The swiftly progressing Indian industry urgently needs more mighty chief financial officers in the league of Gajendra Bhardwaj, Group CFO at Gasonet, who glows and outshines everyone on the horizon as one of the most promising financial leaders in India for 2024.
With over 17 years of experience, Gajendra’s profound understanding of finance, accounting, fundraising, and the complexities of the power and city gas distribution sectors has earned him a reputation for excellence. His expertise is matched by a track record of strategic thinking and a results-oriented approach, making him a transformative force in the Indian corporate landscape.
Award-Winning Chartered Accountant and Financial Strategist
Gajendra’s journey began with his qualification as a chartered accountant on his first attempt, a feat that demonstrated his early commitment to excellence. “It was the beginning of my professional career in October’07 after completing my CA in May ’07,” he shares. His passion for financial analysis and accounting set him on a path that would lead to multiple prestigious positions and awards, including the esteemed CA Professional Achiever Award. His recognition by industry peers underscores his role as a key player in the financial sector, specifically in areas such as project finance, budgeting, auditing, and financial planning.
He adds, “I have been associated with the Energy sector since the beginning of my career. I was fortunate to be associated with Tata Power as CA Trainee.” One of Gajendra’s core strengths lies in his ability to navigate complex financial landscapes. His in-depth exposure to the power sector, city gas distribution (CGD, also a part of the energy sector), and the LNG (liquefied natural gas) industry has allowed him to develop innovative financial solutions, making him a pivotal figure in these industries. Over the decades, he had an exciting journey of deep learning about power generation, distribution, and transmission.
His approach involves not only managing numbers but also leveraging financial knowledge to create sustainable and profitable business models. His work at Gasonet Group, a joint venture of DEPL, Resonance Energy Private Limited, and Tolani Projects Private Limited, is a testament to his ability to handle diverse financial challenges.
Today, he says, “I am excited that I am also part of the Government of India’s initiative and commitment to increase the share of Natural Gas to 15% by 2030 (currently 6%).”
Key Competencies and Leadership in Finance
Gajendra informs that Gasonet is a consortium of Dinesh Engineers (DEPL), Resonance Energy (REPL) and Tolani Projects (TPPL), which won authorization for setting up CGD networks in four Geographical Areas (GAs) spread across 15 districts in three states, under PNGRB’s 11th bidding round. These projects are being implemented by Gasonet under three companies in the states of Rajasthan, Himachal Pradesh, and Uttarakhand, respectively, under the name of Gasonet Services (RJ) Limited, Gasonet Services (HP) Limited and Gasonet Services (HP) Limited.
As the Group CFO at Gasonet Group, Gajendra plays a critical role in driving the company’s financial strategy. His responsibilities extend far beyond traditional financial management. He is actively involved in fundraising activities, including complex negotiations with banks and financial institutions. Gajendra evaluates term sheets, financial models, and appraisal reports, ensuring that the company is well-positioned for growth while maintaining financial stability. His role is essential in finalizing Annual Business Plans (ABP), Capex schedules, and cash flow plans, which are vital to the company’s long-term success.
He informs that GAs have a large addressable market with ~118,014 sq. km license area (4% of total area awarded), a population base of 11 million, and 2,700+ km of national highways. Gajendra adds that along with the gas pipeline, Gasonet also plans to lay optical fibre to further monetize fibre along with PNG connections.
Adept in Technological Advancements
One of his distinguishing skills is his ability to manage both OPEX (operational expenses) and CAPEX (capital expenditures) effectively. This dual focus enables him to ensure that the company operates efficiently while also investing in its future growth. His careful supervision of the company’s books, compliance with INDAS (Indian Accounting Standards), and timely completion of audits reflect his commitment to maintaining transparency and accuracy in financial reporting.
Furthermore, according to him, Gasonet is committed to implementing innovative solutions by adopting the latest technologies, such as SAAS-based mobility solutions, IOT, and others. A technologically adept leader, Gajendra says, “We are also working towards achieving the highest operational efficiencies across all verticals. We are one of the fastest growing CGD companies in the 11th round bidders.”
He furthers that any innovation and technological advancement always add to consumer delight, and customer success is always the ultimate objective of any organization. Operational efficiency and customer satisfaction are directly related. Any improvement in operational efficiency adds to customer satisfaction. Gasonet is working on various fronts to adopt the latest technology, thereby making operations and maintenance more efficient and adding to customer satisfaction.
