Wind electric generator manufacturer, RRB Energy, is planning to invest Rs 500 crore to increase the turbine capacity at its plant near Chennai by three-fold. The company would also go for an initial public offering by early next year to support its future expansion plans.
Speaking to Business Standard on the sidelines of International Congress on Renewable Energy (ICORE) 2008, which was inaugurated here today, Sarvesh Kumar, deputy managing director, RRB Energy, said the company was manufacturing turbines with a capacity to generate 300 Mw and by end of this fiscal it plans to increase it to 1,000 Mw.
Of the Rs 500-crore investment, he said Rs 150 had already been made and rest will be invested during the current financial year.
The company has sought 25 acres more close to its present facility. The land will be used for setting up foundries and to manufacture fabrications and towers.
The company currently manufactures wind mill blades, controllers and moles for the blades at its Chennai plant. It is also planning to add another 1,000 people, mostly technicians, at this facility.
On the IPO, Kumar said the company was planning for an IPO early next year. He did not comment on the money, which the company would raise from the market.
The company recently received an order worth around Rs 358.40 crore from independent power producers (IPPs) for setting up wind farm projects. The projects, a turnkey assignment, will be executed in Tamil Nadu and Maharashtra in six months.