VIKRAN Engineering & Exim Pvt Ltd: An authentic cognomen in the EPC space
As the Indian EPC Sector is booming with augmenting prominence, there is a myriad of industry players carving a niche for themselves while ensuring an international repute across the globe. Procuring all the requisite equipment and components that can add an immense facility to the construction space, a few enterprises are being substantive while being relevant to their clientele.
This time, Business Connect presents a company profile with a matchless business portfolio that is revamping the EPC sphere with its state-of-the-art products line. VIKRAN Engineering & Exim has ensured an emergence that is quite inspiring and exhilarating. Thereby, we walk our adored readers through the success story of this phenomenal industry player that has become a flagbearer of eminence with its unique acuity.
The company at a glance
Headquartered in Thane (Maharashtra), VIKRAN Engineering & Exim Pvt. Ltd. has become one among the leading EPC companies that are catering to Power & Railway sector & executing projects in Power Transmission lines up to 400 KV, EHV Substations up to 400 KV, Power distribution projects & Railway Electrification projects. The service portfolio of the company includes Engineering Procurement Construction (EPC) contracting services for the Power Sector and the enterprises indulged in export-import of diverse goods.
VIKRAN delivers integrated end-to-end services in the field of Power Transmission Lines, Power Infrastructure & Railway/Metro Sector, Traction Substation, and overhead electrification on a turn-key basis.
Under the umbrella of its clientele, VIKRAN caters to authorities such as Central Utility like PGCIL, Indian Railways & State Utilities. From Gaya to Gwalior, its substantial services have been well-recognized across the nation and well-accoladed by prominent names in the industry. The astute EPC giant always endeavours for project completion ahead of schedule – only differentiating factor – that ensures the faith of customers in their favour and distinguishes them from other EPC players.
Being the leading light as CMD, Rakesh Markhedkar has been instigating VIKRAN to climb the ladder of success effortlessly. So far, the company has witnessed exponential growth miraculously in the past five years, where they started from scratch to become a matchless organisation with over 500 Crore turnover. This roaring success allowed them to expand their headcounts from 5 number simple to a significant number of 950+.
Regarding their ascending graph of success, CMD quotes, “Never before, any organisation was able to escalate the power T&D Projects from 11kV to 440kV in short span. We have ensured an exceptional mark in the industry with our outstanding performances and raised the bars of project execution timeline and quality standards.”
About its exclusive vision and mission
The company envisions to be recognized as ‘India’s premium fast- track project execution EPC Company in Power, Railways, Metro’s and Smart-Infra Projects. All of its core values are aligned towards being an industry leader and in a constant endeavour to be so, they retrieve it with a broad-minded mentality.
“Our core business strategy has sustainability embedded into it right from the beginning. We believe in giving back to the community and are attuned to the importance of being socially and environmentally conscious in all that we do,” asserts the Chairman & Managing Director while highlighting the prime business philosophy.
A view of its competitive edge
As the project execution sector is quite a demanding area to be operational in owing to the heavy- dependence on external factors to overcome a few major challenges. Team VIKRAN is adeptly competent to deal with plan execution scenarios by seeking assistance from the Project Planning Monitoring & Control (PPMC) and Corporate Monitoring Group (CMG) departments that accumulates data from sites and revises the execution plan frequently with each faltering variable to always get enlightened with the right idea.
To stay ahead of the curve, the company has adopted some exclusive tactics. Be it their low power distance cultures or their unwavering acuity to never get riddled by unnecessary red tape, VIKRAN has forged in its respective industry with agility and adaptivity. Moreover, their adherence to the Internal Financial Controls set by the company also ensures them with a leading edge.
The phenomenal industry player reckons on ensuring a steadfast bond of trust that is fortified by fulfilling commitments and delivering better solutions than the expectations. From the early deployment of teams & resources for on-time commencement of projects to strict adherence with the L3-level schedule that targets every project completion in a minimum of 3 months prior to schedule.
