Eastman Auto and Power Limited Initiates Employee Stock Ownership Plan Ahead of its Planned IPO
Eastman Auto and Power Limited, one of the leading companies in energy storage and solar solutions has initiated an Employee Stock Ownership Plan (ESOP) for its employees. An ESOP is a trust fund that owns the company, in which all full-time employees generally earn shares as part of their compensation. The objective of the initiative is to achieve organizational excellence through the valuable contribution of employees. As a part of this initiative, 15 percent of employees have been granted this scheme. The company plans to roll out the scheme for all its employees very soon.
This is a rare occasion when a promoter held company has rolled out a preferential ESOP program. It underscores the company’s commitment to the concept of inclusive growth wherein every employee feels valued and motivated to excel in his area of expertise. The company is the first in the Indian solar sector to offer this scheme.
“The initiative can be regarded as the milestone in the company’s history. It is a reward to employees for their countless contribution while empowering them to play an integral role in our shared future. It will go a long way in inculcating a sense of ownership among employees and make them as partners in the quest to achieve professional excellence,” said Mr. Satyendra Malik – President Human Resources, Eastman Auto and Power Limited.
Meanwhile, employees have welcomed the initiative.
“ESOP is a noble initiative which makes us feel valued and an integral part of the company. It will motivate us to perform even better to achieve excellence,” said Ashwani Sharma, an employee of Eastman Auto and Power Limited.
About Eastman Auto and Power Limited
Eastman Auto & Power Limited is acknowledged globally for its innovative approach, quality and excellent services. Established in 2002, EAPL is the leading manufacturer, supplier and exporter of all kinds of energy storage and solar solutions with manufacturing and research units in India. The range of products offered by Eastman is known for its quality, durability and performance. The company provides batteries for vehicles, Inverters & UPS systems applications as well as E-rickshaw and solar solutions. EAPL also provides the most comprehensive portfolio of customized packages, solutions and services along the solar PV product line for SOHO, Rooftop, Residential and CSR applications. The company support and maintenance services across the world help to ensure efficient solar and energy storage installations.