According to reports, Gussing Renewable Energy (GRE), an Austrian renewable energy solutions company, has picked up 25 percent equity stake in city-based GP Energy, a biomass gasification systems manufacturing company.
“With the merger in place GRE becomes a partner for GP Energy. They are bringing in a host of modern technologies and equipment that will help us increase the scope and size of our business,” GP Energy Managing Director J. Mukherjee told mediapersons on Monday.
“The merger will help the company to increase its turnover from Rs.50 crore to Rs.200 crore over the next three years,” Mukherjee said.
The company, which has its plants in Nepal, Thailand and Guyana apart from India, said it was in talks with various municipalities, hospitals and development agencies to sell its power generation equipment.
“We will sell our host of technologies driven power generation equipment and we have started dialogues with the rural development agencies, hospitals and various municipalities in the country,” said Mukherjee.
GRE Group Chairman Michael J. Dichand said: “We have a portfolio of products that we wanted to introduce in India and this partnership provides that opportunity.”
Some of the technologies that the Austrian firm is looking to share include technologically advanced equipment for biomass gassification, enriched bio-fertilisers (for growing rice), hydrogen cells (for transport industry) and batteries with advanced storage capacities.