,662 88,585,682 
Issue of equity shares 64,515,000 9,484 57,373,201   57,382,685 – 57,382,685 
Employee share-based payment options   1,454,247   1,454,247 – 1,454,247 
Transactions with owners 351,504,795 51,671 124,316,524 4,683,139   139,594,952 7,827,662 147,422,614 
Profit for the year     6,227,842 6,227,842 2,526,048 8,753,889 
Currency translation differences     (4,531,791) (4,531,791) (544,754) (5,076,545)
Gains/(losses) on sale/re-measurement of available-for-sale financial assets    (68,936)   (68,936) (1,147) (70,083)
Total comprehensive income for the year – – – (68,936) 3,189,641 9,050,027 1,627, 1 14 1,980,147 3,607,262 
Balance as at 31 March 2011 351,504,795 51,671 124,316,524 4,614,203 3,189,641 9,050,027 141,222,066 9,807,809 151,029,876 
Balance as at 1 April 2009 as previously reported 286,989,795 42,187 66,943,323  (151,716) 2,667,855 3,309,434 72,811,084 3,996,285 76,807,369 
Restatement (refer note 26)   2,125,121  (722,289) (1,413,721) (10,890) 10,890  
Balance as at 1 April 2009 (as restated) 286,989,795 42,187 66,943,323 1,973,405 1,945,566 1,895,713 72,800,194 4,007, 1 75 76,807,369 
Employee share-based payment options   1,206,959   1,206,959  1,206,959 
Transactions with owners 286,989,795 42,187 66,943,323 3,180,364   74,007,153 4,007, 1 75 78,014,328 
Profit for the year     926,473 926,473 3,091,032 4,01 7,505 
Currency translation differences    5,775,866  5,775,866 721,942 6,497,808 
Gains/(losses) on sale/re-measurement of available-for-sale financial assets   48,528   48,528 7,513 56,041 
Total comprehensive income for the year – – – 48,528 7,721,432 2,822,186 6,750,867 3,820,487 10,571,354 
Balance as at 31 March 2010 286,989,795 42,187 66,943,323 3,228,892 7,721,432 2,822,186 80,758,020 7,827,662 88,585,682  42_OPG Power Ventures Plc Annual Report and Accounts 2011
Company Statement of Changes in Equity
For the year ended 31 March 201 1
(All amounts in £, unless otherwise stated)
Company 
Share capital 
(number of 
shares) Share capital Share premium Other reserves
Foreign currency 
translation 
reserve Retained earnings
Total shareholders 
equity
Balance at 1 April, 2010 as previously reported 286,989,795 42,187 66,943,323 1,206,959 541,456 (276,966) 68,456,959
Restatement (refer note 26) (541,456) 541,456 –
Balance at 1 April, 2010 (as restated) 286,989,795 42,187 66,943,323 1,206,959 – 264,490 68,456,959
Issue of equity shares 64,515,000 9,484 57,373,201 – – – 57,382,685
Employee Share based payment options – – – 1,454,247 – – 1,454,247
Transactions with owners 351,504,795 51,671 124,316,524 2,661,206 – – 127,293,891
Loss for the year (3,442,165) (3,442,165)
Other comprehensive income – – – – – – –
Total comprehensive income for the period – – – – – (3, 1 77,675) (3,442,165)
Balance as at 31 March 2011 351,504,795 51,671 124,316,524 2,661,206 – (3,177,675) 123,851,727
Balance at 1 April, 2009 as previously reported 286,989,795 42,187 66,943,323 – 3,135,891 1,270,522 71,391,922
Restatement (refer note 26) (3,135,891) 3,135,891 –
Balance at 1 April, 2009 (as restated) 286,989,795 42,187 66,943,323 – – 4,406,413 71,391,922
Employee Share based payment options – – – 1,206,959 – – 1,206,959
Transactions with owners 286,989,795 42,187 66,943,323 1,206,959 – 72,598,881
Loss for the year – – – – (4,141,923) (4,141,923)
Other comprehensive income – – – – – –
Total comprehensive income for the period – – – – – 264,490 (4,141,923)
Balance as at 31 March 2010 (as restated) 286,989,795 42,187 66,943,323 1,206,959 – 264,490 68,456,959 Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_43
Company 
Share capital 
(number of 
shares) Share capital Share premium Other reserves
Foreign currency 
translation 
reserve Retained earnings
Total shareholders 
equity
Balance at 1 April, 2010 as previously reported 286,989,795 42,187 66,943,323 1,206,959 541,456 (276,966) 68,456,959
Restatement (refer note 26) (541,456) 541,456 –
Balance at 1 April, 2010 (as restated) 286,989,795 42,187 66,943,323 1,206,959 – 264,490 68,456,959
Issue of equity shares 64,515,000 9,484 57,373,201 – – – 57,382,685
Employee Share based payment options – – – 1,454,247 – – 1,454,247
Transactions with owners 351,504,795 51,671 124,316,524 2,661,206 – – 127,293,891
Loss for the year (3,442,165) (3,442,165)
Other comprehensive income – – – – – – –
Total comprehensive income for the period – – – – – (3, 1 77,675) (3,442,165)
Balance as at 31 March 2011 351,504,795 51,671 124,316,524 2,661,206 – (3,177,675) 123,851,727
Balance at 1 April, 2009 as previously reported 286,989,795 42,187 66,943,323 – 3,135,891 1,270,522 71,391,922
Restatement (refer note 26) (3,135,891) 3,135,891 –
Balance at 1 April, 2009 (as restated) 286,989,795 42,187 66,943,323 – – 4,406,413 71,391,922
Employee Share based payment options – – – 1,206,959 – – 1,206,959
Transactions with owners 286,989,795 42,187 66,943,323 1,206,959 – 72,598,881
Loss for the year – – – – (4,141,923) (4,141,923)
Other comprehensive income – – – – – –
Total comprehensive income for the period – – – – – 264,490 (4,141,923)
Balance as at 31 March 2010 (as restated) 286,989,795 42,187 66,943,323 1,206,959 – 264,490 68,456,959 44_OPG Power Ventures Plc Annual Report and Accounts 2011
Consolidated and Company Statement of Cash Flows
For the year ended 31 March 2011 
(All amounts in £, unless otherwise stated)
Consolidated Company
Particulars 2011 2010 2011 2010 
Cash flows from operating activities 
Profit/(loss) for the year after Tax 8,753,889 4,01 7,505 (3,442,165) (4,141,923)
Income tax expense 2,408,443 1,432,338 – –
Financial expenses 2,647,296 608,209 – –
Financial income (1,326,695) (2,116,056) (393,779) (145,399)
Share-based compensation costs 1,454,247 1,206,959 1,454,247 1,206,959
Depreciation 1,208,461 625,324 – –
 15,145,641 5,774,279 (2,381,697) (3,080,363)
Movements in working capital 
(Increase)/decrease in trade and other receivables (5,706,441) (1,418,191) 2,684 (261,052)
(Increase)/decrease in inventories (3,948,601) (1,636,191) – –
(Increase)/decrease in other current assets (2,048,059) 988,313 (60,681) (4,346)
Increase/(decrease) in trade and other payables 5,258,094 5,139,417 27,945 (10,135)
Increase/(decrease) in other liabilities (2,981,158) 4,086,706 – –
Cash (used in)/generated from operations 5,719,477 12,934,333 (2,411,749) (3,355,896)
Interest paid (2,647,296) (608,209) – –
Income taxes paid, net of refunds (1,964,628) (1,056,450) – –
Net cash generated by/(used in) operating activities 1,107,552 11,269,674 (2,411,749) (3,355,896)
Cash flow from investing activities  
Acquisition of property, plant and equipment  (19,758,114) (29,017,680) – –
Sale of property, plant and equipment – 2,493 – –
(Increase)/decrease in advances –  (9,610,586) 2,163,269 6,242,553
Finance income 782,508 1, 171,217 393,779 145,399
Dividend income 544,187 944,839 – –
Movement in restricted cash (931,303) 385,765 – –
Net cash outflow on acquisition of subsidiaries – (1,732) –
Sale/(purchase) of investments, net 3,124,948  (3,222,067) – –
(Increase)/decrease in land lease deposits  (2,115,283) 1,260 – –
Net cash (used)/generated by investing activities (18,353,056) (39,344,759) 2,555,317 6,387,952
Cash flows from financing activities 
Proceeds from issue of ordinary shares 57,382,685 – 57,382,685 –
Proceeds from borrowings 16,985,286 14,249,387 – –
Repayment of borrowings – (5,205,136) – –
Net cash provided by financing activities 74,367,971 9,044,251 57,382,685 –
Net increase/(decrease) in cash and cash equivalents 57,122,467  (19,030,834) 57,526,253 3,032,056
Cash and cash equivalents at the beginning of the year/period 14,168,453 32,319,842 7,072,048 4,039,992
Effect of exchange rate changes on the balance of cash held in foreign 
currencies (186,639) 879,445 – –
Cash and cash equivalents at the end of the year/period 71,104,280 14,168,453 64,598,301 7,072,048 Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_45
1. Corporate information
1.1. Nature of operations
OPG Power Ventures Plc (‘the Company’ or ‘OPG’), its subsidiaries (collectively referred to as ‘the Group’) are primarily engaged in the 
development, owning, operation and maintenance of private sector power projects In India. The electricity generated from its plants is sold 
principally to public sector undertakings and heavy industrial companies in India or in the short-term market. The business objective of the 
Group is to focus on the power generation business within India and thereby provide reliable, cost effective power to the industrial consumers 
and other users under the ‘open access’ provisions mandated by the Government of India.
1.2. Statement of compliance 
The consolidated and Company financial statements have been prepared in accordance with International Financial Reporting Standards 
(‘IFRS’) and its interpretations as adopted by the European Union (‘EU’) and the provisions of the Isle of Man, Companies Act 2006 applicable to 
companies reporting under IFRS.
1.3 General information
OPG, a limited liability corporation, is the Group’s ultimate parent company and is incorporated and domiciled in the Isle of Man. The address 
of the Company’s registered office, which is also the principal place of business, is Ioma House, Hope Street, Douglas, Isle of Man IM1 1JA. The 
Company’s equity shares are listed on the Alternative Investment Market (‘AIM’) of the London Stock Exchange. 
The Financial statements were approved by the Board of Directors on 12 August 2011.
