The Company was incorporated as `Indowind Energy Private Limited' on July 19, 1995. The Company became a deemed public limited company on September 30, 1997 and was converted into a public limited company on December 29, 2000.
Mr. K.V. Bala and Subuthi Finance Limited have promoted the Company with the main object of developing wind farms on a large scale for commercial exploitation, generating energy from Wind Mills, Wind Turbines and other Equipment and selling it to State Electric Boards and Corporate clients.
The Company commenced its commercial operation of generating power on September, 1995 by setting up 225 KW Wind Electric Generator in Tamil Nadu. The Company has been raising its generation capacity every year and the same has since been increased to 16.825 MW. The Company has altered its main object clause to include the activities of manufacturing equipments of windmills under the purview of its business; a unit was set up in Pondicherry through which the Company has provides total solution for installation, operation and maintenance of windmills for third parties.
The company has purchased WEGs from reputed suppliers like NEPC-MICON, VESTAS-RRB, AMTL-Wind World and AWT to avoid dependence on single technology and single manufacturer. The company has offer `Green Power' to customers that include SEBs and Corporates. Other than the above company has also into the business of providing Operations and Maintenance services for windmills. Recently, the company has ventured into turnkey projects for erection, installation and maintenance of windmills for corporate companies.
The company has worked continuously to strengthen infrastructure and enhance the presence in this sector. The company has been selling the power generated to Tamil Nadu Electricity Board (TNEB) and various private corporate clients in Karnataka such as Hindustan Coca Cola Beverages Private Limited, Karnataka Distilleries Limited, United Breweries Limited, H&R Johnson India Limited, Delphi Automotive Systems Private Limited and Spicer India Limited. The electricity charges recovered for the corporate clients in Karnataka are more than the revenue generated from the sale to SEBs. Since the wheeling charges under the new policy are very exorbitant, the company has decided to sell the power generated from the proposed 9 MW project to BESCOM (KPTCL) where the realization per unit is higher as compared to sale to private corporate clients under the current guidelines.