The 75-year-old company, Patel Engineering which has a market cap of nearly Rs 60 billion lost its Chairman & MD at an early age of 57
Rupen Pravinbhai Patel, 57, Chairman and Managing Director (CMD) of construction engineering company Patel Engineering, passed away in the late hours of Friday, the 5th of July, leaving behind a profound sense of loss among those who knew him. His leadership and vision had a significant impact on the company and its employees. The third generation of the Patel family, Rupen Patel has been the Chairman and Managing Director since 2017 and has played a crucial role over 30 years through which the company benefitted.
After completing his MBA from Babson College, USA he began his career as an advisor at Patel Engineering and spent the first few years at project sites to have a better understanding of the on-ground situation and apply his knowledge aptly. Later, he moved on to be a Director in October 1995 and soon progressed to becoming the Executive Director by September 1996.
As Chairman and Managing Director, Rupen Patel has exemplified extraordinary leadership qualities, navigating the company through challenges while seizing opportunities for growth. Over the years, the company has carved a niche as one of the fastest-growing engineering firms in hydropower, with a strong commitment to sustainability and quality. Under his leadership, Patel Engineering has undertaken numerous landmark projects that have transformed India’s energy sector and empowered local communities. Approximately 60 percent of their current order book focuses on hydropower initiatives, reflecting the company’s strategic emphasis on sustainable energy solutions. The company’s track record boasts around 40 completed hydroelectric projects, with an installed capacity of approximately 11,000 MW. Moreover, the company is actively involved in constructing an additional 8,000 MW, out of the 18,000 MW hydropower projects currently under development in India.
The company’s order book for 2024 is robust, reflecting significant growth and diverse project acquisition. As of December 2023, its order book stood at about Rs 191 billion. This includes recent wins and on-going projects in sectors such as hydropower, irrigation, roads, buildings, dams and tunnels.
Notably, the company along with its joint venture partners has been declared the lowest bidder (L1) for new projects worth Rs 15.67 billion in Madhya Pradesh and Maharashtra. Its share in these projects is valued at Rs 10.06 billion. These projects encompass the construction of a pressure irrigation system and a lift irrigation scheme.
The company continues to receive substantial orders, ensuring sustained revenue growth and a strong pipeline of projects for the future. Their strategic focus on financial management, debt reduction and employee growth further supports their upward trajectory.
As of December 2022, the company's order book stood at Rs 168 billion, which includes both ongoing projects and new contracts secured. With subsequent wins and ongoing developments, its order book has continued to strengthen, positioning it well for future growth in the infrastructure sector.
The 75-year-old company, which has a market cap of nearly Rs 60 billion, has appointed Janky Patel, the wife of late Rupen Patel, as chairperson of Patel Engineering. Janky is a graduate of Mumbai University and will hold the position of non-executive chairperson. She will lead the company with the same dedication and integrity as her husband to ensure the seamless functioning of the company during this difficult period. In addition, Kavita Shirvaikar has been elevated to the post of Managing Director after she stepped down from her previous role as chief financial officer (CFO).
Family and friends are coming together online to create a special keepsake Tribute Book and share memories of his kindness and personal connections. Every memory left on the online obituary will automatically be included in this book.
