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.

"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.