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The enterprise asset management system forms an integral part of the management process in a utility businesses and hence there is significant role of EAM system to cope the Indian utility businesses in competitive market, and is one of the most critical areas. It deals with the management of total life cycle of asset in a utility businesses related to investment planning, construction, operation, maintenance and disposal of asset. The results are then used for asset performance analysis to help further decision in investment, operation & maintenance. At various levels, management information reports need to be extracted to communicate the required information across various levels of management. The core processes of enterprise asset management involve a huge amount of paper work and manual labour, which makes it tedious, time-consuming and prone to human errors. Moreover, the time taken at each stage as well as the transparency of the relevant information has a direct bearing on the economics and efficient operation of a utility business. Both system performance and information transparency can be enhanced by designing & developing a software system for a complete IT solution for the managing the core business processes of asset management of Indian power utility businesses. In this paper, the authors report on the design & development of IT-based software for an asset repository along with work management to provide a complete IT solution in EAM for Indian power utility industries in post Electricity Act'2003 scenario.