2. Changes in accounting policies 
The Group has adopted the following revision and amendments to IAS 27 Consolidated and Separate Financial Statements (Revised 2008) 
issued by the International Accounting Standards Board, which are relevant to and effective for the Group’s financial statements for the annual 
period beginning 1 April 2010:
IAS 27R introduced changes to the accounting requirements for transactions with non-controlling (formerly called ‘minority’) interests and the 
loss of control of a subsidiary. The Group had already made an accounting policy decision to treat such transactions in a similar manner as 
suggested by the revised standard. Hence there was no financial impact on these financial statements.
2.1. Standards, amendments and interpretations to existing standards that are not effective and have not been early adopted by 
the Group 
At the date of authorisation of these financial statements, certain new standards, amendments and interpretations to existing standards have 
been published but are not yet effective, and have not been adopted early by the Group. 
Management anticipates that all of the relevant pronouncements will be adopted in the Group’s accounting policies for the first period beginning 
after the effective date of the pronouncement. Information on new standards, amendments and interpretations that are expected to be relevant 
to the Group’s financial statements is provided below. Certain other new standards and interpretations have been issued but are not expected to 
have a material impact on the Group’s financial statements. 
Standards and interpretations adopted by the EU as at 31 March 2011:
Standard Description Effective for reporting periods starting on or after
IAS 24 (R) Related Party Disclosures 1 January 2011
IFRIC 14 Prepayments of a Minimum Funding Requirement – Amendment 1 January 2011
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments 1 July 2010
The management does not expect the application of the other standards to have any material impact on its financial statements when those 
standards become effective. The Group does not intend to apply any of these pronouncements early.
3. Summary of significant accounting policies
3.1. Basis of preparation
The consolidated financial statements have been prepared on a historical cost basis, except for financial assets and liabilities at fair value 
through profit or loss and available-for-sale financial assets measured at fair value.
The consolidated financial statements are presented in accordance with IAS 1 Presentation of Financial Statements (Revised 2007) and have 
been presented in Great Britain Pound (‘£’), which is the functional and presentation currency of the Company.
Notes to the Consolidated and Company Financial Statements
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) 46_OPG Power Ventures Plc Annual Report and Accounts 2011
3. Summary of significant accounting policies continued
3.2. Basis of consolidation
The consolidated financial statements incorporate the financial information of OPG and its subsidiaries for the year ended 31 March 2011.
A subsidiary is defined as an entity controlled by the Company. Control is achieved where the Company has the power to govern the financial 
and operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date of acquisition, 
being the date on which control is acquired by the Group, and continue to be consolidated until the date that such control ceases. All 
subsidiaries have a reporting date of 31 March and use consistent accounting policies adopted by the Group.
All intra-Group balances, income and expenses and any resulting unrealised gains arising from intra-Group transactions are eliminated in full 
on consolidation. 
Non-controlling interest represents the portion of profit or loss and net assets that is not held by the Group and is presented separately in the 
consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from parent 
shareholders’ equity. Acquisitions of additional stake or dilution of stake from/to minority interests/other venturer in the Group where there is no 
loss of control are accounted for using the equity method, whereby, the difference between the consideration paid or received and the book 
value of the share of the net assets is recognised in ‘other reserve’ within statement of changes in equity.
3.3. List of subsidiaries 
Details of the Group’s subsidiary which are consolidated into the Group’s consolidated financial statement, are as follows:
% Voting right % Economic interest
Subsidiaries Immediate parent
Country of 
incorporation 2011 2010 2011 2010
Caromia Holdings Limited (‘CHL ’) OPG Cyprus 100 100 – –
Gita Energy Private Limited (‘GEPL ’)
1, 2
CHL Cyprus 100 100 100 100
Gita Holdings Private Limited (‘GHPL ’)
1
 CHL Cyprus 100 100 100 100
OPG Power Generation Private Limited (‘OPGPG’) GEPL and 
GHPL
India 71.76 71.76 99 99
OPG Power Gujarat Private Limited (‘OPGG’) GEPL and 
GHPL
India 65.90 65.90  99 99
OPG Renewable Energy Private Limited 
(‘OPGRE’)
2 
GEPL and 
GHPL
India 22 22 33 33
OPG Energy Private Limited (‘OPGE’)
3
 OPGPG India 29.78 29.78 44.22 44.22
Gita Power and Infrastructure Private Limited, 
(‘GPIPL ’) 
GHPL India 100 100 97.91 97.91
1. As of 10 February 2011 pursuant to agreement for assignment of debt between CHL and OPGPV the entire shares held in GEPL and GHPL have been transferred by ‘OPGPV’ to ‘CHL ’. 
2. Pursuant to the voting rights agreement entered by GEPL with Tamil Nadu Properties and Salem Food Products Limited (hereinafter collectively referred as ‘investors’), the investors 
agreed that in consideration of GEPL agreeing to subscribe for shares in OPGRE, the investors will exercise all voting rights in accordance of the directions of GEPL. The total voting 
rights held by the investors amount to 56.35%. Further the investors have also appointed GEPL as the lawful attorney to exercise their voting rights. Therefore the combination of the 
directly held interests together with the voting rights of the investors controlled by the Group via contracts, have the effect that the Group controls a majority of voting rights in OPGE. 
Accordingly this is considered to be a subsidiary of the Group.
3. Pursuant to the voting rights agreement entered by OPGPG with Tamil Nadu Properties and Salem Food Products Limited (hereinafter collectively referred as ‘investors’), the investors 
agreed that in consideration of OPGPG agreeing to subscribe for shares in OPGE, all voting rights in OPGE will be exercised in accordance with the directions of OPGPG. The total 
voting rights held by the investors amount to 36.88%. Further the investors also appointed OPGPG as the lawful attorney to exercise their voting rights. Therefore the combination of 
the directly held interests together with the voting rights of the investors controlled by the Group via contracts, have the effect that the Group controls a majority of voting rights in 
OPGE. Accordingly this is considered to be a subsidiary of the Group.
3.4. Foreign currency translation
The functional currency of the Company is the Great Britain Pound Sterling (£). The Cypriot entities are an extension of the parent and pass 
through investment entities. Accordingly the functional currency of the subsidiaries in Cyprus is the £. The functional currency of the Company’s 
subsidiaries operating in India, determined based on evaluation of the individual and collective economic factors is Indian Rupees (Rs). The 
presentation currency of the Group is the Great Britain Pound (£) as submitted to the AIM market where the shares of the Company are listed.
At the reporting date the assets and liabilities of the Group are translated into the presentation currency which is Great Britain Pound Sterling (£) 
at the rate of exchange ruling at the statement of financial position date and the statement of comprehensive income is translated at the average 
exchange rate for the year. Exchange differences are charged/credited to other comprehensive income and recognised in the currency 
translation reserve in equity.
Transactions in foreign currencies are translated at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities 
denominated in foreign currencies at the statement of financial position date are translated into functional currency at the foreign exchange rate 
ruling at that date. Aggregate gains and losses resulting from foreign currencies are included in finance income or costs within the profit or loss. 
Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at 
the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are stated at fair value are translated to 
functional currency at foreign exchange rates ruling at the dates the fair value was determined.
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_47
3. Summary of significant accounting policies continued
3.5. Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits associated with the transaction will flow to the Group, and 
revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable in accordance with the 
relevant agreements, net of discounts, rebates and other applicable taxes and duties.
Sale of electricity
Revenue comprises revenue from sale of electricity. Revenue from the sale of electricity is recognised when earned on the basis of contractual 
arrangement with the customers and reflects the value of units supplied including an estimated value of units supplied to the customers between 
the date of their last meter reading and the reporting date.
Interest and dividend
Revenue from interest is recognised as interest accrues (using the effective interest rate method). Revenue from dividends is recognised when 
the right to receive the payment is established.
3.6. Taxes
Tax expense recognised in profit or loss comprises the sum of deferred tax and current tax not recognised in other comprehensive income or 
directly in equity.
Current income tax assets and/or liabilities comprise those obligations to, or claims from, taxation authorities relating to the current or prior 
reporting periods, that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial 
statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the 
reporting period.
Deferred income taxes are calculated using the liability method on temporary differences between the carrying amounts of assets and liabilities 
and their tax bases. However, deferred tax is not provided on the initial recognition of goodwill, nor on the initial recognition of an asset or liability 
unless the related transaction is a business combination or affects tax or accounting profit. Deferred tax on temporary differences associated 
with investments in subsidiaries is not provided if reversal of these temporary differences can be controlled by the Group and it is probable that 
reversal will not occur in the foreseeable future.
Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of 
realisation, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are always provided for 
in full.
Deferred tax assets are recognised to the extent that it is probable that they will be able to be utilised against future taxable income. For 
management’s assessment of the probability of future taxable income to utilise against deferred tax assets. Deferred tax assets and liabilities are 
offset only when the Group has a right and intention to set off current tax assets and liabilities from the same taxation authority. Changes in 
deferred tax assets or liabilities are recognised as a component of tax income or expense in profit or loss, except where they relate to items that 
are recognised in other comprehensive income or directly in equity, in which case the related deferred tax is also recognised in other 
comprehensive income or equity, respectively.
3.7. Financial assets
Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and 
all substantial risks and rewards are transferred. A financial liability is derecognised when it is extinguished, discharged, cancelled or expires.
Financial assets and financial liabilities are measured initially at fair value adjusted by transaction costs, except for financial assets and financial 
liabilities carried at fair value through profit or loss, which are measured initially at fair value. 
Financial assets and financial liabilities are measured subsequently as described below.
For the purpose of subsequent measurement, financial assets are classified into the following categories upon initial recognition: 
loans and receivables; and –
available-for-sale financial assets. –
The category determines subsequent measurement and whether any resulting income and expense is recognised in profit or loss or in other 
comprehensive income.
Loans and receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. After 
initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Discounting is omitted 
where the effect of discounting is immaterial. The Group’s cash and cash equivalents, trade and most other receivables fall into this category of 
financial instruments.  48_OPG Power Ventures Plc Annual Report and Accounts 2011
3. Summary of significant accounting policies continued
3.7. Financial assets continued
Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a 
specific counterparty will default. Receivables that are not considered to be individually impaired are reviewed for impairment in groups, which 
are determined by reference to the industry and region of a counterparty and other shared credit risk characteristics. The impairment loss 
estimate is then based on recent historical counterparty default rates for each identified group. 
