India - Vestas bullish on renewable energy sector

Bullish on the renewable energy sector, Vestas RRB India Ltd on Monday said that it plans to pump in Rs 100 crore over the next two years to expand its manufacturing facilities in a bid to become the largest wind energy company in the country with a turnover of Rs 4,000 crore by 2008. "Our turnover is growing at about 100 per cent annually. This fiscal we are certain to cross Rs 1,000 crore from Rs 550 crore in 2004-05. With a solid outstanding order book and the great potential in this sector, we would continue to grow at this rate during the next two years," Vestas RRB Managing Director, Rakesh Bakshi, said.

He said that the company's turnover is expected to rise to Rs 2,000 crore in 2006-07 and to Rs 4,000 crore a year later, making it the largest Indian wind-energy company. The Chennai-based firm currently is the second largest company in terms of turnover after the recently listed Suzlon Energy and is registering nearly 100 per cent annual growth over the past 2-3 years just like its Pune-based competition.
Vestas, which has a market share of about 25 per cent in the domestic market at present, has orders in hand to install 200 MW in this fiscal. At Rs 5 crore per MW, this translates to Rs 1,000 crore of income. The orders are expected to double to 400 MW n ext fiscal and to 800 MW in 2007-08, he said. To meet the rapidly growing demand, Vestas is expanding its manufacturing base in Chennai at an investment of Rs 100 crore. In the first phase, the company would invest Rs 35 crore to set up a green-field unit for making turbine blades.