Eyeing the Rs 1,000-crore biomass energy-plant market in India, Forbes Marshall and Belgian energy-solution giant Vyncke Energitechniek announced an equal joint venture on Wednesday. The newly formed company, Forbes Vyncke, has set up a manufacturing unit in Pune and has already completed installations worth Rs 16 crore in India over the last eight months.
The newly-floated company plans to get clients from food processing, pharmaceuticals, textiles, breweries, dairy and rubber industries. Forbes Vyncke will undertake manufacturing and installation of industrial boilers and energy converter with a per-hour-biomass-burning-capacity of 15 tonnes, which can go up to 100 tones as per the requirement.
The new company has already installed water boilers for the UB Group in Bangalore and Baramati, Pepsico in Kolkata, and Divya Pharma near Haridwar.
“We plan to hit Rs 100-crore revenue within three years from now. The established network of Forbes Marshall and the critical technology provided by Vyncke will help this new company grow at a faster rate,” Naushad Forbes, director, Forbes Marshall, told Business Standard. “We have already done installations worth Rs 16 crore. More such installations will happen at a price between Rs 2 crore and Rs 50 crore in near future,” Forbes added.
Forbes Marshall recorded a turnover of Rs 520 crore for the last financial year, while its Belgian counterpart Vyncke Energitechniek generated $ 50 billion from 23 different countries during the same period. “Our partnership with Forbes Marshall will help us establish a base in the Indian market and also enter countries like Sri Lanka and Bangladesh,” said Vyncke Energitechniek CEO Peter Vyncke.
