Gamesa to invest $110m in two facilities in India

Spanish wind turbine maker Gamesa will invest Rs 500 crore (USD 110 million) to set up two turbine parts making facilities in India, the company said on Wednesday.

March 09, 2011 / 17:09 IST

Spanish wind turbine maker Gamesa will invest Rs 500 crore (USD 110 million) to set up two turbine parts making facilities in India, the company said on Wednesday.

"We are making long-term commitments in India...we will gradually set up other offices in key economic areas of India in order to offer Indian customers the best service support for our products," Gamesa Chairman and Chief Executive Officer Jorge Calvet said in a statement.

The company's Indian operations, launched in February 2010, have touched a turnover of Rs 1,000 crore in its first year, it said.

Gamesa has shifted much of its production to countries such as China and India to offset a drop in demand in higher margin markets like Europe and the United States.

first published: Mar 9, 2011 12:31 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347