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Home arrow News arrow Power and Energy arrow Powergear to form Wind Tower Manufacturing JV with Gestamp Renewables
Powergear to form Wind Tower Manufacturing JV with Gestamp Renewables Print E-mail
Written by Krishna Kumar   
Saturday, 09 April 2011
Chennai: Gestamp Wind Steel, a subsidiary of Gestamp Renewables (Spain), has signed a joint venture agreement with Powergear Ltd. to form a 60-40 joint venture which will produce towers for wind turbines being constructed in the Indian market.

The JV company - Gestamp Powergear Wind Steel - plans to set up it's production unit at a greenfield facility in the vicinity of Chennai. The company is expected to begin producing 80-100 foot long tower sections for wind turbines in the first quarter of calendar year 2012.

The company will initially invest Rs 150 crore to set up the facility with a capacity of 130 towers in the first year. This will be scaled up in a phased manner to 260 towers in the second year and to around 350 towers in the third year.

The joint venture expects to employ around 300 people when fully operational.

"Powergear and Gestamp Renewables will work very well together in this joint venture," said Jon Riberas, President & CEO of Gestamp Renewables. "We have wind tower manufacturing facilities in Spain, Turkey, and Brazil, and are happy to be partnering with Powergear in our first India facility."

Gestamp Wind Steel has developed global supply relationships with key players in the wind turbine markets and will bring the operational experience needed for manufacturing the towers.

Powergerar will bring its experience in local manufacturing, purchasing, and human-resources to the venture.

"India is among the top 5 wind markets in the world. The industry in India is seeing a surge of key OEMs and multi-national companies setting up facilities to secure growth," remarked Xavier Durairaj, President & CEO of Powergear Limited.

Powergear Ltd, with four manufacturing facilities in South India, is planning to double its production capacity for electrical equipment over the next three years.

Last Updated ( Saturday, 09 April 2011 )
 
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