Moventas is one of the largest manufacturers of wind turbine gears in the world. The company also manufactures power transmission solutions for industry use and provides services for their overhaul and maintenance. Majority of the products’ end use is connected with renewable energy. In 2009, Moventas generated net sales of EUR 237 million. European private equity investor IK Investment Partners holds the majority of the shares in Moventas.
Moventas develops and manufactures high-quality, energy efficient and innovative gears for wind turbines and industrial use and provides services for their overhaul and maintenance. Moventas services apply along the whole product lifespan, from designing and manufacturing gears to repairs and spare parts and overhaul.
Moventas is a part of the “Cleantech Finland” program and as Panchabuta has earlier mentioned, Ms. Paula Lehtomaki Minister of the Environment of Finland stressed on potential cooperation between the two countries in the field of renewable energy.
‘Finnish companies are looking for partners in India. Some of them have already started their businesses with local partners. Many more are looking for partners to explore the possibility of further investment,’ the minister said.
Since, earlier this year, The Switch, a Finland-based new energy technology company, announced the expansion of its international presence by establishing a wholly-owned The Switch India office in Chennai. The new home base serves as the company’s beachhead to strengthen its business network and to lead business development efforts in the fast-growing wind and solar power market in India.
According to reports, Finnish company Moventas, plans to harness India’s economic potential by setting up a base in Chennai. India is an important market for us; therefore we have decided to improve our customer relations in the country. We have started the registration process to have our own Moventas entity in India,’ Olli Valimaki, senior vice president of Moventas.
‘In the West, finances in the wind energy market are by public institutions. However, since (the economic) crisis they have become extremely careful and want to invest only in foolproof projects. They do not want to take any risk and that is why western countries are lagging behind. But India has already recovered and this market is speeding up,’ he said.
‘The location of our company will be at Chennai because most of the windmill customers are based in southern India. Now we are into the process of selecting an Indian as head of sales and customer services. We are expecting that our base will be set up by May or June or before the middle of this year.’
Valimaki said the name of the Indian entity will be Moventas India Private Limited. ‘We are expecting a business of three million euros volume in a year from there,’ he said.
‘Our negotiations are going on and they are almost at the final stage. Right now I cannot disclose the name. We would start with only sales, services and technical support from India office. So far no decision has been taken regarding local manufacturing,’ stated Valimaki.
‘Right now it would be only for local operations, at least for the first two-three years,’ he said.