Gajendra says the CGD industry is largely dependent on technology-driven innovative solutions to cater to the needs of a large customer base. The industry is adapting to new IOT-based solutions for billing and payment and other critical areas related to safety and compliance.
He informs that Gasonet is evaluating various ERP solutions to integrate various checkpoints for monitoring and analysis purposes. Metering and Billing solutions that provide more efficient and accurate results with less effort and time are being considered for providing benchmark services to domestic, industrial, and commercial customers. Payroll, attendance, etc., are also being monitored and handled through advanced technologies.
Gajendra’s leadership also extends to governance and regulatory matters. He plays a critical role in statutory compliance and taxation, making sure that the company adheres to all legal and financial requirements. His interactions with government authorities, banks, auditors, and other stakeholders demonstrate his ability to manage relationships and expectations at the highest levels of corporate governance. This level of involvement requires not just financial acumen but also a deep understanding of regulatory frameworks and industry dynamics.
Proven Expertise in Project Finance and Fundraising
One of Gajendra’s standout achievements is his expertise in project finance and fundraising. Over the course of his career, he has been responsible for securing financing through various channels, including commercial papers, bonds, term loans, and non-convertible debentures (NCDs). His ability to raise funds efficiently has been critical to the success of the companies he has worked with, including Gasonet Group. Fundraising is often a challenging aspect of corporate finance, particularly in sectors such as energy and gas distribution, where the capital requirements are substantial. Gajendra’s strategic approach ensures that funds are raised in a manner that minimizes risk while maximizing potential returns.
Sharing his leadership approach, Gajendra says that any Achievement is a result of the well-directed and concentrated efforts of team members. A leader is just another team member of a high-performing team. “I believe trust and transparency are the strongest pillars for any team building exercise. I feel I am a part of a highly energetic Gasonet team, and with the guidance and support of the Board and leaders, I am able to build a strong, impactful Finance Team in Gasonet,” he ensures.
At Gasonet Group, Gajendra’s role in overseeing fund calls and determining the appropriate mix of financial instruments has been instrumental in maintaining the company’s liquidity and financial health. His hands-on approach to project finance, combined with his ability to engage with key stakeholders, allows him to secure the necessary funding while maintaining the company’s long-term financial sustainability.
Leadership Across Multiple Sectors
Before joining Gasonet Group, Gajendra held significant leadership positions across various industries, further establishing his reputation as a financial expert. At Shemar Power Engineering Pvt. Ltd, a subsidiary of Shemar EPC listed on the Shanghai Stock Exchange, Gajendra served as Financial Controller. This role required him to manage the financial operations of a multinational corporation, showcasing his ability to navigate complex international financial environments.
His tenure as Group Financial Controller at Think Gas Distribution Private Ltd, a gas platform company of ISquared Capital USA, also highlights his versatility in managing finances in different sectors. At Think Gas, Gajendra was responsible for overseeing the financial health of a company in a highly regulated and capital-intensive industry, further honing his expertise in strategic finance, financial planning, and analysis.
Another significant milestone in Gajendra’s career was his time at Tata Power Company Ltd, where he served as CFO for Powerlinks Transmission Limited, a joint venture between Tata Power and Powergrid Corp of India. In this role, Gajendra was responsible for the financial management of one of India’s earliest PPP power transmission projects. His experience in this position further solidified his reputation as a top-tier financial executive capable of managing large-scale infrastructure projects and their associated financial complexities.
A Visionary Leader
What sets Gajendra apart from his peers is not just his technical expertise but his vision for the future of finance. He is constantly looking for ways to streamline processes, enhance efficiency, and implement new financial technologies. For example, his work in ERP (Enterprise Resource Planning) evaluation and implementation at Maithon Power Limited (JV between Tata Power and DVC) and Think Gas demonstrates his forward-thinking approach to integrating technology into financial operations.
Gajendra is also deeply committed to fostering a culture of ethical financial practices. His focus on establishing performance-oriented systems and procedures ensures that the companies he works with operate transparently and with integrity. This ethical foundation is crucial in industries such as energy and gas distribution, where financial mismanagement can have far-reaching consequences.
