The Telegraph
Tuesday , June 17 , 2014
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Inox Wind bags Rs 900cr order

Jain: Upbeat

Calcutta, June 16: Inox Wind Energy, a subsidiary of Gujarat Fluorochemicals Limited, has bagged a Rs 900-crore order from a subsidiary of Morgan Stanley to build wind power complexes of 170 megawatt (MW) capacity in Madhya Pradesh.

The project will come up at Ratlam and Mandsaur districts of Madhya Pradesh and is one of the largest wind turbine orders in the country for a single project, Inox Energy said in a statement.

The order is for 85 units of Inox Wind’s recently launched 2MW wind turbine with 100- metre rotor diameter, a variant of its 2MW wind turbine platform.

Inox will also be responsible for erecting, commissioning, operating and maintaining the project.

The order has been placed by Singapore-based Continuum Wind Energy, indirectly majority owned by Morgan Stanley Infrastructure Partners. Morgan Stanley has invested $200 million in the equity of this company.

“Inox’s 100 metre rotor diameter turbine is expected to be a game changer in the wind industry in India. It is best suited for Indian climatic condition. It will be the first time when the new turbine will be installed. I expect it to be 15-20 per cent more efficient than the existing ones,” said Devansh Jain, director, Inox Wind Limited.

Based in Delhi, Jain is married to Avarna, daughter of Sanjiv Goenka, chairman of RP-Sanjiv Goenka Group.

The order will be executed over the next 3-4 quarters. Jain said his company would operate and maintain the turbine for the next 10 years on a fee basis.

Industry sources said the new turbine was designed to produce electricity even at low wind speed.

Erratic wind speed is one of the reasons why wind energy has not picked up in the country.

Inox’s new turbine can operate at a wind speed of 6.5-7.5 metre per second.

Inox Wind Limited — part of the over $2-billion Inox Group — is engaged in diverse businesses, including industrial gases, refrigerants, chemicals, engineering plastics, cryogenic engineering, renewable energy and entertainment (Inox Leisure).

Inox Wind has manufacturing plants in Gujarat and Himachal Pradesh.

At present, it is implementing projects across Gujarat, Rajasthan, Madhya Pradesh, Maharashtra and Andhra Pradesh. It has 600MW turbine building capacity, which is fully booked for this financial year.