Be it weekly Cash Flow monitoring system or Strict Project Planning, their Monitoring & Control System is enriched with 3 tier Planning, Monitoring & control system at Project site/ Regional Offices & Corporate Office to ensure timely alignment of resources, equipment, Erection Gangs & Testing, Commissioning teams at Site. Moreover, the frequent site visits of Senior Management helps in issue resolution and hand-holding of Site Team Members. With world-class HR practices & competency Development Programme and effective rewards/recognition system, they strengthen their teams at multiple levels.
For their strict adherence to quality and safety standards, they have been accredited with ISO certifications- ISO 9001:2015 for Quality Management System, ISO 14000:2015 – Environmental Management System and ISO 45001:2018 – Occupational Health and Safety Management System.
Synergy with the faltering market trends
Owing to its adept system, VIKRAN operates around the theory of constraint that identifies limiting factor cannot impede surging success. The company recognizes that the identification of limiting factors is a continual process as it is the dynamic nature of this industry. What VIKRAN believes in is – change management and improving the internal process – that emboldens their vision.
Moreover, its attempts prioritize the employees’ interests at its core and enrich the company’s work culture with optimism. To get ahead of the curve, they ensure to hire the right talented head who can majorly contribute to the organisation’s productivity while allowing them to ensure the pace of execution of projects.
Apart from this, their extended reach to social media allows them to market themselves in a much better manner and to seek prospective clients effortlessly. “VIKRAN’s major R&D segment is staying well-informed in the business environment. It uses forums and meeting to interact with global industries expert. Learn from the steps in their journey to becoming market leaders. Look to form mutually beneficial partnerships with other companies,” elucidates Rakesh Markhedkar (CMD).
Though the EPC industry is making the most out of the data deluge, multiple challenges are needed to overcome such as disconnected ecosystems, lack of standardization, incomplete visibility, or lack of digital engineering talent. And in this context, VIKRAN is making an enormous difference.
Transition with technology
CMD exemplifies that Industry 4.0 has been ushering in rapid disruption where efforts for digitalization will need to cross the boundaries of cost improvements and operational efficiencies. He avidly believes that VIKRAN must be embracing the risk of transitioning from manual and legacy systems to agile, automated IT business models. Definitely, the next-gen technologies will allow VIKRAN to deliver on the mandate and adhering to industry 4.0, it has taken a step towards automation that will assist to build an outstanding next-gen operating model. Moreover, the company is in an incessant process of implementation of one of the best Enterprise resource planning i.e. SAP S/4 Hana Private cloud edition for ensuring a leading- edge over its peers.
Sailing through the waves of uncertainties
Undeniably, the business establishments across the world, regardless of their strengths and industry types, have already been drastically affected by this unprecedented pandemic. With soothing of the situation, one of the most overwhelming challenges the businesses are struggling with is a transference of their respective workforce to implement a work-from-home policy and ensure continuity of workflow. But, even amidst the glooms and dooms of the global pandemic, VIKRAN kept its calm and forged ahead with utmost dedication and determination.
Here and there, the workforce was schooled in multiple ways to curtail the risk of the viral outbreak. From a strong business contingency plan implementing flexible business hours and work-from-home arrangements to the deployment of an array of solutions to conduct remote work, VIKRAN has effortlessly managed to combat the unprecedented crisis. In this regard, Rakesh says, “Platforms such as Google Hangout, Skype, and Zoom have made it possible to allow employees to communicate and work online efficiently, without compromising their safety at this time. But the availability of technologies and our prompt responses in the adaptation of alternative modes for continuity of work by some of the sectors have successfully managed to counter the negative effects triggered by the outbreak of coronavirus.”
Moreover, the prudency of the company officials allowed them to take various measures in reducing the spread of the fatal virus and maintain the effective continuity of the business operations accordingly.