Furthermore, Gajendra’s dedication to mentorship and knowledge-sharing is evident in his leadership style. He actively works to develop financial strategies that benefit the companies he serves and set a benchmark for the industry as a whole. His collaborative approach, coupled with his strategic thinking, positions him as a leader who is focused not only on the present but also on shaping the future of corporate finance in India.
Gajendra’s extensive journey across multiple organizations reflects his dedication to excellence in finance and leadership. In 2024, as the Group CFO at Gasonet Group, Gajendra played a critical role in driving the company’s financial strategy, especially in handling complex fundraising activities, managing OPEX and CAPEX, and ensuring compliance with regulatory frameworks. His leadership includes deep involvement in project finance, audit management, financial reporting, and risk management, making him a key player in India’s financial landscape.
Organizational Contributions
Gasonet (Group of Three Gasonet Companies) (2023 – Present)
Gajendra’s recent appointment as Group CFO at Gasonet, a joint venture of DEPL, Resonance Energy Private Limited, and Tolani Projects Private Limited, highlights his ability to lead across multiple business sectors. Gasonet is involved in City Gas Distribution, which requires Gajendra to manage substantial capital investment and operational expenses. His financial stewardship ensures that the company is well-positioned to pursue long-term sustainable growth through strategic financial management, fundraising, and compliance with complex industry regulations.
His responsibilities include:
- Managing OPEX and CAPEX, allowing for operational efficiency while enabling future investments.
- Fundraising for large-scale projects through various channels such as term loans, bonds, and equity.
- Ensuring financial reporting complies with Indian Accounting Standards (INDAS).
- Establishing internal control measures to safeguard financial accuracy and transparency.
Gajendra’s focus on technological advancement is also evident in his involvement in ERP (Enterprise Resource Planning) evaluation and implementation, which streamlines operations and ensures efficiency and transparency. The financial strategies under his leadership provide a strong foundation for growth, as he actively engages in stakeholder communication, governance, and risk management.
An ardent believer that the workforce is the cornerstone of every successful organization, Gajendra reveals that Gasonet endeavours to become an employer of choice for its employees. Gasonet provides various employee benefits. Gasonet has earmarked certain funds for the Training and development of its employees. Gasonet has a Delegation of Authority in place to empower its employees to make appropriate decisions in the company’s interests.
Under Gajendra’s leadership, Gasonet achieved tremendous success. Today, it is one of the few companies in India to start its first CNG station within a year or so by obtaining Authorization from PNGRB (Petroleum and Natural Gas Regulatory Board). This achievement showcases the Company’s commitment to excellence and innovation. Gasonet had to complete the following activities before starting the first CNG Station:
- Gas Sourcing.
- Gas Transmission through Pipelines.
- Gas Transportation from the Compressing Station to the CNG Station.
- Agreement with OMC (Oil Marketing Companies).
- Equipment sourcing.
- Deployment of Manpower.
Gasonet completed all the above activities within a very short period to remain ahead of their peers.
Shemar Power Engineering Pvt. Ltd. (2021–2023)
As a Financial Controller at Shemar Power Engineering Pvt. Ltd., Gajendra gained extensive exposure to the global financial landscape, particularly in power engineering. This subsidiary of Shemar EPC (listed on the Shanghai Stock Exchange) required Gajendra to oversee financial reporting and planning across international frameworks. He was instrumental in implementing and monitoring the company’s financial health, optimizing operational and capital expenditures, and ensuring statutory and taxation compliance.
His tenure at Shemar Power solidified his expertise in:
- Finalizing Annual Business Plans (ABP), Capex schedules, and cash flow planning.
- Ensuring compliance with FEMA, SEBI, and RBI regulations.
- Overseeing treasury operations, which included the strategic investment of funds and interface with banking institutions for debt management.
- Advocating for financial processes that adhered to the highest international standards, ensuring that statutory audits were completed promptly.
Gajendra’s financial planning skills were critical to Shemar’s operations. His ability to manage funds through ECB (external commercial borrowings) ensured that the company had the liquidity needed to sustain its operations. Furthermore, his experience in liaising with government authorities and regulatory bodies helped Shemar navigate the complex landscape of power Transmission engineering and EPC.
