Pioneer Asia in wind turbines JV

Pioneer Asia Wind Turbine will set up Gamesa Pioneer Wind India Pvt Ltd through a joint venture with Spain-based Gamesa Eolica by end of May to manufacture wind turbines.

Addressing mediapersons D V Giri, president, Pioneer Asia Wind Turbine, said that the partnership was in the final stages of completion.

Gamesa Pioneer Wind India Pvt Ltd is expected to set up a plant in Pondicherry and invest about Rs 30 crore - Rs 40 crore in the first phase. The new company will manufacture and market turbines of 850 kw capacity.

Giri said," I am afraid I cannot disclose the shareholding pattern until the joint venture is formally announced, Gamesa will own majority stake in the new company." The paid-up capital is expected to be around Rs 30 crore.

Giri said that the maufacturing strength and technology expertise provided by Gamesa will translate eventually to phased indigensation of components in India. The local manufacture will start with items of forgings, castings and other fabricated items.

Pioneer Asia Wind Turbine, a division of Pioneer Asia Industries, has a plant in Pondicherry with a capacity of 100 mw which it plans to increase it by 200 to 250 mw in year's time. Pioneer Asia Wind Turbine turnover was Rs 60 crore in 2004-05 which the company expects to double during the current financial year.

Gamesa Eolica has four plants of its own for assembly of nacelles with an annual capacity of 1630 mw. It has five production centers for blades equivalent to 1842 mw and to centres to manufacture 525 towers a year.