Globus Power Generation Ltd is a listed Indian company that set out to build a portfolio of wind, biomass and solar power plants - but it has not yet built or acquired a single operating asset. Originally incorporated as a construction and development firm in 1985, it pivoted to renewable energy with a stated mission to replace finite fossil fuels with clean, inexhaustible power. The recurring approach is that of a strategic investment vehicle: identify sustainable energy projects, evaluate them, and integrate them into the group - a plan that, across the years covered, has remained entirely aspirational. # Business segments A single business segment - strategic investments in power generation and renewable energy - that has yet to generate meaningful operations, revenue or assets. ## 1. Renewable-energy investment platform: a portfolio still waiting for its first plant **The company exists to buy and hold wind, biomass and solar power assets, but as of its latest filing it owned no investments, no plant and no equipment - it is a shell searching for a deal.** - **A declared focus on clean energy** - the company’s sole reported segment is making strategic investments in power generation, specifically acquiring wind, biomass and solar plants to bring them into the group. The business also includes making investment in other securities, derivatives, mutual funds and properties. - **No operating assets on the books** - as of March 2025, the company held zero investments, zero property, plant and equipment, and zero intangible assets. The only physical assets in recent years were a handful of fully depreciated vehicles still registered in the name of a previously merged entity, CITCPL, because the legal transfer was never completed. - **Near-dormant revenue** - operations generated just Rs. 7,000 in revenue in FY25, and the company ran a cash loss of Rs. 48.40 lakh. In the prior year, it sold products worth Rs. 4.31 lakh, and in FY23 it had sales and other income of Rs. 0.43 lakh while it “explored other avenues” and held discussions with vendors. - **A legacy balance sheet, not a growing one** - the company’s main financial features are old, impaired receivables from related parties (Rs. 953 lakh net of a 75% provision in FY24) and negative equity of Rs. 9,365 lakh, meaning liabilities exceed assets by a wide margin. It has taken no loans, raised no fresh capital, and holds about Rs. 3.85 lakh in cash across bank accounts - some of which are still in the name of that same legacy entity and frozen by legal matters. - **Five people and a vision statement** - the entire operation runs on five permanent employees, down from seven four years earlier, while the company’s published mission talks of maximising India’s clean-energy resources and providing grassroots employment. # Group structure and partners **A tightly held promoter vehicle with no subsidiaries, no joint ventures, and a legacy corporate shell still not fully unwound.** - **No operating group** - the company has no subsidiaries, associate companies or joint ventures, so there is no network of operating entities beneath it. - **The CITCPL hangover** - an earlier amalgamation left behind vehicles and bank accounts still registered in the name of the predecessor company, CITCPL, with their closure pending because of unresolved legal matters.