VIKRAN has been conferred with numerous national and international awards and accolades for its exemplary services. Setting new benchmarks in the industry the company is expanding its reach across the nation at a rapid pace. At International Achievers’ Conference in 2016, the company was awarded the ‘Fastest Growing Indian Company Excellence Award’ by the Princess of Thailand. In recognition of possessing matchless leadership qualities.
Rakesh Markhedhkar has been venerated by Economic Times by ‘Most Promising Business Leaders of Asia‘ Award in Nov-2017 by Prime Minister of Singapore and Malaysia jointly for his demonstrating exemplary leadership qualities.
In India, VIKRAN has hattrick of awards, by bagging three consecutive ‘Excellence Award’ by Chief Minister of Bihar for the projects executed Bihar State Power Holding Company Ltd. This award was in recognition of the company’s outstanding performance in realizing the Chief Minister’s Mission to electrify all the villages ahead of the schedule. Moreover, multiple appreciation certificates bestowed by the state government presents the testimonial to their distinctiveness and reliability.
A glance over the future outlooks
VIKRAN reckons on the fact – the evolving paradigm should be dealt with a rational approach- that does not disrupt existing business processes. Undoubtedly, a business can adapt to thrive in a rapidly wavering, enhancing competitive and incessantly uncertain world. “While the future or the pace of developments cannot be predicted with certainty, tracking several key trends can aid companies to prepare for the future,” quotes CMD.
From the application of the landscape perspective of the internally developed EPC New Generation Reference Architecture (NGRA), the gaps in technology and the business model has started to widen. Soon, they will bring forth a few solutions that can be prepared by partnering with technology specialists that they believe will become their key differentiator to bring about the transformation while ensuring business continuation.
CMD reveals that pervasive technologies unwaveringly demand innovative methods of operating both- within and outside the enterprises. He believes consolidation and running simulations or testing scenarios will soon be elapsed just like the monitoring cell functions of the present-day scenarios thrive: updating schedules based on inputs sourced from the site that can be supervised and connected to the 3D models accordingly.
As the next-generation workforce is now transitioning, with younger, less experienced, but more tech-savvy employees, future organizational models need to re-orient themselves to collaborate and converge current silos. Regarding the Engineering disciplines, there must be enough room for Operations and Maintenance (O&M) strategies. A few enterprises are commencing this venture with pilot projects by involving via social platforms to create a foundation for a future- flexible organization—creating brand values focussed on trustworthiness, innovation, and agility, and VIKRAN strives to be in harmony with it in every possible manner.
Employee Engagement Program and CSR
Vikran promotes an innovative and diverse organisational culture that has been a part of its employee’s life. A positive creative atmosphere and a safe working space offered by Vikran to its Employees keep them comfortable, innovative and happy at work. The concept that being a part of Vikran is about being smart and wise encourages the employees to think openly and keeps them productive.
Vikran has recently celebrated its 5th Foundation Day in GOA, keeping the positive spirits during the global pandemic, Vikran has taken a step to enhance the skills of employees by way of arranging training programmes on Management skills, public speaking, Time Management, Communication skills, team building, business orientation etc. To boost the team building and germ and improve the inter_personal relationship, Vikran organises cricket tournament for its employees named as Vikran Premier League, Annual picnic and many other activities. Vikran celebrates the Birthdays of employees , all festivals has been celebrated with zeal and enthusiasm like Holi, Navratri, Deepavali, Dausheera, cristmas etc.
With reference to Employee Engagement program, Vikran is also a step forward for Corporate Social Responsibility programs are focused towards environmental sustainability, education, health, arts & culture and community development initiatives, through both direct implementation as well as via NGO partners, while ensuring participative, engaging employee volunteering within these focus areas. This commitment is balanced on four pillars, namely Sustainability, Diversity & Inclusion, Employee Volunteering & Community Initiatives. Keeping this aspect, Vikran has achieved the PANCHTATVA award.