Investment in subsidiaries
In the parent company’s financial statements, the investments in subsidiaries are accounted for using the cost method with income from the 
investment being recognised only to the extent that the parent company receives distributions from accumulated profits of the investee arising 
after the date of acquisition.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivative financial assets that are either designated to this category or do not qualify for inclusion in 
any of the other categories of financial assets. The Group’s available-for-sale financial assets include mutual funds and listed securities. 
Available-for-sale financial assets are measured at fair value. Gains and losses are recognised in other comprehensive income and reported 
within the available-for-sale reserve within equity, except for impairment losses and foreign exchange differences on monetary assets, which are 
recognised in profit or loss. When the asset is disposed of or is determined to be impaired the cumulative gain or loss recognised in other 
comprehensive income is reclassified from the equity reserve to profit or loss and presented as a reclassification adjustment within other 
comprehensive income. 
Reversals of impairment losses are recognised in other comprehensive income, except for financial assets that are debt securities which are 
recognised in profit or loss only if the reversal can be objectively related to an event occurring after the impairment loss was recognised.
3.8. Financial liabilities
The Group’s financial liabilities include borrowings, trade and other payables. Financial liabilities are measured subsequently at amortised cost 
using the effective interest method, except for financial liabilities held for trading or designated at fair value through profit or loss, that are carried 
subsequently at fair value with gains or losses recognised in profit or loss. 
All interest-related charges and, if applicable, changes in an instrument’s fair value that are reported in profit or loss are included within ‘finance 
costs’ or ‘finance income’.
3.9. Fair value of financial instruments
The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market bid 
prices at the close of business on the statement of financial position date. For financial instruments where there is no active market, fair value is 
determined using valuation techniques. Such techniques may include using recent arm’s length market transactions; reference to the current fair 
value of another instrument that is substantially the same; discounted cash flow analysis or other valuation models.
3.10. Property, plant and equipment
Property, plant and equipment are stated at cost, net of accumulated depreciation and/or impairment losses, if any. The cost includes 
expenditures that are directly attributable to property, plant and equipment such as employee cost, borrowing costs for long-term construction 
projects etc, if recognition criteria are met. Likewise, when a major inspection is performed, its costs are recognised in the carrying amount of 
the plant and equipment as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs are recognised in the 
profit or loss as incurred.
The present value of the expected costs of decommissioning of the asset after its use is included in the costs of the respective asset, if the 
recognition of the criteria for a provision is met. 
Land is not depreciated. Depreciation on other assets is computed on straight-line basis over the useful life of the asset based on management’s 
estimate as follows:
Nature of asset Useful life (years)
Buildings 30–40
Power stations 15–40
Other plant and equipment 3–10
Vehicles 5–11
Assets in the course of construction are stated at cost and not depreciated until commissioned.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or 
disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying 
amount of the asset) is included in the profit or loss in the year the asset is derecognised.
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_49
3. Summary of significant accounting policies continued
The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively if 
appropriate.
3.11. Leases 
The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date whether 
fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset.
Group as a lessee
Contracts to lease assets are classified as finance leases if they transfer substantially all the risks and rewards of ownership of the asset to the 
Group. Leases where the Group does not acquire substantially all the risks and benefits of ownership of the asset are classified as operating leases.
Operating lease payments are recognised as an expense in the profit or loss on a straight-line basis over the lease term. Lease of land is 
classified separately and is amortised over the period of lease.
3.12. Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, that necessarily take a substantial period 
of time to get ready for their intended use or sale, are added to the cost of those assets. Interest income earned on the temporary investment of 
specific borrowing pending its expenditure on qualifying assets is deducted from the costs of these assets. 
Gains and losses on extinguishment of liability, including those arising from substantial modification from terms of loans are not treated as 
borrowing costs and are charged to profit or loss. 
All other borrowing costs including transaction costs are recognised in the profit or loss in the period in which they are incurred, the amount 
being determined using the effective interest rate method.
3.13. Impairment of non-financial assets
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual 
impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of 
an asset’s or cash-generating unit’s (‘CGU’) fair value less costs to sell and its value in use and is determined for an individual asset, unless the 
asset does not generate cash inflows that are largely independent of those from other assets or Groups of assets. Where the carrying amount of 
an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. In assessing 
value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market 
assessments of the time value of money and the risks specific to the asset. In determining fair value less costs to sell, an appropriate valuation 
model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded subsidiaries or other available 
fair value indicators.
For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised 
impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the asset’s or CGU recoverable 
amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s 
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not 
exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss 
been recognised for the asset in prior years. Such reversal is recognised in the profit or loss unless the asset is carried at revalued amount, in 
which case the reversal is treated as a revaluation increase.
3.14. Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand and short-term deposits.
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term deposits, net of restricted 
cash and outstanding bank overdrafts.
3.15. Inventories
Inventories are stated at the lower of cost and net realisable value. 
Costs incurred in bringing each product to its present location and condition is accounted based on weighted average price.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated selling expenses.
3.16. Earnings per share
The earnings considered in ascertaining the Group’s earning per share (‘EPS’) comprise the net profit for the year attributable to ordinary equity 
holders of the parent. The number of shares used for computing the basic EPS is the weighted average number of shares outstanding during 
the year. 50_OPG Power Ventures Plc Annual Report and Accounts 2011
3. Summary of significant accounting policies continued
3.17. Other provisions and contingent liabilities 
Provisions are recognised when present obligations as a result of a past event will probably lead to an outflow of economic resources from the 
Group and amounts can be estimated reliably. Timing or amount of the outflow may still be uncertain. A present obligation arises from the presence 
of a legal or constructive commitment that has resulted from past events, for example, product warranties granted, legal disputes or onerous 
contracts. Restructuring provisions are recognised only if a detailed formal plan for the restructuring has been developed and implemented, or 
management has at least announced the plan’s main features to those affected by it. Provisions are not recognised for future operating losses. 
Provisions are measured at the estimated expenditure required to settle the present obligation, based on the most reliable evidence available at 
the reporting date, including the risks and uncertainties associated with the present obligation. Where there are a number of similar obligations, 
the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. Provisions are 
discounted to their present values, where the time value of money is material. 
Any reimbursement that the Group can be virtually certain to collect from a third party with respect to the obligation is recognised as a separate 
asset. However, this asset may not exceed the amount of the related provision. All provisions are reviewed at each reporting date and adjusted 
to reflect the current best estimate. 
In those cases where the possible outflow of economic resources as a result of present obligations is considered improbable or remote, no 
liability is recognised, unless it was assumed in the course of a business combination. In a business combination, contingent liabilities are 
recognised on the acquisition date when there is a present obligation that arises from past events and the fair value can be measured reliably, 
even if the outflow of economic resources is not probable. They are subsequently measured at the higher amount of a comparable provision as 
described above and the amount recognised on the acquisition date, less any amortisation.
3.18. Share-based payments
The Group operates equity-settled share-based remuneration plans for its employees. None of the Group’s plans feature any options for a cash 
settlement.
All goods and services received in exchange for the grant of any share-based payment are measured at their fair values. Where employees are 
rewarded using share-based payments, the fair values of employees’ services are determined indirectly by reference to the fair value of the 
equity instruments granted. This fair value is appraised at the grant date and excludes the impact of non-market vesting conditions (for example 
profitability and sales growth targets and performance conditions).
All share-based remuneration is ultimately recognised as an expense in profit or loss with a corresponding credit to ‘other reserves’.
If vesting periods or other vesting conditions apply, the expense is allocated over the vesting period, based on the best available estimate of the 
number of share options expected to vest. Non-market vesting conditions are included in assumptions about the number of options that are 
expected to become exercisable. Estimates are subsequently revised if there is any indication that the number of share options expected to vest 
differs from previous estimates. Any cumulative adjustment prior to vesting is recognised in the current period. No adjustment is made to any 
expense recognised in prior periods if share options ultimately exercised are different to that estimated on vesting.
Upon exercise of share options, the proceeds received net of any directly attributable transaction costs up to the nominal value of the shares 
issued are allocated to share capital with any excess being recorded as share premium. 
3.19. Employee benefits 
Gratuity 
In accordance with applicable Indian laws, the Group provides for gratuity, a defined benefit retirement plan (‘the Gratuity Plan’) covering eligible 
employees. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of 
employment, of an amount based on the respective employee’s salary and the tenure of employment.
Liabilities with regard to the gratuity plan are determined by actuarial valuation, performed by an independent actuary, at each statement of 
financial position date using the projected unit credit method.
The Group recognises the net obligation of a defined benefit plan in its statement of financial position as an asset or liability, respectively in 
accordance with IAS 19, Employee benefits. The discount rate is based on the Government securities yield. Actuarial gains and losses arising 
from experience adjustments and changes in actuarial assumptions are charged or credited to profit or loss in the statement of comprehensive 
income in the period in which they arise.
3.20. Business combinations
Business combinations arising from transfers of interests in entities that are under the control of the shareholder that controls the Group are 
accounted for as if the acquisition had occurred at the beginning of the earliest comparative period presented or, if later, at the date that 
common control was established using pooling of interest method. The assets and liabilities acquired are recognised at the carrying amounts 
recognised previously in the Group controlling shareholder’s consolidated financial statements. The components of equity of the acquired 
entities are added to the same components within Group equity. Any excess consideration paid is directly recognised in equity.
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_51
4. Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with IFRS requires management to make certain critical accounting estimates and 
assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the 
financial statements and the reported amounts of revenues and expenses during the reporting period.
The principal accounting policies adopted by the Group in the consolidated financial statements are as set out above. The application of a 
number of these policies require the Group to use a variety of estimation techniques and apply judgement to best reflect the substance of 
underlying transactions.
The Group has determined that a number of its accounting policies can be considered significant, in terms of the management judgement that 
has been required to determine the various assumptions underpinning their application in the consolidated financial statements presented 
which, under different conditions, could lead to material differences in these statements. 
The following are significant management judgements in applying the accounting policies of the Group that have the most significant effect on 
the financial statements. 
Leases  –
 In applying the classification of leases in IAS 17 , management considers its leases of a power plant by OPGRE as an operating lease 
arrangement. In some cases, the lease transaction is not always conclusive, and management uses judgement in determining whether the 
lease is an operating lease arrangement that transfers substantially all the risks and rewards incidental to ownership.
