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| Shriram EPC eyes Rs 600 cr from wind energy |
| T E Narasihman / Chennai Jun 12, 2009, 00:30 IST |
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Chennai-based Shriram EPC, is eyeing about 50 percent growth in consolidated turnover this fiscal. The company said significant growth will come from renewable energy business especially wind energy, which would bring around Rs 600 crore.
The company currently in the process of setting up a wind farm with an investment of Rs 75 crore in Tamil Nadu and acquired 300 acre in various parts of the country to set up farms.
The company had also set a target to increase export business to 40 per cent in 2011 from 7 per cent. Speaking to Business Standard Shriram EPC’s Managing Director T Shivaraman said that Wind Energy business should give us significant topline and significant bottomline.
The integrated design, engineering, procurement, construction and project management services company for energy projects is in the process of installing eight wind turbines with a total capacity of 12 Mega Watt (MW). The farm is likely to commence production from July.
The farm is coming at Alangulam in Tirunelveli district, Tamil Nadu with an investment of around Rs 75 crore, said Shivaraman.
Shriram also acquired around 300 acre of land mainly in Tamil Nadu and Maharastra to set up infrastructures to generate 150 MW of wind energy. Most of which will be for third party, said Shivaraman. Apart from wind farm Shriram also started manufacturing wind turbines from its recently inaugurated manufacturing facility at Gumminipoondi in Tamil Nadu. The company had set up the plant with an investment of around Rs 200 crore.
Initial capacity of the plant is to manufacture 60-80 turbines a year which can be scaled upto 120-150.
In 2009-10, company expect Rs 600 crore business of which Rs 360-400 crore will be from domestic market while rest will come from Europe.
Currently components are getting exported in turn it is getting assembled Shriram’s partner Leitner plant in Europe.
To strengthen the foreign business the company is planning to foray into American market in 2010.
Shivaraman did not rule out the possibility of setting up a manufacturing or an assembling facility. “Initially we will use our partner’s plants in Europe and America , based on the demand we will set up our own facilities.”
Recently Shriram bagged its first order worth Rs 70 Crore for 60 units of its 250 KW wind turbines. The company received this order from Cape Energy , an associate of Bergurren Holding, a private equity funded company with interests in infrastructure and real estate development in India
The scope of order includes supply of wind electric generators including all components, operation and maintenance of the turbines.
Shriram EPC reported a 13 percent growth in 2009-10 net profit at Rs 40 crore, on net sales of Rs 920 crore.
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