Think Gas Distribution Private Ltd. (2019–2020)
In his role as Group Financial Controller at Think Gas Distribution Private Ltd., Gajendra led the financial operations of a major gas distribution platform. Backed by ISquared Capital USA, this role required Gajendra to handle fund management for large-scale projects involving substantial capital investment. His primary responsibilities included overseeing treasury operations, raising funds through NCDs, and ensuring that OPEX and CAPEX were carefully monitored to maximize profitability.
Think Gas provided Gajendra with the opportunity to expand his expertise in:
- Strategic financial planning, where he was responsible for ABP finalization and cash flow management.
- ERP systems evaluation and negotiation, which streamlined internal processes across multiple departments.
- Managing a financial reporting framework that complied with Indian and international regulations, including INDAS and IGAAP.
- Leading audits, risk management, and insurance risk assessments, which were essential for protecting the company from operational risks.
Gajendra’s time at Think Gas reinforced his ability to manage both financial growth and regulatory adherence in the highly regulated (City Gas Distribution) CGD sector. His leadership in implementing efficient financial processes and ensuring statutory compliance has become a hallmark of his work.
Tata Power Company Ltd. (2007–2019)
Gajendra’s career with Tata Power spanned over a decade. He began as a Management Trainee and ascended to CFO of Powerlinks Transmission Limited, a joint venture between Tata Power and Powergrid Corporation of India. Tata Power is one of India’s largest integrated power companies, and Gajendra’s financial leadership played a crucial role in shaping the company’s growth trajectory.
Key Highlights from His Tenure at Tata Power:
Financial Closure of Maithon Power Limited: Gajendra successfully achieved financial closure for a greenfield thermal power project worth more than ₹5,000 crore. This 1050 MW coal-fired mega power plant in Maithon, Jharkhand, required the coordination of 17 banks for financing. His ability to secure ₹3,315 crore through this consortium was a testament to his fundraising and negotiation skills.
SAP Implementation: Gajendra facilitated the implementation of multiple SAP modules (FICO, MM, PS, TRM) to improve financial processes. His contributions to process optimization extended to preparing monthly MIS reports and modelling tariffs for regulatory approval by the Central Electricity Regulatory Commission (CERC).
Fundraising and Refinancing: His efforts to refinance loans for Powerlinks Transmission and windmills demonstrated his expertise in capital structure optimization. The refinancing of ₹115 crore for wind projects and ₹108 crore for Powerlinks Transmission via commercial papers and listed NCDs were significant achievements that solidified The Company’s financial stability.
Management Reporting: Gajendra’s role involved reviewing monthly and quarterly MIS reports and ensuring accurate and timely financial data was available for strategic decision-making. His close interaction with the Board of Directors and Audit Committees allowed him to provide valuable insights into Powerlink’s financial performance and future projections.
Compliance and Regulatory Approvals: Gajendra’s in-depth knowledge of tariff modelling and his efforts to secure regulatory approvals from CERC for transmission projects were pivotal to the Company’s operations. His work in maintaining statutory and taxation compliances, including GST implementation, showcased his ability to navigate India’s evolving regulatory landscape.
A CFO Leader for a Progressive Indian Future
Gajendra’s illustrious career, marked by his rise from Management Trainee at Tata Power to Group CFO at Gasonet Group, reflects his unwavering commitment to financial excellence. His ability to manage complex financial landscapes, raise funds through innovative financial instruments, and ensure regulatory compliance makes him one of India’s most promising CFO leaders to watch in 2024.
He is proud to be part of Gasonet’s future vision, with its Annual Business Plan approved in place. He states, “We have identified the number of Stations, Industrial, and Domestic Connections to be achieved by the end of FY25. More stations and Connections will result in lesser pollution.”
His extensive experience, technical expertise, and visionary leadership make him a standout figure in the world of finance. Whether it’s raising funds for large-scale projects, ensuring compliance with complex regulatory frameworks, or implementing cutting-edge financial technologies, Gajendra has consistently demonstrated his ability to deliver results. As he continues to lead Gasonet Group and contribute to the broader financial sector, Gajendra Bharadwaj’s influence and impact are set to grow, making him a key figure in India’s financial future. “We are very positive about the sustainable economic growth along with the greenest environment, thereby contributing towards our Mother Earth,” he concludes.