Deferred tax assets  –
 The assessment of the probability of future taxable income in which deferred tax assets can be utilised is based on the Group’s latest 
approved budget forecast, which is adjusted for significant non-taxable income and expenses and specific limits to the use of any unused 
tax loss or credit. The tax rules in India in which the Group operates are also carefully taken into consideration. If a positive forecast of taxable 
income indicates the probable use of a deferred tax asset, especially when it can be utilised without a time limit, that deferred tax asset is 
usually recognised in full. The recognition of deferred tax assets that are subject to certain legal or economic limits or uncertainties is 
assessed individually by management based on the specific facts and circumstances.
Estimates and uncertainties
When preparing the financial statements management undertakes a number of judgements, estimates and assumptions about recognition and 
measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made 
by management, and will seldom equal the estimated results. Information about significant judgements, estimates and assumptions that have 
the most significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below.
The key assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date, that have a 
significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Recoverability of deferred tax assets:   –
The recognition of deferred tax assets requires assessment of future taxable profit. (see note 3.6).
Estimation of fair value of acquired financial assets and financial liabilities:   –
While preparing the financial statements the Group makes estimates and assumptions that affect the reported amount of financial assets and 
financial liabilities. Specifically, the Group make estimates relating to:
	 • 	 O t he r 	 f i na n cia l 	 l ia bi l it ie s :	 
  Borrowings held by the Group are measured at amortised cost except where designated at fair value through profit or loss. Further, 
liabilities associated with financial guarantee contracts in the Company financial statements are initially measured at fair value and 
re-measured at each Statement of financial position date. (see note 3.9 and note 28).
Impairment tests:   –
The determination of recoverable amounts of the CGUs assessed in the annual impairment test requires the Group to estimate of their fair 
value net of disposal costs as well as their value in use. The assessment of value in use requires assumptions to be made with respect to the 
operating cash flows of the CGUs as well as the discount rates;
Useful life of depreciable assets:   –
Management reviews the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets to the Group.
Provisions:   –
The Group is currently defending a lawsuit where the actual outcome may vary from the amount recognised in the financial statements. Refer 
note on contingent liabilities for details.
Uncollectability of trade receivables:   –
Analysis of historical payment patterns, customer concentrations, customer credit-worthiness and current economic trends. If the financial 
condition of a customer deteriorates, additional allowances may be required (see note 19).
Claims by the Group:  –
These accounts include an amount of £2,064,455 recognised as claim for loss of profit and disclosed as other income. This is a provisional 
amount based on what is reliably measurable at 31 March 2011 for recoverability of loss of revenue from operations due to delay in 
commissioning and non-achievement of guaranteed performance parameters at a plant owned by OPGPG. The claims have been 
recognised where such payments are certain to be recovered under the agreements with the contractor.
Actual results can differ from estimates.  52_OPG Power Ventures Plc Annual Report and Accounts 2011
5. Segment information
The Group has adopted the ‘management approach’ in identifying the operating segments as outlined in IFRS 8. Operating segments are 
reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, 
who is responsible for allocating resources and assessing performance of the operating segment has been identified as the steering committee 
that makes strategic decisions. Management has analysed the information that the chief operating decision maker reviews and concluded on 
the segment disclosure. In identifying its operating segments, management generally follows the Group’s service lines, which represent the 
generation of the power and other related services provided by the Group. The activities undertaken by the power generation segment includes 
sale of power and other related services. The accounting policies used by the Group for segment reporting are the same as those used for 
consolidated financial statements. 
For management purposes, the Group is organised into only a single business unit of power generation and distribution of the same to 
customers. There are no geographical segments as all revenues arise from India.
Revenue on account of sale of power to one party amounts to £25,790,162 (2010: £4,312,446).
6. Depreciation, costs of inventories and employee benefit expenses included in the consolidated and Company’s statements of 
comprehensive income
(a) Depreciation and costs of inventories included in the consolidated statements of comprehensive income:
Consolidated Company
 2011 2010 2011 2010
Included in cost of revenue:
Fuel costs 14,931,913 2,809,587 – –
Depreciation 1,145,380 429,683 – –
For the Group depreciation included in general and administrative expenses amount to £63,081 (2010: £195,461).
For the Company depreciation included in general and administrative expenses amount to £nil (2010: £nil).
(b) Employee benefit expenses forming part of general and administrative expenses are as follows:
 Consolidated Company
 2011 2010 2011 2010
Salaries and wages 781,534 676,553 148,153 122,724
Employee benefit costs 60,083 58,205 – –
Employee stock option 1,454,247 1,206,959 1,454,247 1,206,959
Total 2,295,864 1,941,717 1,602,400 1,329,683
(c) Auditor’s remuneration for audit services amounting to £35,000 (2010: £35,612) is included in general and administrative expenses.
(d) Foreign exchange (loss)/gain included in the general and administrative expenses/other income is as follows:
Consolidated Company
 2011 2010 2011 2010
Foreign exchange (loss)/gain 113,052 (114,430) (1,903,425) (2,795,092) 
Total 113,052 (114,430) (1,903,425) (2,795,092) 
7. Other income
a) Other income comprises of:
Consolidated Company
 2011 2010 2011 2010
Sale of coal 206,203 160,274 – –
Compensation for loss of profit 1,888,294 – – –
Miscellaneous income/expense 443,372 82,491 – –
Total 2,537,869 242,765 – –
The item ‘compensation for loss of profit’ includes £1,021,691, due to OPGPG, a subsidiary, from the EPC contractor for delay in guaranteed 
commissioning date of their 77 MW plant, non-achievement of guaranteed performance parameters at the plant and consequent loss of 
revenue to OPGPG. This amount represents loss of profits which is reliably measurable as at the reporting date and has been recognised based 
on the terms and conditions as specified in the EPC contract.
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_53
8. Finance costs
Finance costs comprises of:
Consolidated Company
 2011 2010 2011 2010
Interest expenses on loans and borrowings 2,271,354 362,302 – –
Loss on disposal of financial instruments 255,542 131,334 – –
Other finance costs 120,400 114,573 1,133 1,230
Total 2,647,296 608,209 1,133 1,230
Interest expenses on loans and borrowings, includes interest expenses on financial liability at amortised cost of £2,271,354 (2010: £362,302) in 
consolidated financial statement. 
9. Finance income
The finance income comprises of:
Consolidated Company
 2011 2010 2011 2010
Interest income
– Bank deposit 239,872 953,859 7,850 10,660
– Loans and receivables 162,340 210,818 13,827 134,739
Dividend income 544,187 944,524 – –
Other finance income 372,106 – 372,102 –
Unwinding of discount on security deposits 8,190 6,855 – –
Total 1,326,695 2, 116,056 393,779 145,399
10. Tax expense/(income)
The major components of income tax expense for the years ended 31 March 2011 and 2010: 
Consolidated statement of comprehensive income
2011 2010
Current tax 2,105,976 1,416,412
Deferred tax 302,467 15,926
Tax expense reported in the statement of comprehensive income 2,408,443 1,432,338
Consolidated statement of changes in equity: tax reconciliation
Reconciliation between tax expense and the product of accounting profit multiplied by India’s domestic tax rate for the years ended 31 March 
2011 and 2010 is as follows:
 2011 2010 
Accounting profit before taxes 11,162,332 5,449,843 
Enacted tax rates 32.45% 33.99%
Tax on profit at enacted tax rate 3,621,619 1,852,402 
Differences on account MAT Rate (1,596,807) (420,064) 
Items taxed at zero rate 417,480 – 
Others (33,849) – 
Actual tax expense 2,408,443 1,432,338 
The Company is subject to Isle of Man corporate tax at the standard rate of zero percent. As such, the Company’s tax liability is zero. 
Additionally, Isle of Man does not levy tax on capital gains. However, considering that the Company’s operations are entirely based in India, the 
effective tax rate of the Group has been computed based on the current tax rates prevailing in India. Further, a substantial portion of the profits 
of the Group’s India operations are exempt from Indian income taxes being profits attributable to generation of power in India. Under the tax 
holiday the taxpayer can utilise an exemption from income taxes for a period of any 10 consecutive years out of the 15 years from the date of 
commencement of the operations.
The Group is subject to the provisions of MAT under the Indian income taxes for the year ended 31 March 2011 and 2010. Accordingly, the 
Group calculated the tax liability for current taxes in India after considering MAT. 
The Group has carried forward credit in respect of MAT tax liability paid to the extent it is probable that future taxable profit will be available 
against which such tax credit can be utilised. 54_OPG Power Ventures Plc Annual Report and Accounts 2011
10. Tax expense/(income) continued
Deferred income tax for the Group at 31 March 2011 and 2010 relates to the following:
2011 2010
Deferred income tax assets
Lease transactions and others 30,294 –
Mark-to-market of available-for-sale financial assets 125,218 51,505
155,512 51,505
Deferred income tax liabilities
Difference in depreciation on property, plant and equipment 849,446 514,235
849,446 514,235
Deferred income tax liabilities, net 693,934 462,730
Movement in temporary differences during the year
Particulars
As at  
1 April 2010 
Recognised 
in income 
statement
Recognised in 
equity 
Translation 
adjustment 
As at  
31 March 2011 
Property, plant and equipment and others (514,235) (302,467) – (2,450) (819,152)
Mark-to-market gain/(loss) on available-for-sale financial assets 51,505 – 73,712 – 125,218 
(462,730) (302,467) 73,712 (2,450) (693,934)
Particulars
As at  
1 April 2009 
Recognised 
in Income 
Statement 
Recognised in 
Equity 
Translation 
Adjustment 
As at  
31 March 2010 
Property, plant and equipment and others (446,451) (15,926) – (51,857) (514,235)
Mark-to-market gain/ (loss) on available-for-sale financial assets 60,909 – (7,482) (1,922) 51,505 
(385,542) (15,926) (7,482) (53,779) (462,730)
In assessing the reliability of deferred income tax assets, management considers whether it is more likely than not that some portion or all of the 
deferred income tax assets will be realised. The ultimate realisation of deferred income tax assets is dependent upon the generation of future 
taxable income during the periods in which the temporary differences become deductible. The amount of the deferred income tax 
assets considered realisable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period 
are reduced.
Shareholders resident outside the Isle of Man will not suffer any income tax in the Isle of Man on any income distributions to them. Further, 
dividends are not taxable in India in the hands of the recipient. However, the Company will be subject to a ‘dividend distribution tax’ currently 
at the rate of 15% (plus applicable surcharge and education cess) on the total amount distributed as dividend.
As at 31 March 2011 and 31 March 2010, there was no recognised deferred tax liability for taxes that would be payable on the unremitted 
earnings of certain of the Group’s subsidiaries, the Group has determined that undistributed profits of its subsidiaries will not be distributed in 
the foreseeable future.
