Financial Daily from THE HINDU group of publications
Friday, Jan 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jan 23, 2004 |
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Corporate
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Alliances & Joint Ventures Gamesa plans joint venture with Pioneer Asia Our Bureau
(Left to right) Mr S. Ashok, Director Pioneer Asia group, Mr Pedro E. Artigao, Business Director, Gamesa Eolica, (Asia Pacific), Mr S. Annamalai, Director, Pioneer Asia Group, and Mr D.V. Giri, President, Pioneer Asia Wind Turbines, at a press conference in Chennai on Thursday. — Shaju John
Chennai , Jan. 22 GAMESA Eolica, a Spanish firm, plans to set up a joint venture company with the Pioneer Asia group of Sivakasi, Tamil Nadu, to manufacture its wind turbines in India. The two companies hope to complete negotiations and get the joint venture company in place before the end of 2004, according to officials from the companies. Gamesa would have a majority stake in the venture. To begin with, Gamesa will sell seven turbines to a company belonging to the Pioneer Asia group. The turbines will be installed at Muppandal in Kanyakumari by Ayyanar Spinning Mills Ltd, Virudhunagar, at Rs 26 crore. The seven 850-kW capacity turbines will be imported in knocked down condition and assembled by Pioneer Asia Wind Turbines, a division of the Pioneer Asia group, at its plant in Pondicherry. The Pioneer Asia group has so far invested Rs 6 crore on the wind turbine manufacturing facility and more investments will be made in training its technicians, according to Mr S. Annamalai, Director, Pioneer Asia group. He told a press conference here on Thursday that the Pondicherry plant manufactures wind electric generators of 250 kW capacity and the additional investment will be to put in place the required infrastructure to handle the larger machines. Initially, the generators to be imported for Ayyanar Spinning Mills will have a local content of about 30 per cent. Mr Pedro E. Artigao, Asia-Pacific Business Director, Gamesa Eolica, said India was a promising market for wind turbine manufacturers and Gamesa hoped to garner a substantial share. Both Mr Artigao and Mr Annamalai said that over a time, the local content of the generators would go up substantially. Mr Annamalai said engineers from Gamesa had visited engineering institutions and component manufacturers in India to assess their technical capability. The engineers had expressed satisfaction at the capability to make various parts such as gearboxes and flanges. Mr S. Ashok, Managing Director, Ayyanar Spinning Mills, said Indian Bank would fund the company's plan to install wind turbines. These generators would meet about 60 per cent of the company's energy requirement. The Pioneer Asia group based in Sivakasi has interests in textiles, safety matches, fireworks and chemicals. Gamesa Eolica is part of the Gamesa group, which has interests in energy and aeronautics. The energy division, apart from manufacturing wind electric generators, invests in wind farms across the world. It has interests in solar energy and biomass. The energy division contributes to 60 per cent of the 1.5 billion Euro turnover of the Gamesa group, with the aeronautics division contributing the balance. The aeronautics division makes aircraft parts for various manufacturers, according to Mr Artigao.
More Stories on : Alliances & Joint Ventures | Non-conventional Energy
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