Chennai-based Powergear Ltd on 8 April 2011 formed a joint venture with Gestamp of Spain in 60:40 ratio. The joint venture formed will invest Rs 150 crore to put up a facility for the manufacture of wind tower. The plant of Gestamp Powergear Windsteel is coming up on 20 acres in the Sri City industrial estate north of Chennai.
The upcoming plant at Sri City which is expected to be operational by December 2011 can produce 400 towers a year.
Gestamp is a €5 billion company that is into a variety of businesses. The specialisation however lies in the supply of cut and pressed sheet metal forms to the automotive industry.
Powergear is a Rs 140-crore company that makes electrical equipment such as busducts. Its customers include big names such as GE, Mitsubishi Electric, Siemens, ABB and Alstom. It has also started production of wind busbars (devices used to carry very large currents, or to distribute current to multiple devices within switchgear or equipment) that are used in windmills, under a GE licence.
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