11. Property, plant and equipment, net
The property, plant and equipment comprises of:
(a) Gross block 
Particulars
 Land and 
buildings  Power stations 
Other plant and 
equipment Vehicles 
 Assets under 
construction  Total 
As at 1 April 2009 7,7 44,639 7,675,718 47,282 124,063 29,174,655 44,766,356 
– Additions 974,219 30,664 43,231 25,414 15,581,342 16,654,870 
– Disposals/transfers –  (145,870) –  (1 7,983) –  (163,854)
– Exchange adjustments 709,877 710,692 4,381 11,497 2,703,627 4,140,07 4 
As at 31 March 2010 9,428,735 8,271,204 94,894 142,991 47,459,624 65,397,446 
       
As at 1 April 2010 9,428,735 8,271,204 94,894 142,991 47,459,624 65,397,446 
 – Additions 444,197 42,059,353 49,460 71,375 9,635,644 52,260,030 
 – Disposals/transfers (53,270) – – –  (35,578,462) (35,631,732)
 – Exchange adjustments (614,406) (538,929) (6,233) (9,318) (3,092,620) (4,261,505)
As at 31 March 2011 9,205,256 49,791,628 138,121 205,048 18,424,186 77,764,239 
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_55
11. Property, plant and equipment, net continued
(b) Accumulated depreciation 
Particulars
 Land and 
buildings  Power stations 
Other plant and 
equipment Vehicles 
 Assets under 
construction  Total 
As at 1 April 2009 159,867 1,833,000 19,537 22,391 – 2,034,795 
 – Additions 24,948 555,440 18,736 26,200 – 625,324 
 – Disposals  (5,600) –  (13,187) –  (18,787)
 – Exchange adjustments 22,988 96,086 4, 110 3,672 – 126,856 
As at 31 March 2010 207,803 2,478,926 42,383 39,076 – 2,768,188 
       
As at 1 April 2010 207,803 2,478,926 42,383 39,076 – 2,768,188 
– Additions 34,166 1, 111,445 27,228 35,580 – 1,208,419 
– Disposals – – – – – – 
– Exchange adjustments (14,313) (186,610) (3,393) (3,350) – (207,664)
As at 31 March 2011 227,656 3,403,761 66,218 71,306 – 3,768,943 
(c) Net block 
Particulars
 Land and 
buildings  Power stations 
Other plant and 
equipment Vehicles 
 Assets under 
construction  Total 
As at 31 March 2010 9,220,932 5,792,278 52,511 103,915 47,459,624 62,629,258 
As at 31 March 2011 8,977,600 46,387,867 71,903 133,742 18,424,186 73,995,296 
The net book value of land and buildings block comprises of:
2011 2010
Freehold 8,203,467 8,359,192
Buildings 774,133 861,740
Total 8,977,600 9,220,932
Property, plant and equipment with a carrying amount of £55,365,467 (2010: £15,013,210) is subject to security restrictions (refer note 18).
12. Investments and other financial assets
Consolidated Company
 2011 2010 2011 2010
(a) Current
Available-for-sale financial assets  8,851,675 12,977,604 – –
Loans and receivables
 – Advance to suppliers 2,377,033 33,819 – –
 – Capital advances 31,286,228 23,339,592 – –
 – Other advances 2,971,307 7,028,665 59,043,372 61,145,096
Total 45,486,243 43,379,680 59,043,372 61,145,096
 
(b) Non-current 
Investments in subsidiaries – – 4,142 2,410
Loans and receivables
 – Prepayments 5,108,701 3,618,405 7,022 7,887
 – Lease deposits 1,065,537 961,213 – –
 – Other advances 767,576 890,639 – –
Total 6,941,814 5,470,257 11,164 10,297
Available-for-sale investment – quoted short-term mutual fund units 
The Group has investments in mutual fund units. The fair value of the quoted mutual fund instruments are determined by reference to published 
data. 56_OPG Power Ventures Plc Annual Report and Accounts 2011
12. Investments and other financial assets continued
Loans and receivables (current)
Advance to Suppliers include the amounts paid as advance for supply of fuel to the Group. Other advances of the Group primarily includes duty 
drawback receivable and transmission charges receivable amounting to £2,169,718 (2010: £157,383). For the previous year GEPL and GHPL 
(step down subsidiaries of the Company) had advanced an amount of £3,438,102 as inter corporate loan. Also, an amount of £2,806,644 was 
receivable from the bank on sale of available-for-sale investments. Capital advances comprise of payment made to EPC contractors for 
construction of assets and advances paid for purchase of capital equipments. The management expects to realise these in the next one year.
Loans and receivables of the Company primarily includes non-interest-bearing inter-corporate deposits of £58,981,826 (2010: £61,145,096) 
being the loan advanced by the Company to Caromia Holdings Limited by the Company which is repayable on demand.
Investment in subsidiaries
Investment refers investments in subsidiaries in the Company financial statements. CHL is a 100% held subsidiary of the Company. In the 
previous year GEPL and GHPL were 100% subsidiaries of the Company. The carrying amounts disclosed above are maximum possible credit 
risk exposure in relation to these financial assets.
13. Trade and other receivables
Consolidated Company
 2011 2010 2011 2010
Current
Trade receivables 6,518,201 2,478,584 – –
Unbilled revenues 99,425 255,216 – –
Other receivables  1,958,740 614,407 271,580 274,265
Total 8,576,366 3,348,207 271,580 274,265
Trade receivables are non-interest bearing and are generally due within 14 days terms. Out of the above, £8,576,366 (2010: £3,348,207) has 
been pledged for security as borrowings (refer note 18). As at 31 March 2011, trade receivables of £nil (2010: £nil) were collectively impaired and 
provided for. 
The age analysis of the overdue trade receivables is as follows:
 Past due but not impaired
 Total
 Neither past due 
nor impaired < 90 days 90–180 days > 180 days
2011 6,518,201 5,376,841 392,754 142,336 606,270
2010 2,478,584 986,454 300,530 754,066 437,534
14. Inventories
Consolidated Company
 2011 2010 2011 2010
Coal and fuel 5,368,042 1,738,189 – –
Stores and spares 237,481 129,726 – –
Total 5,605,523 1,867,915 – –
Out of the above, £4,708,191 (2010: £129,725) has been pledged for security as borrowings (refer note 18).
15. Cash and cash equivalents
Cash and short-term deposits comprise of the following:
Consolidated Company
 2011 2010 2011 2010
Cash at banks and on hand 69,884,386 7,359,657 64,598,301 7,072,048
Short-term deposits 1,219,894 6,808,796 – –
Total 71,104,280 14,168,453 64,598,301 7,072,048
Short-term deposits are made for varying periods, depending on the immediate cash requirements of the Group. They are recoverable on 
demand. 
Restricted cash represents deposits which have been pledged by the Group in order to fulfil collateral requirements (refer note 18). 
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_57
16. Issued share capital
Share capital
The Company presently has only one class of ordinary shares. For all matters submitted to vote in the shareholders meeting, every holder of 
ordinary shares, as reflected in the records of the Group on the date of the shareholders’ meeting, has one vote in respect of each share held.  
All shares are equally eligible to receive dividends and the repayment of capital in the event of liquidation of the Group.
The Company has an authorised share capital of 351,504,795 equity shares (2010: 286,989,795) at par value of £0.000147 (2010: £0.000147) 
per share amounting to £51,671 (2010: £42,187).
The Company has issued share capital at par value of £51,671 (£0.000147) per share.
Reserves
Share premium represents the amount received by the Group over and above the par value of shares issued and the excess of the fair value of 
share issued in business combination over the par value of such shares. Any transaction costs associated with the issuing of shares are 
deducted from securities premium, net of any related income tax benefits. 
Translation reserve is used to record the exchange differences arising from the translation of the financial statements of the foreign subsidiaries.
Other reserve represents the difference between the consideration paid and the adjustment to net assets on change of controlling interest, 
without change in control, Other reserves also includes any costs related with share options granted and gain/losses on remeasurement or of 
available-for-sale financial assets.
Retained earnings include all current and prior period results as disclosed in the statement of comprehensive income less dividend distribution. 
17. Share-based payments
The Board has granted share options to Directors and nominees of Directors which are limited to 10% of the Group’s share capital. Once 
granted, the share must be exercised within 10 years of the date of grant otherwise the options would lapse.
The vesting conditions are as follows:
The 300 MW power plant of Kutch in the state of Gujarat must have been in commercial operation for three months. –
The closing share price being at least £1 for three consecutive business days. –
The related expense has been amortised over the estimated vesting period of 4.21 years (expected completion of the Kutch plant) and an 
expense amounting to £1,454,207 (2010: £1,206,959) was recognised in the profit or loss with a corresponding credit to other reserves.
Movement in the number of share options outstanding and their related weighted average exercise price are as follows:
Particulars 2011 2010
At 1 April 22,524,234 –
Granted – 22,524,234
Forfeited – –
Exercised – –
Expired – –
At 31 March 22,524,234 22,524,234
Assumptions on valuation of options
The weighted average price fair value of options granted during the previous period was determined using the Black-Scholes valuation model 
was £0.28 per option. The significant inputs into the model were weighted average share price of £0.66 (2011) at the grant date, exercise price 
shown above, volatility of £0.60 (2010: £0.60), dividend yield of nil (2010: nil), an expected option life of 4.21 years (2010: 3.71 years) and annual 
risk free rate of 3%. The volatility measured at the standard deviation of continuously compounded share returns is based on daily share prices 
of the last three years. 58_OPG Power Ventures Plc Annual Report and Accounts 2011
18. Borrowings
The borrowings comprise of the following:
Interest rate  
(range %) Final maturity 2011 2010 
Financial liabilities measured at amortised cost 12.30–14.62 March 2023 45,254,399 30,800,245
Short-term loans 12.30–14.62 March 2012 3,367,529 3,882,815
Cash credit and working capital arrangements 1,294,930 2,648,982
LC bills discounting and buyers’ credit facility March 2012 402,338 –
Total  50,319,196 37,332,042
Total debt of £50,319,196 (2010: £37 ,332,042) is secured as follows:
Financial liabilities measured at amortised cost of the Group is fully secured on the property, plant and other movable current assets of  –
subsidiaries which have availed such loans and by a personal guarantee by the promoter.
