GEI Industrial Systems, market leader in India’s air-cooled steam condenser space, today inked a technical alliance with Innospin of Switzerland – a strategic initiative that will enable the company to tap the huge opportunity offered by Mega Thermal Power Projects.
With the tie-up, GEI is set to be the only Indian company that will be equipped to locally manufacture and supply air-cooled steam condensers to new and upcoming super critical thermal power stations. The products will be manufactured at its manufacturing facility in Bhopal.
Switzerland-headquartered Innospin, global specialist in power generation equipments, is one of the leading providers of comprehensive engineering and consulting services. Its services include complete design and engineering of power plant systems including Air cooled steam condensers, together with technology and know-how transfer. Innospin has a successful record of large power projects executed in China, Middle East and Europe.
Air-cooled steam condensers are preferred in newer thermal power projects as water deficit is seen as a major constraint to plant operation. The tie-up with Innospin will not only facilitate the manufacture of eco-friendly condensers for a high-end segment, but also supply of locally manufactured cost-effective products.
“The partnership with Innospin couldn’t have come at a more opportune time,” said C E Fernandes, Chairman & Managing Director, GEI Industrial Systems. “GEI has consistently worked to ensure that its products contribute to sustainable development of the country’s core sectors. Thermal power plants in India are known to be the biggest of users of water in comparison to global counterparts. A significant part of India’s existing and planned capacity is located in water stressed areas. The water shortage in these areas, combined with new capacities planned is expected to drive demand for air-cooled steam condensers.”
“Our association with Innospin marks a significant milestone in GEI’s growth curve. Technology transfer and design support provided by Innospin will not only enable GEI to expand its market share and make foray into the global market but also target better topline and bottomline growth,” he added.
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GEI has established itself as one of the most prominent players in air-cooled steam condensers’ space in India with a market share of 60%. Currently, it has significant presence in power generation projects having supplied air cooled steam condensers for plant capacities up to 150 MW. The tie-up with Innospin, involving design and technical support will now equip GEI with relevant references, enabling it to penetrate into air cooled steam condensers for 600MW and above power generation segment.
Currently, air cooled steam condensers make up 70% of GEI’s order book, the balance being taken up by heat exchangers for the oil and gas industry. The company has recorded a CAGR of over 25% over the last three years. The tie-up with Innospin, in addition to its foray into Balance of Plant (BOP) for power plants, is expected to add to the growth momentum.
GEI is in the process of augmenting its capacity to manufacture air-cooled condensers to 5000 MW and equivalent in 2013 from the current 3000 MW, at a cost of Rs. 105 crore. GEI has been a supplier to power projects set up by Ultratech cement, Shree cement and Jaypee Group.