Hitachi Zosen Inova AG (HZI), a Zurich-headquartered company that provides technology solutions for waste-to-energy projects, is aiming to add Euro 40 million (approximately Rs 280 crore) from India for its global topline in the next two to three years, according to Georg Silbermann, chief executive officer of HZI.
HZI, which entered India and the neighbouring Sri Lankan market in collaboration with Hyderabad-based municipal solid waste disposal solutions provider Hyquip in August this year, reported revenues of Euro 500 million (Rs 3,500 crore) last year.
“Presently, there is little activity in India, in terms of turning waste to power. However, looking at the potential in the country, we think we can definitely do anywhere between 10 projects and 20 projects a year,” Silbermann said.
Speaking to Business Standard on the sidelines of the Confederation of Indian Industry’s (CII’s) international symposium on solid waste management in Hyderabad on Tuesday, he said the company was in the process of executing around 10 projects through its tie-up with Hyquip. While a couple of them are in their advanced stages, others are in very-early stages of development, he added.
“We have developed a standard and proven technology for the Indian market, which requires 580 tonnes of waste a day to generate 8 Mw of power. Waste-to-energy projects require an investment of Rs 10 crore to generate 1 Mw of power, as against Rs 4 crore for thermal plants,” he said.
Silbermann said, HZI, together with its parent company, the $3-billion Hitachi Zosen Corporation of Japan, would make an incremental investment of Euro 2 million (Rs 14 crore) in the next two years, which involves floating a separate legal entity and setting up a R&D centre in Hyderabad.
“We are in the final stages of concluding land and other contracts. We will open our office in Hyderabad by January 2012 which will have five people initially and will be scaled up to 20-25 in due course. The R&D centre here will predominantly cater to the Indian market,” he said, adding if that turned out to be a success, the company would explore solutions for other countries.
The government today said it has granted Maharatna status to Bharat Heavy Electricals Ltd and Gas Authority of India Ltd.