The short-term loan and cash credits taken by the Group is secured against hypothecation of deposits and margin money as collateral. In  –
addition to the same, a Director has given personal guarantee for the same.
Letter of Credit (‘LC’) bills discounting, buyers’ credit facility, cash credit and other working capital facilities is fully secured against margin  –
money deposits and other fixed deposits of the respective entities availing the loan facilities.
Long-term project finance loan contains certain restrictive covenants for the benefit of the facility providers and primarily requires the Group to 
maintain specified levels of certain financial ratios and operating results. The terms of the other borrowings arrangements also contain certain 
restrictive covenants primarily requiring the Group to maintain certain financial ratios. As of 31 March 2011, the Group has met all the relevant 
covenants. 
The fair value of borrowings at 31 March 2011 was £50,319,196 (2010: £37,332,042). The fair values have been calculated by discounting cash 
flows at prevailing interest rates.
The borrowings mature as follows:
Consolidated
 2011 2010
Current liabilities 
Amounts falling due within one year 5,064,797 6,531,797
Non-current liabilities
Amounts falling due after one year but not more than five years 24,694,855 29,735,967
Amounts falling due in more than five years 20,559,544 1,064,278
Total 50,319,196 37,332,042
19. Trade and other payables 
Consolidated Company
 2011 2010 2011 2010
Current
Trade payables 9,499,104 3,224,109 72,691   44,747 
Creditors for capital goods 314,977 504,283
Other payables 902,880 189,725
Total 10,716,961 3,918,117 72,691 44,747
Non-current 
Trade Payables 1,231,509 2,261,141 – –
Total 1,231,509 2,261,141 – –
With the exception of certain trade payables, all amounts are short-term.
Trade payables are non-interest bearing and are normally settled on 45 days terms. –
Creditors for capital goods are non-interest bearing and are usually settled within a year. –
Other payables include provision for gratuity and other provision for expenses. –
Non-current trade payable comprises retention money which will be settled after completion and successful installation of the projects. –
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_59
20. Related party transactions
Where control exists:
Name of the party Nature of relationship
Gita investments Limited Ultimate parent
Caromia Holdings Limited Subsidiary
Gita Energy Private Limited Subsidiary
Gita Holdings Private Limited Subsidiary
OPG Power Generation Private Limited Subsidiary
OPG Power Gujarat Private Limited Subsidiary
OPG Renewable Energy Private Limited Subsidiary
OPG Energy Private Limited Subsidiary
Gita Power and Infrastructure Private Limited Subsidiary
Key management personnel:
Name of the party Nature of relationship
Arvind Gupta Chief Executive
V Narayan Swami Finance Director
Munish C Gupta Chairman
Martin Gatto Non-executive Director
Ravi Gupta Non-executive Director
P Michael Grasby Non-executive Director
Related parties with whom the Group had transactions during the period
Name of the related party Nature of relationship
Sri Hari Vallabhaa Enterprises & Investments (P) Limited Entity in which key management personnel has control/significant influence 
Dhanvarsha Enterprises & Investments Private Limited Entity in which key management personnel has control/significant influence 
Goodfaith Vinimay (P) Ltd Entity over which key management personnel exercises control/significant 
influence through relatives 
Salem Food Products Limited Entity in which key management personnel has control/significant influence 
Sri Rukmani Rolling Mill Private Limited Entity in which key management personnel has control/significant Influence 
Kanishk Steel Industries Limited Entity in which key management personnel has control/significant influence 
Gita Energy and Generation Private Limited Entity in which key management personnel has control/significant influence 
Gita Devi Relative of key management personnel 
Rajesh Gupta Relative of key management personnel 
Ravi Gupta Relative of key management personnel  60_OPG Power Ventures Plc Annual Report and Accounts 2011
20. Related party transactions continued
Related party transactions during the year 
The following table provides the total amount of transactions that have been entered into with related parties and the outstanding balances as 
the end of the relevant financial years:
Name of the party 2011 2010 
Summary of transactions with related parties  
Kanishk Steel Industries Limited  
(a) Sharing of power 495,323 790,753
(b) Cost of power generated 24,607 8,946
(c) Lease deposit 1,308,553 –
(d) Lease rent paid 148,478 236,226
(e) Reimbursement of expenses 10,851 16,015
Salem Food Products Limited  
(a) Sharing of power 23,757 –
(b) Interest received 66,130 89,660
(c) Receipt on account of repayment of loan 137,742 –
Sri Rukmani Rolling Mill Private Limited  
(a) Sharing of power 35,469 
(b) Sale of coal 1,889 –
Gita devi  
(a) Rent paid – 2,100
(b) Reimbursement of expenses 1,043 –
Ravi Gupta 
(a) Remuneration 25,000 25,000
Gita Energy and Generation Private Limited 
(a) Advance paid 2,403,604 1,719,051
Gita Power and Infrastructure Private Limited  
(a) Advance paid – 3,394,260
Name of the party 2011 2010)
Summary of balances with related parties  
Salem Food Products Limited  
(a) Loan outstanding 759,494 890,639
(b) Trade and other receivables – 970
Kanishk Steel Industries Limited  
(a) Trade and other receivables 331,769 632,955
(b) Lease deposit outstanding 4,611,201 3,532,783
Sri Rukmani Rolling Mill Private Limited  
(a) Trade and other receivables 28,028 –
1  Outstanding balances at the year-end are unsecured, interest-bearing in case of loans and inter-corporate deposits and other loans and advances are repayable on demand. The 
interest rates charged closely approximate to the market rates. There have been no guarantees provided or received for any related party receivables or payables. For the year ended 
31 March 2011, the Group has not recorded any impairment of receivables relating to amounts owed by related parties (2010: £nil). This assessment is undertaken each financial year 
through examining the financial position of the related party and the market in which the related party operates.
2  There are no other long-term benefits and termination benefits which are payable to the key management personnel.
3  The short-term loan and cash credits taken by the Group is secured against hypothecation of deposits and margin money as collateral. In addition to the same, a Director has given 
personal guarantee for the same.
21. Earnings per share
Both the basic and diluted EPS have been calculated using the profit attributable to shareholders of the parent company as the numerator (no 
adjustments to profit were necessary in 2010 or 2011).
The weighted average number of shares for the purposes of diluted EPS can be reconciled to the weighted average number of ordinary shares 
used in the calculation of basic EPS (for the Group and the Company) as follows:
Particulars 2011 2010
Weighted average number of shares used in basic EPS 292,469,151 286,989,795
Shares deemed to be issued for no consideration in respect of share-based payments 5,104,499 4,383,911
Weighted average number of shares used in diluted EPS 297,573,650 291,373,706
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_61
22. Director’s remuneration
Name of Directors 2011 2010
Arvind Gupta 169,109 157,480
Narayan Swami 50,734 47,244
Martin Gatto 25,000 25,000
Michael Grasby 25,000 25,000
Munish C Gupta 25,000 25,000
Ravi Gupta 25,000 25,000
Total 319,843 304,724
23. Commitments and contingencies
Operating lease commitments
The Group leases land and a functional plant under operating leases. The leases typically run for a period of 15 to 30 years, with an option to 
renew the lease after that date. None of the leases includes contingent rentals.
Non-cancellable operating lease rentals are payable as follows:
2011 2010
Not later than one year 339,703 236,537
Later than one year and not later than five years 1,358,810 946,149
Later than five years 2,813,221 2,427,833
Total 4,511,734 3,610,519
During the year ended 31 March 2011, £339,703 (2010: £236,537) was recognised as an expense in the statement of comprehensive income in 
respect of operating leases.
Capital commitments
During the year ended 31 March 2011, the Group entered into a contract to purchase property, plant and equipment for £92,009,451 (2010: 
£142,629,414). 
Guarantees
LC and Bank Guarantee are as disclosed below
Particulars
As at  
31 March 2011  
Group
As at  
31 March 2010  
Group
Towards outstanding LC 9,185,515 5,674,858
Towards outstanding bank guarantees 3,293,417 7,814,483
Contingent liabilities
1. As per Tamil Nadu Tax on Consumption or Sale of Electricity Act, 2003, every licensee shall collect and pay every month to the Government 
in the prescribed manner, a tax on the electricity sold during the previous month at the rates specified. The operating companies of the 
Group have during the year made sales to non-government customers amounting to £ 10,067 ,052 which is liable to electricity tax. However, 
no tax has been collected/remitted by the Company to the Government. The Company, based on a legal opinion, is advised that it is the 
obligation of the consumer to pay the tax to the Government on such sales. In addition, the Company is advised that in case of any claim by 
the Government on such sales, the same would be charged back to the customers. However, considering the uncertainty, the Company has 
disclosed this as a contingent liability.
2. OPGE had entered into a power sharing agreement with Precot Meridian Ltd (‘PML ’) on 30 November 2002 and further had entered into a 
Memorandum of Understanding on 30 March 2003, in terms of which PML had invested £46,832 in OPGE towards Equity investment and 
£152,894 towards 13% cumulative redeemable preference shares. Under this MoU OPGE had agreed to supply 2 MW of pro rata power of 
17 .5 MW. On 29 July 2005, OPGE redeemed the preference share in full and subsequently with approval of PML, converted the equity 
shares into Class – C shares, which have no voting rights. Subsequently, from April 2008, OPGE stopped its power supply to PML, since in 
the opinion of OPGE, the obligation of the Company to supply power to PML ceased with the redemption of the preference shares and 
subsequent re-classification of its shares into non-voting shares. However, PML has raised a demand through arbitration for an amount of 
£786,068 towards the additional cost incurred by PML in getting power through other sources for the period from April 2008 to October 2010 
and £275,485 for litigation fee along with 18% interest against the Company vide its claim on December 26, 2010 under the Arbitration & 
Conciliation Act 1996 and the matter is pending before the Arbitration Tribunal. OPGE has sought the opinion of its legal counsel and believes 
that there is no merit in the claim of PML. However, considering the uncertainty, the claim by PML is disclosed as contingent liability. 62_OPG Power Ventures Plc Annual Report and Accounts 2011
24. Financial risk management objectives and policies
The Group’s principal financial liabilities, comprises of loans and borrowings, trade and other payables, and other current liabilities. The main 
purpose of these financial liabilities is to raise finance for the Group’s operations. The Group has loans and receivables, trade and other 
receivables, and cash and short-term deposits that arise directly from its operations. The Group also hold investments designated at fair value 
through profit or loss and available-for-sale categories. 
