| Thermal Power Generation | Electricity generation from gas and lignite-based thermal power stations. | Captive fuel mines and long-established PPA contracts. | Industrial units, state utilities and commercial power buyers (B2B). | Captive lignite power with stable fuel supply. | | | Sale of electricity under power purchase agreements and industrial captive use. | Long-term fixed tariffs and contracted power sales. | Life extension of plants, efficient operations, and lignite mine expansion. | Vadodara Gas Power Plants, Surat Lignite Power Plant |
| Renewable Power Generation | Electricity generation from wind and solar farms across Gujarat. | Strategic land allotments, government approvals, and strong project management. | State utilities and corporate power consumers (B2B). | Large-scale solar at Khavda and efficient wind farms. | | | Sale of renewable power to utilities and corporate clients under long-term PPAs. | Fixed tariffs under government tenders and group captive models. | Government policies, cost reductions, Environmental mandates, and project expansions. | Khavda RE Park, Charanka and Raghanesda Solar Projects, Wind Farms across Gujarat |
| Mining Operations | Captive lignite and limestone mining supplying fuel and raw material for thermal plants. | Captive access to lignite and limestone reserves servicing power plants. | Internal power generation units. | Captive mining cost advantage. | | | Internal supply to thermal plants reducing input costs. | Cost plus internal valuation. | Increased demand for lignite to support thermal generation capacity. | |
