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Chennai based wind turbine manufacturer RRB Energy to acquire minority stake in Italian to enter solar sector

According to reports, Wind electric generators maker RRB Energy is in the process of acquiring a minority stake in an Italian firm, a top company official said here today. “We are in the process of acquiring one company in Italy for (entering) the solar energy sector”, RRB Energy Deputy Managing Director Sarvesh Kumar told reporters here. He said this would be the first overseas acquisition by the city-based company.

Asked whether the company was formally acquiring the Italian firm, he said they would acquired 20 to 25 per cent stake in that company, whose name he declined to divulge. “We will hold a majority stake in that company. We will be having around 20-25 per cent. That’s a technology company in the solar energy sector”, he said.

Besides on their Indian operations, he said RRB Energy is looking at setting up their fourth facility at an investment of Rs 250 crore. “We already have three facilities near Chennai. This will be the fourth to manufacture large capacity wind turbines”, he said. The company already invested around Rs 250 crore to set up three manufacturing units at Poonamallee near Chennai. The fourth is coming up on 20 acre land alloted by SIPCOT.

Earlier, addressing a delegation from Italy at a conference organised by CII, he said Italy has various opportunities for investing in sectors including solar, biomass, wind and geothermal in India. “India has lot of potential. The market size is valued at USD 20 million. It is expected to grow at 20 per cent”, he said. RRB Energy reported total revenues of Rs 1,000 crore last year and expects to report revenues of around Rs 1,200 crore this fiscal,he added.

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