The Group is exposed to market risk, credit risk and liquidity risk. 
The Group’s senior management oversees the management of these risks. The Group’s senior management is supported by a Financial Risk 
Committee that advises on financial risks and the appropriate financial risk governance framework for the Group. The Financial Risk Committee 
provides assurance to the Group’s senior management that the Group’s financial risk-taking activities are governed by appropriate policies and 
procedures and that financial risks are identified, measured and managed in accordance with Group policies and group risk appetite. 
The Board of Directors reviews and agrees policies for managing each of these risks which are summarised below: 
Market risk
Market risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market 
prices comprise three types of risk: interest rate risk; currency risk; and other price risk, such as equity risk. Financial instruments affected by 
market risk include loans and borrowings, deposits, available-for-sale investments and investment at fair value through profit or loss.
The sensitivity analyses in the following sections relate to the position as at 31 March 2011 and 31 March 2010.
The following assumptions have been made in calculating the sensitivity analyses:
(i) The sensitivity of the statement of comprehensive income is the effect of the assumed changes in interest rates on the net interest income for 
one year, based on the floating rate borrowings held at 31 March 2011, all other variables being held constant. These changes are considered 
to be reasonably possible based on observation of current market conditions.
Interest rate risk 
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest 
rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s long-term debt obligations with 
floating interest rates. 
At 31 March 2011 and 31 March 2010, the Group had no interest rate derivatives.
The sensitivity analyses have been prepared on the basis that the amount of net debt, the ratio of fixed to floating interest rates of the debt as at 
31 March 2011. 
If interest rates increase or decrease by 100 basis points with all other variables being constant, the Group’s profit after tax for the year ended 
31 March 2011 would decrease or increase by £143,355 (2010: £162,315). Increase/decrease in interest rates would have an immaterial impact 
on the Group’s equity.
Increase/decrease in interest rates would have no impact on the Company’s equity as there are no borrowings.
Foreign currency risk 
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange 
rate. The Group’s presentation currency is the Great Britain Pound. A majority of our assets are located in India where the Indian Rupee is the 
functional currency for our subsidiaries. Currency exposures also exist in the nature of capital expenditure and services denominated in 
currencies other than the Indian Rupee.
Currency fluctuations may have a large impact on our Group financial results. We are subject to currency risks affecting the underlying cost base 
in the operating subsidiary companies and also the translation of unit cash costs, profit or loss and the statement of financial position (including 
non-£ denominated borrowings) in the consolidated financial statements, where the functional currency is not the £. 
The Group’s exposure to foreign currency arises where a Group company holds monetary assets and liabilities denominated in a currency different 
to the functional currency of that entity with Indian Rupee being the major foreign currency exposure of the Group’s main operating subsidiaries: 
As at 31 March 2011 As at 31 March 2010
Currency Financial assets Financial liabilities Financial assets Financial liabilities
Rs 4,428,878,407 3,969,312,333 3,333,877,427 2,538,659,229
US$ – 11,897,358 – –
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_63
24. Financial risk management objectives and policies continued
Set out below is the impact of a 10% change in the Rs and US$ on profit arising as a result of the revaluation of the Group’s foreign currency 
financial instruments:
As at 31 March 2011 As at 31 March 2010
Currency Closing rate
Effect of 10% 
strengthening 
of £ on net 
earnings Closing rate
Effect of 10% 
strengthening 
of £ on net 
earnings
Rs 72.60 (642,936) 67.87 (1,065,162)
US$ 45.29 (742,124) – –
The impact on total equity is the same as the impact on net earnings as disclosed above.
Credit risk analysis
Credit risk is the risk that the counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial 
loss. The Group is exposed to credit risk from its operating activities (primarily for trade and other receivables) and from its financing activities, 
including short-term deposits with banks and financial institutions, and other financial assets.
The maximum exposure for credit risk at the reporting date is the carrying value of each class of financial assets amounting to £122,022,795 
(2010: £55,266,730). 
The Group has exposure to credit risk from a limited customer group on account of supply of power. However, the Group ensures concentration 
of credit does not significantly impair the financial assets since the customers to whom the exposure of credit is taken are well established and 
reputed industries engaged in their respective field of business. The credit worthiness of customers to which the Group grants credit in the 
normal course of the business is monitored regularly. The credit risk for liquid funds and other short-term financial assets is considered 
negligible, since the counterparties are reputable banks with high quality external credit ratings. 
The Group’s/Company’s maximum exposure for financial guarantees are noted in note 23. The Group’s management believes that all the above 
financial assets, except as mentioned in note 12 and 13, are not impaired for each of the reporting dates under review and are of good credit quality. 
Liquidity risk analysis
The Group’s main source of liquidity is its operating businesses. The treasury department uses regular forecasts of operational cash flow, 
investment and trading collateral requirements to ensure that sufficient liquid cash balances are available to service ongoing business requirements. 
The Group manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial liabilities as well as 
cash-outflows due in day-to-day business. Liquidity needs are monitored in various time bands, on a day-to-day and week-to-week basis, as 
well as on the basis of a rolling 90-day projection. Long-term liquidity needs for a 90-day and a 30-day lookout period are identified monthly. 
The Group maintains cash and marketable securities to meet its liquidity requirements for up to 60-day periods. Funding for long-term liquidity 
needs is additionally secured by an adequate amount of committed credit facilities and the ability to sell long-term financial assets. 
The following is an analysis of the Group contractual undiscounted cash flows payable under financial liabilities at 31 March 2011:
Current Non-current
On demand Within 12 months 1–5 years Later than 5 years Total
Borrowings 9,644,576 37,494,296 1 7,733,219 64,872,091
Trade and other payables 10,544,783 1,231,509 – 11,776,292
Other current liabilities 241, 113 – – 241, 113
Total 20,430,472 38,725,805 17,733,219 76,889,496
The Company’s contractual undiscounted cash flows payable under financial liabilities as at 31 March 2011 is £72,691 (2010: £44,747). 
Capital management
Capital includes equity attributable to the equity holders of the parent and debt. 
The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to 
support its business and maximise shareholder value. Objectives include, among others:
ensure the Group’s ability to meet both its long-term and short-term capital needs as a going concern; and –
to provide an adequate return to shareholders by pricing products and services commensurately with the level of risk. –
The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the 
capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares.  64_OPG Power Ventures Plc Annual Report and Accounts 2011
24. Financial risk management objectives and policies continued
No changes were made in the objectives, policies or processes during the years end 31 March 2011 and 2010.
The Group maintains a mixture of cash and cash equivalents, long-term debt and short-term committed facilities that are designed to ensure the 
Group has sufficient available funds for business requirements.
The SPVs in the Group engaged in the business of captive power generation are subject to statutory requirement of maintaining the captive 
consumers’ equity at 26% of the total equity. Apart from the aforementioned requirement, there are no other imposed capital requirements on 
Group or entities, whether statutory or otherwise.
The Capital for the reporting periods under review is summarised as follows:
2011 2010 
Total equity 151,167,738 88,585,682 
Less: cash and cash equivalents (71,104,280) (14,168,453)
Capital 80,063,458 74,417,229 
Total equity 151,167,738 88,585,682 
Add: borrowings (including buyer’s credit) 50,319,196 37,332,042 
Overall financing 201,486,934 125,917,724 
Capital to overall financing ratio 0.40 0.59 
25. Summary of financial assets and liabilities by category and their fair values
Set out below is a comparison by class of the carrying amounts and fair value of the Group’s financial instruments that are carried in the financial 
statements:
Carrying amount Fair value
2011 2010 2011 2010
Financial assets
Cash and cash equivalents
1
71,104,280 14,168,453 71,104,280 14,168,453
Available-for-sale quoted instruments
4
8,851,675 12,977,604 8,851,675 12,977,604
Loans and receivables
4
36,634,568 30,402,076 36,634,568 30,402,076
Current trade and other receivables
1
8,576,366 3,348,207 8,576,366 3,348,207
Non-current trade and other receivables
2
6,941,814 5,470,257 6,941,814 5,470,257
132,108,703 66,366,597 132,108,703 66,366,597
Financial liabilities
Long-term ‘project finance’ loans
3
45,254,399 30,800,245 45,254,399 30,800,245
Short-term loans
1
4,662,459 6,531,797 4,662,459 6,531,797
LC Bill discounting and buyers’ credit facility
1
402,339 – 402,339 –
Current trade and other payables
1
10,544,783 3,918,117 10,544,783 3,918,117
Non-current trade and other payables
3
1,231,509 2,261,141 1,231,509 2,261,141
62,095,489 43,511,300 62,095,489 43,511,300
Set out below is a comparison by class of the carrying amounts and fair value of the Company’s financial instruments that are carried in the 
financial statements: 
 Carrying amount Fair value
2011 2010 2011 2010
Financial assets
Cash and short term deposits
1
64,598,301 7,072,048 64,598,301 7,072,048
Financial assets at fair value through profit or loss – – – –
– designated at fair value through profit or loss
3
– – – –
Current loans and other receivables
2
59,043,372 61,145,096 59,043,372 61,145,096
Non-current loans and other receivables
2
11,164 10,297 11,164 10,297
123,652,837 68,227,441 123,652,837 68,227,441
Financial liabilities
Financial liabilities at fair value through profit or loss
3
– – – –
Financial guarantee contracts
1
– – – –
Current trade and other payables
1
72,691 44,747 72,691 44,747
 72,691 44,747 72,691 44,747
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_65
25. Summary of financial assets and liabilities by category and their fair values continued
The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current 
transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to estimate the 
fair values.
1. Cash and short-term deposits, trade receivables, trade payables, and other borrowings like short-term loans, current liabilities approximate their carrying amounts largely due to the 
short-term maturities of these instruments. 
2. Long-term loans and receivables and trade receivables are evaluated by the Group based on parameters such as interest rates, individual creditworthiness of the customer and the 
risk characteristics of the financed project. As of 31 March 2011, the carrying amounts of such receivables, net of allowances, approximate their fair values. 
3. The fair value of unquoted equity instruments at fair value through profit and loss account, loans from banks and other financial indebtedness, obligations under finance leases, 
financial liabilities at fair value through profit or loss as well as other non-current financial liabilities is estimated by discounting future cash flows using rates currently available for debt 
or similar terms and remaining maturities.
4. Fair value of available-for-sale instruments and other financial assets held for trading purposes are derived from quoted market prices in active markets, if available. In certain cases, fair 
value is estimated using an appropriate valuation technique.
