Uncertainties in Indian power sector and the slow pace of reforms in the sectors have caused impatience to cash-rich global power utilities, which were looking at India to fuel their growth ambition. Lured by the demand-supply mismatch in electricity generation and the merger and acquisition opportunities in India, almost half a dozen foreign players, including giants like E.ON of Germany and France-based GDF Suez, had come scouting for opportunities in India around two-three years back.    

However, E.ON has already has closed its India office while others are either in the process of shutting shop or have put their plans for the country on the back burner. E.ON remains fundamentally interested in the long-term growth opportunities that the Indian power sector may offer in the future and will continue to monitor the market as it develops, said an E.ON executive. urrently, the company is not running an office in Mumbai anymore, he added.    

GDF Suez said that the company has found opportunities to grow in India and looked at a few M&A proposals, but is not very keen to invest in power sector right now. Despite permission for 100 per cent foreign direct investment in power projects, India has only two foreign players operating power plants— AES of the US and China Light and Power (CLP).    

AES has scaled down its operations restricting presence to its stake in a plant in Odisha. CLP has scrapped thermal power plans and will only pursue renewable energy projects.