Power gear Ltd has signed a JV with the Spanish firm Gestamp to expand the company’s horizons in the growing Indian wind energy market.
The new entity Gestamp Powergear Windsteel Ltd, with an investment of 150 Crore (approximately € 23 million), plans to manufacture wind towers in its proposed 20-acre greenfield plant in Sri City, 60 km from Chennai. Gestamp Wind Steel and Power Gear Ltd will hold an equity of 60:40 in the JV. The company plans to start commercial production by the last quarter of this financial year.
The new entity Gestamp Powergear Windsteel Ltd, with an investment of 150 Crore (approximately € 23 million), plans to manufacture wind towers in its proposed 20-acre greenfield plant in Sri City, 60 km from Chennai. Gestamp Wind Steel and Power Gear Ltd will hold an equity of 60:40 in the JV. The company plans to start commercial production by the last quarter of this financial year.