BWI: The Alchemists Ark Acquires First Energy Private Limited

Press release from Business Wire India
Source: First Energy Private Limited
Tuesday, October 06, 2009 04:00 PM IST (10:30 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Banking & financial services, Business services, Chemicals, Energy companies
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The Alchemists Ark Acquires First Energy Private Limited
Transition of Ownership to create a Sustainable Business Model with a Local Cost Base

New Delhi, Delhi, India, Tuesday, October 06, 2009 -- (Business Wire India) -- The Alchemists Ark (TAA), a privately-held Business Consulting and Implementation company based out of Pune, has taken over First Energy Private Limited, a company promoted by BP. This transition will help facilitate the growth of "Oorja", an effective cooking solution that runs on biomass pellets.

Over the last five years, the business had incubated a clean and affordable cooking solution aimed at serving a large number of customers in rural India, working closely with a range of local partners and entrepreneurs, to develop a robust product and a sustainable distribution set-up. TAA aims to grow this initiative into a sustainable business.

Speaking about the new ownership, Mr. Raymond Moses, Director, TAA said, "The emerging markets present a huge business opportunity in a country like India where an estimated 3.6 billion consumers do not currently have access to clean and safe energy solutions. The fact that this has been successfully conceptualised and created a business which serves more than 400,000 households in Karnataka, Maharashtra, Madhya Pradesh and Tamil Nadu today, gives us tremendous confidence to bring in our skills, market knowledge and entrepreneurial flair to enable the business to succeed."

"Mahesh Yagnaraman and Mukund Deogaonkar who helped build this business will be key stakeholders in First Energy. Their experience and understanding of the business and our partnership will help realising the full potential of this venture", he added.

"Oorja" today represents a new way of cooking and has the potential to grow into a large, successful business in India and globally. The initiative aims at creating a commercially sustainable business, offering clean, safe and affordable energy solutions to identified customers in both urban and rural households in developing countries.


CONTACT DETAILS
Mahesh Yagnaraman, Managing Director, First Energy Private Limited, +91 (20) 27293990, Mahesh.yagnaraman@firstenergy.co.in

KEYWORDS
CONSUMER, CONSULTANCY SERVICES, BANKING, BUSINESS SERVICES, CHEMICALS, ENERGY

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