Fair value measurements recognised in the statement of financial position 
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into 
Levels 1 to 3 based on the degree to which the fair value is observable.
Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. –
Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the  –
asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on  –
observable market data (unobservable inputs).
Level 1 Level 2 Level 3 Total
Financial assets at FVTPL
Non-derivative financial assets held for trading – – – –
Available-for-sale financial assets
Unquoted equities – – – –
Quoted equities 8,836,450 – – 8,836,450
Total 8,836,450 – – 8,836,450
There were no transfers between Level 1 and 2 in the period.
26. Restatement
(a)  During the year, the Group identified that negative goodwill arising on common control transactions during financial year ended 31 March 
2009 was presented through profit and loss which was not in accordance with the accounting policy for common control transactions as 
adopted by the Group which requires identified negative goodwill on common control transactions to be routed through equity. Further, on a 
recomputation of the reported negative goodwill, the Group identified an error in the model used which resulted in a reduction in the reported 
negative goodwill to the extent of £722,289 for the year ended 31 March 2009. The impact of this error was an understatement in the 
reported other reserves as at 31 March 2009 by £2,125,121 with a corresponding overstatement in retained earnings by £1,413,721 and in 
translation reserve by £722,289. The impact on the statement of comprehensive income was a reduction in the reported profits for the year 
ended March 2009 by £1,413,721. 
(b)  The Company has in previous years accounted for exchange difference arising on translating monetary items at reporting date through other 
comprehensive income which needs to be brought in conformity with IAS 21, which requires such exchange differences to be recognised in 
profit or loss. During the year ended 2010 the Company accounted an amount of £2,594,435 (2009: £3,135,891) through other 
comprehensive income as foreign currency translation reserve which has been restated and recognised through the profit and loss account 
resulting in an increase in retained earnings as on 1 April 2009 by £3,135,891 and a decrease in profit for the year ended 2010 by £2,594,435.
On account of the above revisions and a change in the method of presentation, the cash flow statements have been restated for the year ended 
March 2010. Considering that the above revisions only impact the components within equity with no impact on other balances of the statement 
of financial position as at 31 March 2009, the Group has not presented a third statement of financial position at the beginning of the earliest 
comparative period as required by IAS1.  66_OPG Power Ventures Plc Annual Report and Accounts 2011
27. Reclassification of the consolidated financial statements for the prior years
Prior year’s figures in the consolidated financial statements have been regrouped and reclassified wherever necessary to conform to the current 
year’s figures. The Group has reclassified the following items which do not have any impact upon the income statement, cash flows, equity and 
financial position and performance of the Group.
Capital advances relating to construction of power stations amounting to £21,160,152 which was disclosed as non-current has now been 
reclassified to Investments and other financial assets (current).
Capital work in progress relating to construction of power stations amounting to £2,387 ,533 which was disclosed as non-current has now been 
reclassified to investment and other financial assets. 
Restricted cash amounting to £1,333,253 which was disclosed as current has been reclassified to non-current.
Financial assets amounting to £259,123 has been reclassified to trade and other receivables.
Current tax assets (£2,003,214) and provision for taxation (£1,599,018) which were shown on a gross basis have been disclosed on a net basis.
The Group has made significant presentational changes in the income statement, to further improve comparability of its results to those of other 
power sector companies and to allow readers to make a more accurate assessment of the sustainable earnings capacity of the Group.
Operating revenue (£1,357 ,189) and cost of generation (£1,196,914) – relating to purchase and sale of coal have been regrouped to other income. 
Other expenses (£495,104), employee costs (£1,373,055), depreciation (£195,461), pre-operative expenses (£1,171,626) have been reclassified to 
general and administration expenses.
Other gains and losses (£1,028,559) has been reclassified to other income (£84,035) and to finance income (£944,524). 
An amount of £46,252 has been reclassified from finance income to finance expense. 
28. Subsequent events
OPGPG acquired certain assets of M/s Bellary Steels & Alloys Ltd, which consist primarily of 120 acres of land with partially completed 12 MW 
power plant for a consideration of £8.89m (Rs 649m). The Company was not operational for the last two years and was under liquidation. 
Subsequent to the reporting date, the Group, having paid the bid price in full, has acquired possession of the same. The Group has assessed 
this transaction as an acquisition of assets and not as a acquisition of business in the absence of any process which is part of a set of integrated 
activities to create any output. 
The financial statements were authorised for issue by Board of Directors on 12 August 2011 and were signed on behalf by:
Arvind Gupta V Narayan Swami
Chief Executive Officer Chief Financial Officer
Notes to the Consolidated and Company Financial Statements 
continued
For the year ended 31 March 201 1 (All amounts in £, unless otherwise stated) Overview
Business Review
Corporate Governance
Financial Statements
OPG Power Ventures Plc Annual Report and Accounts 2011_67
Corporate Directory
Nominated Advisor and Broker
Cenkos Securities Plc
6-7-8 Tokenhouse Yard 
London 
EC2R 7AS
Financial PR
Tavistock Communications
131 Finsbury Pavement 
London 
EC2A 7AS
Administrators and Company Secretary
IOMA Fund and Investment Management Limited
IOMA House 
Hope Street 
Douglas 
Isle of Man 
IM1 1AP
Auditors
Grant Thornton
Third Floor 
Exchange House 
54-58 Athol Street 
Douglas 
Isle of Man 
IM1 1JD
Legal Advisors
Dougherty Quinn
The Chambers 
5 Mount Pleasant 
Douglas 
Isle of Man 
IM1 2PU
Registrars
Capita Registrars (Isle of Man) Limited
3rd Floor 
Exchange House 
54-58 Athol Street 
Douglas 
Isle of Man 
IM1 1JD 68_OPG Power Ventures Plc Annual Report and Accounts 2011
Definitions and Glossary
Act: the Isle of Man Companies Act 2006
AGM: Annual General Meeting
Board: the Board of Directors of OPG Power Ventures plc
CAGR: Compound Average Growth Rate
CEA: Central Electricity Authority
CIL: Coal India Limited
Company or OPG or parent: OPG Power Ventures Plc
Current Quarter: the quarter commencing from 1 July 2011 to 30 September 2011
EBITDA: Earnings before interest, tax, depreciation and amortisation
Electricity Act: the Indian Electricity Act 2003 as amended
EPC: Engineering, Procurement and Construction
EPS: Earnings per share
FY: Financial Year commencing from 1 April to 31 March
GCP: Group Captive Plant
GDP: Gross Domestic Product
GM: Annual General Meeting
GMDC: Gujarat Mineral Development Corporation
Government: Government of India
Great Britain Pound Sterling or £/pence: Pounds or sterling/pence, the lawful currency of the UK
Group Captive: Group Captive Power plant as defined under Electricity Act 2003, India
Group or OPG: the Company and its subsidiaries
GW: Giga Watt
IAS: International Accounting Standards
IFRS: International Financial Reporting Standards
Indian Companies Act: the Companies Act, 1956 and amendments thereto
KWh: kilowatt hour
LSE: London Stock Exchange plc
MoU: Memorandum of Understanding
MW: Mega Watt
MWh: Mega Watt hour
O&M: Operating and Management
PPA: Power Purchase Agreement
PSA: Power Supply agreement
ROE: Return on Equity
Rupees/INR, Rs: Indian Rupee, the lawful currency of India
SPV: Special Purpose Vehicle 
State: State of India
The Code: the UK Corporate Governance code, issued by the Financial Reporting Council
UK/United Kingdom: United Kingdom of Great Britain and Northern Ireland
UK LLP: United Kingdom Limited Liability Partnership
US$ or U.S.$ or $: US Dollars, the lawful currency of the US OPG Power Ventures Plc is 
developing and operating power 
plants in India. The company is 
committed to building shareholder 
value and to being the first choice 
provider of reliable, uninterrupted 
power at competitive rates to its 
customers. OPG is listed on the 
Alternative Investment Market (AIM).
Overview
01 Highlights
02 Our Markets
04 Our Operations and Projects
06 Our Strategy and KPIs
08 Capacity Growth Profile
10 Chairman’s Statement
Business Review
12 Principal Risks
14 Chief Executive’s Statement
16 Operational Review
20  Financial Review
22 Responsible Growth
24 Board of Directors
Corporate Governance 
26 Corporate Governance 
30 Directors’ Remuneration Report
34  Directors’ Report
36  Statement of Directors’ Responsibilities  
in Respect of the Accounts
Financial Statements
37  Independent Auditors’ Report to the 
Members of OPG Power Ventures Plc
38  Consolidated and Company Statement  
of Comprehensive Income
39  Consolidated and Company Statement  
of Financial Position
40  Consolidated Statement of changes  
in Equity
42 Company Statement of changes in Equity
44  Consolidated and Company Statement of 
Cash Flows
45  Notes to the Consolidated and Company 
Financial Statements
67 Corporate Directory
68 Definitions and Glossary
Certain statements included in this Annual Report and Accounts contain forward-looking information concerning the Group’s 
strategy, operations, financial performance or condition, outlook, growth opportunities or circumstances in the countries, 
sectors or markets in which the Group operates. By their nature, forward-looking statements involve uncertainty because they 
depend on future circumstances, and relate to events, not all of which are within the Group’s control or can be predicted by 
the Group. Although the Group believes that the expectations reflected in such forward-looking statements are reasonable, 
no assurance can be given that such expectations will prove to have been correct. Actual results could differ materially from 
those set out in the forward-looking statements. For a detailed analysis of the factors that may affect our business, financial 
performance or results of operations, please refer to the Principal Risks and Uncertainties included in this Annual Report and 
Accounts. No part of these results constitutes, or shall be taken to constitute, an invitation or inducement to invest in the 
Group or any other entity, and must not be relied upon in any way in connection with any investment decision. The Group 
undertakes no obligation to update any forward-looking statements.
Cover: Covered coal shed at Chennai with 40,000t capacity OPG Power Ventures Plc Annual Report and Accounts 2011
A platform
for growth
OPG Power Ventures Plc
Annual Report and Accounts 2011 
www.opgpower .com
OPG Power Ventures Plc
117 Sir P S Sivasamy Salai
St Ebba’s Avenue
Mylapore
Chennai 600 004
India
T: +91(0) 44 42911214/42911222
F: +91(0) 44 42911209
E: info@opgpower.org
Registered office
Ioma House
Hope Street
Douglas
Isle of Man 
IM1 1AP